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COMPANY REGISTRATION NUMBER: 01434722
CHARITY REGISTRATION NUMBER: 283065
Debmar Benevolent Trust Limited
Company Limited by Guarantee
Unaudited Financial Statements
30 June 2023
Debmar Benevolent Trust Limited
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2023
Pages
Trustees' annual report (incorporating the director's report)
1 to 2
Independent examiner's report to the trustees
3 to 4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7 to 12
Debmar Benevolent Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 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 30 June 2023 .
Reference and administrative details
Registered charity name
Debmar Benevolent Trust Limited
Charity registration number
283065
Company registration number
01434722
Principal office and registered
2nd Floor - Parkgates
office
Bury New Road
Salford
Manchester
M25 0TL
The trustees
J A Halpern
D Olsberg
Independent examiner
Mr A L Haffner ACA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
Debmar Benevolent Trust Limited is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 4th July 1979 as a company and the company number is 01434722. It was registered as a charity on 29 August 1981 with a charity number 283065.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
Objectives and activities
The objectives of the charity are to advance religion in accordance with the Orthodox Jewish Faith and for such other purposes as are recognised by English Law as charitable.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
During the year the Charity made grants totalling £541,000 to charitable institutions whose objectives are consistent with those of the Charity.
Investment Policy
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have invested in property. These investments are kept under constant review.
These investments have yielded returns of approximately 6% which is higher than current rates of return on cash deposits.
Financial review
As at 30 June 2023 the charity held free reserves being the net current assets of the charity amounting to £360,074 (2022:(£469,203).
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the Fund is an acceptable level of reserves. Reserves are required as the charity does not have the benefit of public funds and derives its income from its own investments and donations received. Furthermore the demands on its resources are expected to increase over the years. It must therefore maintain a strong cash position so that investment opportunities are taken when they arise. This is particularly relevant at the present time when secure property investments (on which the charity concentrates) offering an acceptable yield are not easily found. The availability of ready cash is therefore of paramount importance.
Plans for future periods
The charity has adequate resources to continue distributing funds to other charities in accordance with its objects.
The trustees' annual report and the strategic report were approved on 15 April 2024 and signed on behalf of the board of trustees by:
D Olsberg
Trustee
Debmar Benevolent Trust Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Debmar Benevolent Trust Limited
Year ended 30 June 2023
I report to the trustees on my examination of the financial statements of Debmar Benevolent Trust Limited ('the charity') for the year ended 30 June 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 - matter of concern identified
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.
Mr A L Haffner ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
15 April 2024
Debmar Benevolent Trust Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 June 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
266,000
266,000
287,312
Investment income
6
188,235
188,235
174,391
---------
---------
---------
Total income
454,235
454,235
461,703
---------
---------
---------
Expenditure
Expenditure on raising funds:
Investment management costs
7
( 17,087)
( 17,087)
( 30,759)
Expenditure on charitable activities
8,9
( 543,275)
( 543,275)
( 567,286)
---------
---------
---------
Total expenditure
( 560,362)
( 560,362)
( 598,045)
---------
---------
---------
---------
---------
---------
Net expenditure and net movement in funds
( 106,127)
( 106,127)
( 136,342)
---------
---------
---------
Reconciliation of funds
Total funds brought forward
2,832,734
2,832,734
2,969,076
------------
------------
------------
Total funds carried forward
2,726,607
2,726,607
2,832,734
------------
------------
------------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Debmar Benevolent Trust Limited
Company Limited by Guarantee
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
15
2,366,533
2,363,531
Current assets
Debtors
16
454,089
443,402
Cash at bank and in hand
32,026
94,100
---------
---------
486,115
537,502
Creditors: amounts falling due within one year
17
126,041
68,299
---------
---------
Net current assets
360,074
469,203
------------
------------
Total assets less current liabilities
2,726,607
2,832,734
------------
------------
Net assets
2,726,607
2,832,734
------------
------------
Funds of the charity
Unrestricted funds
2,726,607
2,832,734
------------
------------
Total charity funds
18
2,726,607
2,832,734
------------
------------
For the year ending 30 June 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 15 April 2024 , and are signed on behalf of the board by:
D Olsberg
Trustee
Debmar Benevolent Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 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 2nd Floor - Parkgates, Bury New Road, Salford, Manchester, M25 0TL.
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 did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
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.
Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
Charitable activities are made up of grants to charitable institutions.
Expenditure also includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Governance costs are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure.
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.
