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COMPANY REGISTRATION NUMBER: 01472614
CHARITY REGISTRATION NUMBER: 280880
Centurian Charities Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2023
Centurian Charities Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Statement of cash flows
8
Notes to the financial statements
9
Centurian Charities Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2023
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 March 2023 .
Reference and administrative details
Registered charity name
Centurian Charities Limited
Charity registration number
280880
Company registration number
01472614
Principal office and registered
Hallswelle House
office
1 Hallswelle Road
London
NW11 ODH
The trustees
Mr D Segal
(Appointed 1 July 2022)
Mr S S Meyers
(Appointed 1 July 2022)
Mrs D. Feldman
Mrs S. Friedman
Company secretary
Mrs D.Feldman
Independent examiner
Dr P.P.Smulovitch
Hallswelle House
1 Hallswelle Road
London
England
NW11 0DH
Structure, governance and management
In light of current economic conditions the governors consider it prudent to consider their existing investment policy. Such policy being the investment of surplus funds into treasury deposits.
Objectives and activities
The company is a registered charity and its principal activity during the year was 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 activities 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. The charity is run jointly by all the governors, who make any important decisions in tandem. The governors meet regularly to manage the charity's affairs. There are no paid employees and all administration work is acrried out on a voluntary basis by the governors.
Strategic report
PUBLIC BENEFIT
The governors 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 provisions of funds for communal charitable institutions such as synagogues and homes for the elderly and infirm in accordance with the principles of traditional Judaism automatically gives rise to a public benefit. Each year the governors review the objectives and activities of the charity to ensure that they continue to reflect these aims. In carrying out this review the governors 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.
Achievements and performance
The results of these activities during the year are reflected in the attached accounts.
Financial review
The financial position is as reflected in the attached Balance Sheet.
The governors consider it prudent to retain the current level of reserves in order to generate sufficient income to be able to distribute significant funds to charity in accordance with the objects of the charity company.
RISK MANAGEMENT
The Governors have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate such risks.
PUBLIC BENEFIT
The governors 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 provisions of funds for communal charitable institutions such as synagogues and homes for the elderly and infirm in accordance with the principles of traditional Judaism automatically gives rise to a public benefit. Each year the governors review the objectives and activities of the charity to ensure that they continue to reflect these aims. In carrying out this review the governors 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.
FUNDING
The charity does not partake in external funding activities. Funds are derived on an annual basis from investment.
Plans for future periods
The governors' objectives for the future are to continue to carry out the activities as detailed in their report.
The trustees' annual report and the strategic report were approved on 25 January 2024 and signed on behalf of the board of trustees by:
Mrs D. Feldman
Trustee
Centurian Charities Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Centurian Charities Limited
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of Centurian Charities Limited ('the charity') for the year ended 31 March 2023.
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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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.
Dr P.P.Smulovitch Independent Examiner
Hallswelle House 1 Hallswelle Road London England NW11 0DH
25 January 2024
Centurian Charities Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Charitable donations
5
481,500
481,500
474,112
Investment income
6
1
1
---------
---------
---------
Total income
481,501
481,501
474,112
---------
---------
---------
Expenditure
Expenditure on charitable activities
7,8
593,480
593,480
52,253
---------
---------
---------
Total expenditure
593,480
593,480
52,253
---------
---------
---------
---------
---------
---------
Net (expenditure)/income and net movement in funds
( 111,979)
( 111,979)
421,859
---------
---------
---------
Reconciliation of funds
Total funds brought forward
517,909
517,909
96,050
---------
---------
---------
Total funds carried forward
405,930
405,930
517,909
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Centurian Charities Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Current assets
Debtors
12
344,863
338,363
Cash at bank and in hand
116,964
235,443
---------
---------
461,827
573,806
Creditors: amounts falling due within one year
13
55,897
55,897
---------
---------
Net current assets
405,930
517,909
---------
---------
Total assets less current liabilities
405,930
517,909
---------
---------
Funds of the charity
Unrestricted funds
405,930
517,909
---------
---------
Total charity funds
14
405,930
517,909
---------
---------
For the year ending 31 March 2023 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 25 January 2024 , and are signed on behalf of the board by:
Mrs D. Feldman
Trustee
Centurian Charities Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2023
2023
2022
£
£
Cash flows from operating activities
Net (expenditure)/income
(111,979)
421,859
Adjustments for:
Other interest receivable and similar income
( 1)
Interest payable and similar charges
42
20
Changes in:
Trade and other debtors
( 6,500)
( 239,230)
Trade and other creditors
133
---------
---------
Cash generated from operations
( 118,438)
182,782
Interest paid
( 42)
( 20)
Interest received
1
---------
---------
Net cash (used in)/from operating activities
( 118,479)
182,762
---------
---------
Net (decrease)/increase in cash and cash equivalents
( 118,479)
182,762
Cash and cash equivalents at beginning of year
235,443
52,681
---------
---------
Cash and cash equivalents at end of year
116,964
235,443
---------
---------
Centurian Charities Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2023
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, London, NW11 ODH.
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
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
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 incoming resources are 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. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. 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 cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The charity is a limited company, limited by guarantee and accordingly has no share capital.
5. Charitable donations
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations received
205,000
205,000
204,882
204,882
Other donations and legacies
Receipts under deed of covenant
276,500
276,500
269,230
269,230
---------
---------
---------
---------
481,500
481,500
474,112
474,112
---------
---------
---------
---------
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
1
1
----
----
----
----
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable donations
591,200
591,200
50,000
50,000
Support costs
2,280
2,280
2,253
2,253
---------
---------
--------
--------
593,480
593,480
52,253
52,253
---------
---------
--------
--------
8. Charitable donations
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Charitable donations
591,200
591,200
50,000
Governance costs
2,280
2,280
2,253
---------
-------
---------
--------
591,200
2,280
593,480
52,253
---------
-------
---------
--------
9. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,100
2,100
-------
-------
10. Staff costs
The average head count of employees during the year was 4 (2022: 3 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of staff - management
4
3
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
11. Trustee remuneration and expenses
- No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12. Debtors
2023
2022
£
£
Loan debtors
73,403
73,403
Other debtors
271,460
264,960
---------
---------
344,863
338,363
---------
---------
13. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to related undertakings
50,000
50,000
Other creditors
5,897
5,897
--------
--------
55,897
55,897
--------
--------
14. Analysis of charitable funds
Unrestricted funds
At 1 April 2022
Income
Expenditure
At 31 March 2023
£
£
£
£
General funds
517,909
481,501
(593,480)
405,930
---------
---------
---------
---------
At 1 April 2021
Income
Expenditure
At 31 March 2022
£
£
£
£
General funds
96,050
474,112
(52,253)
517,909
--------
---------
--------
---------
15. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Current assets
461,827
461,827
Creditors less than 1 year
(55,897)
(55,897)
---------
---------
Net assets
405,930
405,930
---------
---------
Unrestricted Funds
Total Funds 2022
£
£
Current assets
573,806
573,806
Creditors less than 1 year
(55,897)
(55,897)
---------
---------
Net assets
517,909
517,909
---------
---------
16. Analysis of changes in net debt
At 1 Apr 2022
Cash flows
At 31 Mar 2023
£
£
£
Cash at bank and in hand
235,443
(118,479)
116,964
Debt due within one year
(50,000)
(50,000)
---------
---------
---------
185,443
( 118,479)
66,964
---------
---------
---------