Charity registration number 248270 (England and Wales)
Company registration number 00873136
J. DAVIES CHARITIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
J. DAVIES CHARITIES LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Rabbi M Rabin
Mr P Rabin
Mr M Rotenberg
Mrs D Edreyi
(Appointed 9 February 2024)
Secretary
Mrs D Edreyi
Charity number (England and Wales)
248270
Company number
00873136
Registered office
22 Hillcrest Avenue
Edgware
Middlesex
HA8 8PA
Independent examiner
Glazers
843 Finchley Road
London
NW11 8NA
J. DAVIES CHARITIES LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 11
J. DAVIES CHARITIES LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 5 APRIL 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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

The object of the charity is to pay apply and appropriate the whole of the trust fund to those purposes, both in the United Kingdom and abroad, recognised as charitable by English Law at the discretion of the trustees.

Public benefit

The trustees paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The trustees identify the major risks to which the charity might be exposed each financial year in particular those related to the operations and finances of the charity. The governors then review any major risks which have been identified, and establish systems to mitigate those risks. The charity is satisfied that systems are in place to mitigate their exposure to the major risks which have been so identified and reviewed.

Achievements and performance
Significant activities and achievements against objectives

The board of governors is satisfied with the performance of the charity during the year and with its position at the end thereof and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfil its obligations.

 

 

Financial review

Income and expenditure during the year were as described in the attached accounts.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is a company limited by guarantee and registered at Companies House governed by its Memorandum, and Articles and subject to the provisions of the Companies Acts.

 

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Rabbi M Rabin
Mr P Rabin
Mr M Rotenberg
Mrs D Edreyi
(Appointed 9 February 2024)
Mr H Rabin
(Resigned 16 February 2024)
J. DAVIES CHARITIES LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
Recruitment and appointment of trustees

There are four trustees as stated above, who meet as necessary to discuss the affairs of the company.

 

Decisions are based on a majority decision of the governors but in almost all cases the votes are unanimous.

 

The trustees have the power of appointment of trustees.

 

 

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

 

The trustees' report was approved by the Board of Trustees.

Mrs D Edreyi
Trustee
27 January 2025
J. DAVIES CHARITIES LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF J. DAVIES CHARITIES LIMITED
- 3 -

I report to the trustees on my examination of the financial statements of J. Davies Charities Limited (the charity) for the year ended 5 April 2024.

Responsibilities and basis of report

As the trustees of the charity (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.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

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 that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.

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 Companies Act 2006 other than any requirement that the financial statements 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 financial statements 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 financial statements to be reached.

Philippe Herszaft
of Glazers Chartered Accountants
Independent Examiner
843 Finchley Road
London
NW11 8NA
27 January 2025
J. DAVIES CHARITIES LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
1,274
647
Investments
4
2,479
1,296
Total income
3,753
1,943
Expenditure on:
Charitable activities
5
269,561
51,363
Other expenditure
10
750
20,575
Total expenditure
270,311
71,938
Net expenditure and movement in funds
(266,558)
(69,995)
Reconciliation of funds:
Fund balances at 6 April 2023
486,123
556,118
Fund balances at 5 April 2024
219,565
486,123

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

J. DAVIES CHARITIES LIMITED
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 5 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
12
50,688
159,849
Cash at bank and in hand
170,347
326,994
221,035
486,843
Creditors: amounts falling due within one year
13
(1,470)
(720)
Net current assets
219,565
486,123
The funds of the charity
Unrestricted funds
14
219,565
486,123
219,565
486,123

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 27 January 2025
Mrs D Edreyi
Trustee
Company registration number 00873136 (England and Wales)
J. DAVIES CHARITIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 6 -
1
Accounting policies
Charity information

J. Davies Charities Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 22 Hillcrest Avenue, Edgware, Middlesex, HA8 8PA.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
J. DAVIES CHARITIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

J. DAVIES CHARITIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 8 -
1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
1,274
647
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
2,479
1,296
J. DAVIES CHARITIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 9 -
5
Expenditure on charitable activities
Charitable expenditure
Charitable expenditure
2024
2023
£
£
Direct costs
Charitable expenditure
268,789
50,557
Bank charges
22
86
268,811
50,643
Share of support and governance costs (see note 6)
Support costs
750
720
269,561
51,363
Analysis by fund
Unrestricted funds
269,561
51,363
6
Support costs allocated to activities
2024
2023
£
£
Governance costs
750
720
Analysed between:
Charitable expenditure
750
720
7
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
750
720
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
J. DAVIES CHARITIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 10 -
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
10
Other expenditure
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Other expenditure
750
20,575
11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
50,688
159,849
13
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,470
720
14
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 6 April 2023
Incoming resources
Resources expended
At 5 April 2024
£
£
£
£
General funds
486,123
3,753
(270,311)
219,565
J. DAVIES CHARITIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
14
Unrestricted funds
(Continued)
- 11 -
Previous year:
At 6 April 2022
Incoming resources
Resources expended
At 5 April 2023
£
£
£
£
General funds
1,065,141
1,943
(76,424)
990,660
15
Related party transactions

The following amounts were outstanding at the reporting end date:

 

J Davies Charities Limited is owed £50,688 by Seabourne Properties Limited as at the balance sheet date. Seabourne Properties Limited is considered a related party because both companies have a common director, Mr. Michoel Sholam Rotenberg. The amount is unsecured, interest-free, and has no fixed repayment terms.

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