Charity registration number 293686 (England and Wales)
Company registration number 01898590
NEWPIER CHARITY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NEWPIER CHARITY LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr C Margulies
Mrs R Margulies
Mr M Just
Mr H Freudenberger
Mr B Stern
Secretary
Mr C Margulies
Charity number (England and Wales)
293686
Company number
01898590
Principal address
186 Lordship Road
London
N16 5ES
Registered office
186 Lordship Road
London
N16 5ES
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
NEWPIER CHARITY LIMITED
CONTENTS
Page
Trustees' report
1 - 3
Statement of trustees' responsibilities
4
Independent auditor's report
5 - 7
Statement of financial activities
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
NEWPIER CHARITY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 30 June 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 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) (effective 1 January 2019)".

Objectives and activities

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 22 March 1985. It was registered as a charity on 20 March 1986.

The principal objectives of the company are:

- The advancement of religion in accordance with the Orthodox Jewish Faith

- The relief of poverty, and

- Any other activities recognised by English Law as charitable

 

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

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

The charity was set up to support the activities of religious Jewish organisations especially in the field of education. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations, which themselves are growing not only in England but also worldwide.

The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and also through the distribution of basis necessities.

The income of the charity is derived from investments and donations. The trustees continued their support of those organisations deemed to promote the objects of this charity.

The charity accepts applications for grants from representatives of various charities, which are reviewed by the trustees on a regular basis.

Achievements and performance

The Principal activities to raise funds during the year were the receipt of donations and the income received from property investment.

 

During the year the trust made donations to a wide variety of charities within the Jewish community. Almost all of the incoming resources were distributed to various charities in the year. Remaining reserves in bank and deposit accounts are required and available for future investment purposes. The trustees are pleased with its investment performance and with the level of donations given to worthy causes.

 

The trustees are satisfied with the results and activities of the company for the year and do not anticipate any significant changes in the forthcoming year.

 

At the year end the charity held four investment properties as well as being a part owner in a number of joint ventures. Trustee requirements are to expand the charity's portfolio, and further investments are being sought.

 

At the year end, the trusts' investments were valued at £4,316,090 and returned income of £420,849.

NEWPIER CHARITY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Financial review

During the year the charity received investment income of £420,849 and donation income of £145,000. This gave the charity a total income of £565,849 and allowed the trustees to distribute £430,851 to other charity and good causes. After payments of other charitable expenditure in the year there was an increase in funds of £47,965.

There is no formal policy to maintain a set level of reserves. However, the trustees do prefer to maintain a level of cash reserves. The reason for the high level is that should an investment become available that requires funding faster than a loan provider can facilitate, the trustees want the charity to be able to go ahead with the investment rather than miss it. Financing though a provider can take place at a more convenient date. The trustees are continually looking for appropriate investments which will ensure that high levels of return can be achieved with low risk. The reserves are maintained in line with this policy.

The company's memorandum and articles of association, which permit the company's funds to be invested in securities or properties of any kind and situated anywhere in the world, control the trustees' investment powers. The company's investments have performed well during the year.

 

The trustees are experienced property investors and have invested the charity's funds into properties. 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.

 

The charity's investments generated a good return on capital invested.

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

Plans for future periods

The charity plans to continue to seek donations to enable them to distribute the monies throughout the Jewish community. The trustees will continue to purchase further investments when they believe it is in the best interests of the charity.

Structure, governance and management

The charity is a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association.

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:

Mr C Margulies
Mrs R Margulies
Mr M Just
Mr H Freudenberger
Mr B Stern

As set out in the Articles of Association the number of trustees shall not be less than three and not more than ten in number.

 

The charity may by ordinary resolution appoint a person who is willing to act, to be a trustee, either to fill a vacancy or as an additional trustee. A trustee shall cease to hold office by virtue of the Article 48 of Articles of Association.

 

It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.

 

The quorum for the transaction of the business of the trustees may be fixed by the trustees but shall not be less than the majority of their number or two trustees, whichever is the greater.

 

None of the trustees have any beneficial interest in the charity.

NEWPIER CHARITY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

 

All decisions made on behalf of the charity are made by the trustees. The trustees are responsible for the provision of means to distribute charitable donations to worthy causes.

Details of related party transactions are disclosed in note 19 to the accounts. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises.

Auditor

In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the company will be put at a General Meeting.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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

Mr C Margulies
Trustee
30 April 2025
NEWPIER CHARITY LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The trustees, who are also the directors of Newpier Charity Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NEWPIER CHARITY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF NEWPIER CHARITY LIMITED
- 5 -

Opinion

We have audited the financial statements of Newpier Charity Limited (the ‘charity’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

NEWPIER CHARITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF NEWPIER CHARITY LIMITED
- 6 -
Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

 

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

 

NEWPIER CHARITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF NEWPIER CHARITY LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Brodie FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
30 April 2025
NEWPIER CHARITY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
145,000
153,900
Investments
4
420,849
434,647
Total income
565,849
588,547
Charitable activities
5
517,884
694,249
Net losses on investments
10
-
(295,000)
Net income/(expenditure) and movement in funds
47,965
(400,702)
Reconciliation of funds:
Fund balances at 1 July 2023
(580,301)
(179,599)
Fund balances at 30 June 2024
(532,336)
(580,301)

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

NEWPIER CHARITY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
12
1,655,000
1,655,000
Investments
13
2,661,090
2,638,393
4,316,090
4,293,393
Current assets
Debtors
14
66,228
65,255
Cash at bank and in hand
135,352
139,059
201,580
204,314
Creditors: amounts falling due within one year
16
83,114
87,772
Net current assets
118,466
116,542
Total assets less current liabilities
4,434,556
4,409,935
Creditors: amounts falling due after more than one year
17
(4,966,892)
(4,990,236)
Net liabilities
(532,336)
(580,301)
The funds of the charity
Unrestricted funds
(532,336)
(580,301)
(532,336)
(580,301)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2024 although an audit has been carried out under section 144 of the Charities Act 2011.