Investment property
Investments are included in the accounts at their market value. Any gains or losses are taken to the Statement of Financial Activities. Investments in joint property syndicates This represents capital introduced by the company into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties. Some of the syndicates in which the company is a participator have borrowings which are secured on the syndicate properties. The company accounts for its syndicate investments under the 'equity accounting' basis and thus the company's share of such borrowings are not included in these
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 payable 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
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations
266,000
266,000
287,312
287,312
---------
---------
---------
---------
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Income from investment properties
62,155
62,155
53,364
53,364
Surplus on Joint Property Investments
111,002
111,002
111,127
111,127
Other interest receivable
15,078
15,078
9,900
9,900
---------
---------
---------
---------
188,235
188,235
174,391
174,391
---------
---------
---------
---------
7. Investment management costs
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Council tax
(1,751)
(1,751)
1,289
1,289
Agents commission
4,446
4,446
2,135
2,135
Insurance
4,904
4,904
4,125
4,125
Repairs
6,937
6,937
2,923
2,923
Professional charges
2,551
2,551
20,287
20,287
--------
--------
--------
--------
17,087
17,087
30,759
30,759
--------
--------
--------
--------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable activities
541,000
541,000
564,200
564,200
Support costs
2,275
2,275
3,086
3,086
---------
---------
---------
---------
543,275
543,275
567,286
567,286
---------
---------
---------
---------
9. Expenditure on charitable activities by activity type
Grant funding of activities
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Charitable activities
541,000
98
541,098
564,291
Governance costs
2,177
2,177
2,995
---------
-------
---------
---------
541,000
2,275
543,275
567,286
---------
-------
---------
---------
10. Analysis of support costs
Analysis of support costs activity 1
Total 2023
Total 2022
£
£
£
General office
98
98
91
Governance costs
2,177
2,177
2,995
-------
-------
-------
2,275
2,275
3,086
-------
-------
-------
11. Analysis of grants
2023
2022
£
£
Grants to institutions
MW (CL) Foundation
59,000
124,000
MW (GK) Foundation
59,000
124,000
MW (HO) Foundation
64,000
124,000
MW (RH) Foundation
359,000
147,000
Other Grants
45,200
---------
---------
541,000
564,200
---------
---------
Total grants
541,000
564,200
---------
---------
12. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,000
2,200
-------
-------
13. Staff costs
Nil Nil
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Investments
Investment properties
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2022
853,537
1,509,994
2,363,531
Additions
111,002
111,002
Disposals
(108,000)
(108,000)
---------
------------
------------
At 30 June 2023
853,537
1,512,996
2,366,533
---------
------------
------------
Impairment
At 1 July 2022 and 30 June 2023
------------
------------
Carrying amount
At 30 June 2023
853,537
1,512,996
2,366,533
---------
------------
------------
At 30 June 2022
853,537
1,509,994
2,363,531
---------
------------
------------
All investments shown above are held at valuation.
Investment properties
The investment properties are stated at market value as per the trustees valuation at the year end.
Investments in joint property syndicates
Other Investments are joint property syndicates. This is comprised of capital introduced by the charity into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
16. Debtors
2023
2022
£
£
Other debtors
454,089
443,402
---------
---------
17. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,568
4,174
Accruals and deferred income
2,400
2,640
Other creditors
122,073
61,485
---------
--------
126,041
68,299
---------
--------
18. Analysis of charitable funds
Unrestricted funds
At 1 July 2022
Income
Expenditure
At 30 June 2023
£
£
£
£
General funds
2,832,734
454,235
(560,362)
2,726,607
------------
---------
---------
------------
At 1 July 2021
Income
Expenditure
At 30 June 2022
£
£
£
£
General funds
2,969,076
461,703
(598,045)
2,832,734
------------
---------
---------
------------
19. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
2,366,533
2,366,533
Current assets
486,115
486,115
Creditors less than 1 year
(126,041)
(126,041)
------------
------------
Net assets
2,726,607
2,726,607
------------
------------
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
2,363,531
2,363,531
Investments
Current assets
537,502
537,502
Creditors less than 1 year
(68,299)
(68,299)
------------
------------
Net assets
2,832,734
2,832,734
------------
------------
20. Taxation
Debmar Benevolent Trust Limited is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
21. Related parties
During the year aggregate donations of £266,000 were received from trustees and related parties. Included in Grants Payable are grants of;- £359,000 (2022:£147,000) to MW (RH) Foundation, a charity of which J Halpern and his wife are also trustees; £64,000 (2022:£124,000) to MW (HO) Foundation, a charity of which D Olsberg and his wife are also trustees; and £59,000 (2022:£124,000) to MW (CL) Foundation, a charity of which Mrs H Olsberg the wife of D Olsberg is also a trustee. Included in Other Debtors are the following amounts outstanding by companies in which the trustees of this Charity are also a director. £159,588 (2022: £165,000) due from Ruislip Assets Ltd, in which Mr J Halpern and Mr D Olsberg are also directors. The loan is at a rate of 6 % interest and is repayable on demand. Included in Other Creditors are the following loans due to companies in which the trustees of this Charity are also directors. £147 (2022:£49,147) due to MW Properties (1) Ltd, a company in which Mr J Halpern and Mr D Olsberg are also directors. £145 (2022:£145) due to Wisewear Universal Holdings Limited, a company in which Mr J Halpern and Mr D Olsberg are also directors. These loans are interest free and repayable on demand.