Charity Registration No. 262352
Company Registration No. 01005565 (England and Wales)
ARDINA LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ARDINA LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Governors
Mr Philip Weiss
Mr Hyman Weiss
Charity number
262352
Company number
01005565
Principal address
Heaton House
148 Bury Old Road
Manchester
M7 4SE
Registered office
Heaton House
148 Bury Old Road
Manchester
M7 4SE
Independent examiner
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
ARDINA LIMITED
CONTENTS
Page
Governors' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 12
ARDINA LIMITED
GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The governors present their annual report and financial statements for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, 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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The charity's objectives are to aid the advancement of religion in accordance with the Orthodox Jewish faith and the relief of poverty and other charitable purposes for the public benefit. The policies adopted in furtherance of these objects are to identify Orthodox Jewish Charities which carry out activities such as providing Orthodox Jewish education and other activities which advance religion in accordance with the Orthodox Jewish faith or which relieve poverty and there has been no change in these during the year.

 

Each year, the governors confirm that they have referred to guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

The charity's income is generated from investment income and gains and charitable donations which is then distributed to meet the above objectives after allowing for funds required for investment in the charity joint property syndicates.

The objective of the charity for the year was to maintain a stable flow of donations going to worthy causes in the Jewish community. The governors also aim to expand the charity's investment portfolio whenever the opportunity arises. No particular criteria or measures are used to assess success in achieving these aims or objectives.

The governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake.

Achievements and performance

During the year the charity made donations to a variety of charities within the Jewish community. The governors are pleased with the performance of its own investments and with the level of donations given to worthy causes.

Financial review

The governors' investment powers are governed by the charity's Memorandum of Association which permits the charity to invest as may be determined by the governors.

 

The governors' are experienced property investors and have invested the charity's funds in various properties with others in order to generate funds for distribution. Investments are chosen on the basis of achieving a yield in excess of that available from cash deposits while maintaining a high degree of security of income and the underlying assets.

 

The charity's investments generated income of £180,477 (2023: £321,199) and also had income of £47,000 (2023: £38,500) from donations. Accordingly, the total of incoming resources was £227,477 (2023: £359,699) which left a surplus of £214,761 (2023: £349,511) after expenses of £12,716 (2023: 10,188).

 

The charity distributed £229,725 (2023: £231,660) to various charities for the relief of poverty and the advancement of religion in accordance with the Orthodox Jewish faith, resulting in a £14,964 decrease (2023: £117,851, increase) in reserves.

There is no policy to maintain a level of reserves other than as required for the charity's investment portfolio.

 

The governors' investment powers are governed by the charity's memorandum of association that permits the charity to invest as may be determined by the governors.

ARDINA LIMITED
GOVERNORS' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The governors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to those major risks.

Structure, governance and management

The charity is a company limited by guarantee. It was incorporated on 23 March 1971 and registered as a charity on the same day. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of association.

The governors, 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:

Mr Philip Weiss
Mr Hyman Weiss

Governors are recommended and appointed by the board of governors, training would be offered to new governors by the existing governors.

 

None of the governors has any beneficial interest in the company. All of the governors are members of the company and guarantee to contribute an amount not exceeding £1 in the event of a winding up.

The board of governors administers the charity.

The governors' report was approved by the Board of Governors.

Mr Hyman Weiss
Governor
Dated: 31 January 2025
ARDINA LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE GOVERNORS OF ARDINA LIMITED
- 3 -

I report to the governors on my examination of the financial statements of Ardina Limited (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the governors 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.

Jason Selig BA FCA CTA DChA
Lopian Gross Barnett & Co
Chatered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Dated: 31 January 2025
ARDINA LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
47,000
38,500

Investment income

3
180,477
321,199
Total income
227,477
359,699
Expenditure on:
Charitable activities
4
229,725
231,660
Other
8
12,716
10,188
Total resources expended
242,441
241,848
Net (expenditure)/income for the year/
Net movement in funds
(14,964)
117,851
Fund balances at 1 April 2023
1,187,762
1,069,911
Fund balances at 31 March 2024
1,172,798
1,187,762

The statement of financial activities includes all gains and losses recognised in the year.

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

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
ARDINA LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
100
101
Property investments
11
1,913,630
1,872,781
1,913,730
1,872,882
Current assets
Debtors
12
39,493
139,493
Cash at bank and in hand
127,694
161,138
167,187
300,631
Creditors: amounts falling due within one year
13
(908,119)
(985,751)
Net current liabilities
(740,932)
(685,120)
Total assets less current liabilities
1,172,798
1,187,762
Income funds
Unrestricted funds
1,172,798
1,187,762
1,172,798
1,187,762

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 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 Governors on 31 January 2025
Mr Hyman Weiss
Governor
Company Registration No. 01005565
ARDINA LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Charity information

Ardina Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Heaton House, 148 Bury Old Road, Manchester, M7 4SE.

