REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
STARSCOPE LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
STARSCOPE LIMITED |
STARSCOPE LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 13 |
STARSCOPE LIMITED (REGISTERED NUMBER: 01359053) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2024 |
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 31st March 2024. 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 charity's objects are specifically restricted to the following: |
1. The advancement of religion in accordance with the Orthodox Jewish Faith. |
2. Support of Jewish religious institutions of learning and synagogues, including schools and colleges. |
3.The relief of poverty and |
4.Other purposes as are recognised by English Law as charitable and in furtherance of the aforementioned objects. |
Significant activities |
The Charity has continued to make significant grants throughout the year, in accordance with its grant making policy. |
Public benefit |
The trustees continue to operate within the confines of the charity objectives namely the relief of poverty by providing grants in respect of the advancement of jewish education. The trustees provide grants to a variety of establishments. |
The trustees have also identified institutions which as a result of the economic downturn are experiencing a reduction in their fee income and have provided assistance to them in this respect as well. |
Where the trustees make grants to institutions, they stipulate how these monies should be spent and constantly monitor the effectiveness of the allocation of the resources extended through the grant funding. |
The trustees are of the opinion that this latter method of funding combines both objectives of the charity such that through the grants to the institution, students who are partly able or unable to pay their fees, are also assisted. |
FINANCIAL REVIEW |
Financial position |
The Statement of Financial Activities shows a deficit for the year of £99,515 (2023:deficit £1,993) and total funds carried forward of £500,640 (2023: £600,155) which include an unrealised revaluation gain of £370,000. There were no restricted funds as at the year end. |
Principal funding sources |
The Charity continues to be dependant on voluntary donations and income from investment property. |
Reserves policy |
The charity's reserves policy is to maintain sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. The trustees review this position on a regular basis. |
In view of this the trustees aim to maintain a level of reserves sufficient to meet three months basic operating costs. |
The Cash balances of £158,008( 2023: £192,367) as at the balance sheet date ensure that the charity is well able to maintain its operating capacity. |
FUTURE PLANS |
The Trustees are actively looking to make grants to UK Charities that satisfy the charity's objects and strict ethical criteria . |
STARSCOPE LIMITED (REGISTERED NUMBER: 01359053) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a limited company , limited by guarantee, as defined by the Companies Act 2006. |
The Charity is registered with the Charity Commission. |
The Charity is organised so that the Directors and Trustees meet regularly to manage its affairs. |
Recruitment and appointment of new trustees |
All Directors of the company are also Trustees of the Charity, and there are no other Trustees. All of the Trustees named above served throughout the year. The Board has the power to appoint additional trustees as it considers fit to do so. |
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. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Akiva Kahan FCA |
Joseph Kahan Associates LLP |
Chartered Accountants |
923 Finchley Road |
London |
NW11 7PE |
DECLARATION OF PUBLIC BENEFIT |
The Trustees have considered the Charity Commission's general guidance on public benefit in deciding what activities the charity should undertake. |
The 'Objectives and Activities' section explains the charity's activities which are open to anyone of the Jewish faith and in promoting advancement of adherence to the Orthodox Jewish Faith the doctrines and codes of the Jewish religion, encourage its followers to conduct themselves in a socially responsible way in the wider community. |
STARSCOPE LIMITED (REGISTERED NUMBER: 01359053) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2024 |
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 |
STARSCOPE LIMITED |
Independent examiner's report to the trustees of Starscope Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024. |
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. |
Akiva Kahan FCA |
The Institute of Chartered Accountants in England and Wales |
Joseph Kahan Associates LLP |
Chartered Accountants |
923 Finchley Road |
London |
NW11 7PE |
Date: | January 2025 |
STARSCOPE LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 4 |
Net gains on investments |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 600,155 |
STARSCOPE LIMITED (REGISTERED NUMBER: 01359053) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 12 |
Unrestricted funds | 600,155 |
TOTAL FUNDS | 600,155 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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. |
STARSCOPE LIMITED (REGISTERED NUMBER: 01359053) |
BALANCE SHEET - continued |
31ST MARCH 2024 |
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 |
STARSCOPE LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
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 |
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. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. |
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. |
Financial instruments |
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
STARSCOPE LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Financial instruments |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
2. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Rents received |
Deposit account interest |
4. | CHARITABLE ACTIVITIES COSTS |
Grant | Support |
funding of | costs (see |
activities | note 5) | Totals |
£ | £ | £ |
Advancement and promotion of Jewish education and relief of poverty |
23,048 |
133,627 |
156,675 |
STARSCOPE LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
5. | SUPPORT COSTS |
Governance |
Management | Finance | costs | Totals |
£ | £ | £ | £ |
Advancement and promotion of Jewish education and relief of poverty |
132,647 |
20 |
960 |
133,627 |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. |
7. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income |
EXPENDITURE ON |
Charitable activities |
Net gains on investments |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 232,148 | - |
TOTAL FUNDS CARRIED FORWARD | 600,155 | - | 600,155 |
STARSCOPE LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | INVESTMENT PROPERTY |
£ |
FAIR VALUE |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Fair value at 31st March 2024 is represented by: |
£ |
Valuation in 2024 | 400,000 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Short Term Loan | 70,000 | - |
Accrued expenses |
12. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/4/23 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 600,155 | (99,515 | ) | 500,640 |
TOTAL FUNDS | (99,515 | ) | 500,640 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 57,160 | (156,675 | ) | (99,515 | ) |
TOTAL FUNDS | ( |
) | (99,515 | ) |
STARSCOPE LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
12. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 232,148 | 368,007 | 600,155 |
TOTAL FUNDS | 232,148 | 368,007 | 600,155 |
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 | 45,569 | (47,562 | ) | 370,000 | 368,007 |
TOTAL FUNDS | 45,569 | (47,562 | ) | 370,000 | 368,007 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 232,148 | 268,492 | 500,640 |
TOTAL FUNDS | 232,148 | 268,492 | 500,640 |
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 | 102,729 | (204,237 | ) | 370,000 | 268,492 |
TOTAL FUNDS | 102,729 | (204,237 | ) | 370,000 | 268,492 |
STARSCOPE LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
13. | RELATED PARTY DISCLOSURES |
Mr A Maslo, a Trustee made charitable donations totalling £3,000 to Starscope Ltd during the year. |