REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Angorlake Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Angorlake Limited |
Angorlake Limited |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 | to | 10 |
Angorlake Limited (Registered number: 01734399) |
Report of the Trustees |
for the Year Ended 30 June 2023 |
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 2023. 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 objectives of the charity are the advancement of religion in accordance with the Orthodox Jewish faith and the relief of poverty. |
Public benefit |
The trustees have considered the Charity Commission's general guidance on public benefit. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
During the year, grants to charitable institutions amounted to £30,297 (2022: £26,037). |
Grant making policy |
In general the trustees select the institutions to be supported according to their personal knowledge of the work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available. |
FINANCIAL REVIEW |
Financial position |
The Statement of Financial Activities shows net expenditure for the year of £11,461. The reserves stand at £1,114,400. |
Reserves policy |
The charity holds sufficient reserves to be able to respond to requests from charitable organisations. |
Going concern |
The accounts have been prepared on the going concern basis. The trustees consider that there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future, which is deemed to be 12 months from the date of approval of the financial statements. |
FUTURE PLANS |
There are no current plans to change the activities or modus operandi in the foreseeable future. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Charity constitution |
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 24 June 1983. |
Recruitment and appointment of new trustees |
The power to appoint new trustees is vested in the current board. New trustees are appointed based on personal competence, specialist skills and experience. They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity. They are also encouraged to read the Charity Commission's various publications on 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. |
Angorlake Limited (Registered number: 01734399) |
Report of the Trustees |
for the Year Ended 30 June 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Mr A Heller FCA |
Martin + Heller |
Chartered Accountants |
5 North End Road |
London |
NW11 7RJ |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Angorlake Limited |
Independent examiner's report to the trustees of Angorlake Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023. |
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. |
Mr A Heller FCA |
Martin + Heller |
Chartered Accountants |
5 North End Road |
London |
NW11 7RJ |
Date: ............................................. |
Angorlake Limited |
Statement of Financial Activities |
for the Year Ended 30 June 2023 |
30.6.23 | 30.6.22 |
Unrestricted |
fund | Total funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income | 2 |
EXPENDITURE ON |
Charitable activities |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,125,861 |
Angorlake Limited (Registered number: 01734399) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Unrestricted |
fund | Total funds |
Notes | £ | £ |
FIXED ASSETS |
Investments | 7 |
CURRENT ASSETS |
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 | 1,125,861 |
TOTAL FUNDS | 1,125,861 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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. |
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 |
Angorlake Limited |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
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, with the exception of investments which are included at market value. |
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. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Tangible fixed assets |
Investments comprise syndicate investments and are initially recorded at cost and subsequently included at fair value. Any surplus or deficit on revaluation is recognised in the Statement of Financial Activities. |
2. | INVESTMENT INCOME |
30.6.23 | 30.6.22 |
£ | £ |
Syndicate income | 15,303 | 75,924 |
Bank interest received | 6,066 | 184 |
Angorlake Limited |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | GRANTS PAYABLE |
30.6.23 | 30.6.22 |
£ | £ |
Grants | 30,297 | 26,037 |
The total grants paid to institutions during the year was as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Amutat Pitchei Zion | 20,144 | 10,987 |
Gateshead Talmudical College | 2,900 | 3,200 |
Other donations less than £2,000 | 1,400 | 2,250 |
Gateshead Hatzola | - | 9,600 |
Friends of Mir | 3,600 | - |
Refuah Institute | 2,253 | - |
4. | SUPPORT COSTS |
Governance |
Finance | costs | Totals |
£ | £ | £ |
Governance costs | 153 | 2,380 | 2,533 |
Support costs, included in the above, are as follows: |
30.6.23 | 30.6.22 |
Governance | Total |
costs | activities |
£ | £ |
Bank charges | 153 | 113 |
Sundries | 220 | 212 |
Accountancy fees | 2,160 | 2,160 |
2,533 | 2,485 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022. |
Angorlake Limited |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Investment income |
EXPENDITURE ON |
Charitable activities |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,125,861 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group | Syndicate |
undertakings | investments | Totals |
£ | £ | £ |
MARKET VALUE |
At 1 July 2022 | 663,493 |
Net movement in year | - | (43,488 | ) | (43,488 | ) |
At 30 June 2023 | 620,005 |
NET BOOK VALUE |
At 30 June 2023 | 2 | 620,003 | 620,005 |
At 30 June 2022 | 2 | 663,491 | 663,493 |
There were no investment assets outside the UK. |
Angorlake Limited |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Amounts owed to group undertakings |
Accrued expenses |
9. | MOVEMENT IN FUNDS |
Net |
movement |
At 1/7/22 | in funds | At 30/6/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,125,861 | (11,461 | ) | 1,114,400 |
TOTAL FUNDS | (11,461 | ) | 1,114,400 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 21,369 | (32,830 | ) | (11,461 | ) |
TOTAL FUNDS | ( |
) | (11,461 | ) |
Comparatives for movement in funds |
Net |
movement |
At 1/7/21 | in funds | At 30/6/22 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,202,558 | (76,697 | ) | 1,125,861 |
TOTAL FUNDS | 1,202,558 | (76,697 | ) | 1,125,861 |
Angorlake Limited |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
9. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 76,108 | (28,522 | ) | (124,283 | ) | (76,697 | ) |
TOTAL FUNDS | 76,108 | (28,522 | ) | (124,283 | ) | (76,697 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement |
At 1/7/21 | in funds | At 30/6/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,202,558 | (88,158 | ) | 1,114,400 |
TOTAL FUNDS | 1,202,558 | (88,158 | ) | 1,114,400 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 97,477 | (61,352 | ) | (124,283 | ) | (88,158 | ) |
TOTAL FUNDS | 97,477 | (61,352 | ) | (124,283 | ) | (88,158 | ) |
10. | RELATED PARTY DISCLOSURES |
Mr M Lebrecht is also a director of Fearnville Limited. |
As at the balance sheet date, the balance owing to Fearnville Limited was £487,916 (2022: £487,916). The amount is interest-free and repayable on demand. |