1.1
Accounting convention

The accounts have been prepared in accordance with 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)” (as amended for accounting periods commencing from 1 January 2016). 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 applying FRS 102 Update Bulletin 1 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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the governors 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 governors in furtherance of their charitable objectives.

Funds held by the charity are all unrestricted. These being funds which can used in accordance with the charitable objects at the discretion of the governors.

1.4
Incoming resources

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.
ARDINA LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Resources expended

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.

Expenditure is recognised on an accruals basis as a liability is incurred.

 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

 

Other costs include all costs involving the public accountability of the charity and its compliance with regulation and good practice. These include costs related to legal fees.

 

Charitable distributions represent donations paid to religious, educational and similar charities, and are recognised when payment is made by the charity.

1.6
Fixed asset investments

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.8
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. 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.

ARDINA LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.9
Investments in joint property syndicates

The charity has a number of joint interests in various properties each of which is owned by a syndicate of similar participators. These investments are stated at the net cost of participation in the syndicate plus accumulated surpluses less deficiences and drawings from the syndicate.

 

No revaluation of the underlying properties has been reflected in the accounts.

1.10
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006  not to prepare group accounts.
2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
47,000
38,500

Donations include £ Nil (2023: £ Nil) from the company's subsidiaries.

3
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Syndicate surpluses
179,637
320,362
Other income
-
837
Interest receivable
840
-
180,477
321,199
4
Charitable activities
Charitable distributions
Charitable distributions
2024
2023
£
£
Grant funding of activities (see note 5)
229,725
231,660
ARDINA LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
5
Grants payable
2024
2023
£
£
Orthodox Jewish Education and religious studies
108,175
25,080
Advancement of religion and the Orthodox Jewish faith
41,350
103,750
Relief of hardsip and poverty in Jewish community
59,900
47,900
229,725
231,660
Material grants were paid to the following bodies :

£

 

Amud Hatzdokoh Trust             10,000

Friends of Mercaz Hotarah Belz Machnovke 17,000

Bnos Yisroel School             10,000

Chernobel Shul                 15,000

Koleiss Zedokoh Ltd         21,750

The Yeshivas Ohel Shimon Trust         73,975

Zoreia Zedokos                 9,000

Yetev Lev 21,500

--------------

156,725

Other grants (not exceeding £5,000) 52,700

--------------

229,725

=========

6
Governors

None of the governors (or any persons connected with them) received any remuneration or expenses during the year.

 

None of the governors (or any persons connected with them) received any benefits during the year.

7
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.
ARDINA LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
8
Other
2024
2023
£
£
Legal and professional fees
298
150

Accountancy charges

7,700
7,250

Sundry expenses

1,566
2,663

Bank charges and interest

152
125
Management charge
3,000
-
12,716
10,188
9
Taxation
The activities of Ardina Limited are exempt from direct taxation under part II of Corporation Tax Act 2010.
10
Fixed asset investments
Other investments
Cost or valuation
At 1 April 2023
101
Disposals
(1)
At 31 March 2024
100
Carrying amount
At 31 March 2024
100
At 31 March 2023
101
2024
2023
Other investments comprise:
Notes
£
£
Investments in subsidiaries
16
100
101
ARDINA LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
11
Investments in joint property syndicates
£
At 1 April 2023
1,872,781
Capital introduced
1,067
Surplus for the year
179,637
Capital repayments
(139,855)
At 31 March 2024
1,913,630

The joint property investments in which the charity is a participator has borrowings secured on the properties owned by the syndicates. The charity's share of such borrowings is not shown in the balance sheet in view of the extent of the security provided by the properties.

12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
39,493
139,493
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,620
6,900
Amounts owed to subsidiary undertakings
121,284
121,556
Other creditors
771,595
851,295
Accruals and deferred income
7,620
6,000
908,119
985,751
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 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
1,187,762
227,477
(242,441)
1,172,798
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
1,069,911
359,699
(241,848)
1,187,762
ARDINA LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
15
Related party transactions
Interest Free Loans
2024
2023
£
£
Localtrent Limited
30,000
30,000
30,000
30,000

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2024
2023
£
£
H Weiss
283,229
283,229
P Weiss
383,231
383,231
666,460
666,460

 

16
Subsidiaries

Details of the charity's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Bermin Investments Limited
England & Wales
Property Investors
Ordinary
100
-
The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Bermin Investments Limited
53,720
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