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 under the requirements of the Companies Act 2006, 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 30 April 2025
Mr C Margulies
Trustee
Company registration number 01898590 (England and Wales)
NEWPIER CHARITY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(364,153)
(573,254)
Investing activities
Change in value of unlisted investments
(22,697)
-
Proceeds from disposal of  investments
16,257
Investment income received
420,849
434,647
Net cash generated from investing activities
398,152
450,904
Financing activities
Repayment of bank loans
(37,706)
(30,336)
Net cash used in financing activities
(37,706)
(30,336)
Net decrease in cash and cash equivalents
(3,707)
(152,686)
Cash and cash equivalents at beginning of year
139,059
291,745
Cash and cash equivalents at end of year
135,352
139,059
NEWPIER CHARITY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Charity information

Newpier Charity Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 186 Lordship Road, London, N16 5ES.

1.1
Accounting convention

The financial statements have been prepared in accordance 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

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.
NEWPIER CHARITY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
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.

Charitable distributions represent donations paid to educational, religious and similar charities.

Other charitable expenses are provided for on an accruals basis.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the SOFA.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
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.

1.9
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.

NEWPIER CHARITY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
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.

1.10
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
145,000
153,900
NEWPIER CHARITY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Rental income
261,929
242,388
Other income
158,678
192,186
Interest receivable
242
73
420,849
434,647
5
Expenditure on charitable activities
Unrestricted funds
Unrestricted funds
2024
2023
£
£
Direct costs
Insurance
1,686
861
Repairs and maintenance
5,622
13,776
Bank charges
36,308
38,543
Rates
6
768
Light and heat
101
79
Management
954
3,353
44,677
57,380
Grant funding of activities (see note 7)
430,851
590,360
Share of support and governance costs (see note 6)
Governance
42,356
46,509
517,884
694,249
Analysis by fund
Unrestricted funds
517,884
694,249
6
Support costs allocated to activities
2024
2023
£
£
Governance costs
42,356
46,509
Analysed between:
Unrestricted funds
42,356
46,509
NEWPIER CHARITY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
7
Grants payable
Charitable activities
Charitable activities
2024
2023
£
£
Grants to institutions:
Achisomoch
40,075
50,000
Ben Amram Charitable Trust
10,000
C.M.L
52,000
C.M.Z
10,200
Give us a Chance
14,226
-
Charedim Beis SHA
18,000
Mosdos Hatorah Pnei Menachem
25,000
-
Shir Chesed Beis Yisroel
20,000
T.N.R.S.T
44,900
67,860
Tiferes Yochanan
50,000
Yeshuos Shabbos
11,000
Yad Shlomo Trust
4,000
VHLT Ltd
72,000
Yesamach Levav Trust
39,600
79,000
Yeshivat Tiferet Yaakov
49,105
Other
146,050
218,195
430,851
590,360

 

8
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

 

None of the trustees (or any persons connected with them) received any reimbursement of expenses from the charity during the year.

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.
NEWPIER CHARITY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
10
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investment properties
-
(295,000)
11
Taxation

The activities of Newpier Charity Limited are exempt form direct taxation under Part 11 of the Corporation Tax Act 2010.

12
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
1,655,000

Investment property comprises of four commercially let properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors at the year end, through the use of opinions from external 3rd party experts. The valuation was made on a fair value basis by reference to market evidence of transaction prices for similar properties.

 

13
Fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 July 2023
2,638,393
Distributions
(131,645)
Profit in the year
154,342
At 30 June 2024
2,661,090
Carrying amount
At 30 June 2024
2,661,090
At 30 June 2023
2,638,393

Unlisted investments at the year end comprise of investments into UK Syndicates that invest in land and buildings.

NEWPIER CHARITY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,108
31,135
Other debtors
34,120
34,120
66,228
65,255
15
Loans and overdrafts
2024
2023
£
£
Bank loans
458,192
495,898
Payable within one year
36,000
36,000
Payable after one year
422,192
459,898

A long-term loan is secured by a fixed charge over two of the investment properties. Other long term loans are unsecured.

16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
36,000
36,000
Other taxation and social security
5,708
5,828
Trade creditors
12,872
10,800
Other creditors
18,534
26,144
Accruals and deferred income
10,000
9,000
83,114
87,772
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
15
422,192
459,898
Other creditors
4,544,700
4,530,338
4,966,892
4,990,236
NEWPIER CHARITY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
18
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 July 2023
Incoming resources
Resources expended
Gains and losses
At 30 June 2024
£
£
£
£
£
General funds
(580,301)
565,849
(517,884)
-
(532,336)
Previous year:
At 1 July 2022
Incoming resources
Resources expended
Gains and losses
At 30 June 2023
£
£
£
£
£
General funds
(179,599)
588,547
(694,249)
(295,000)
(580,301)
19
Related party transactions

Other long term creditors include a loan from Ambertown International Ltd, a company registered in the British Virgin Islands, for £70,000 and a loan from Joyanna Holdings Ltd, a company registered in Gibraltar, for £4,352,731. The trustee, Mr C Margulies is a director of both companies. Additionally, there is a loan of £35,000 from Mr David Margulies, brother of the Trustee, Mr C Margulies. There is no interest charged on these loans.

 

There were no other related party transactions in the year.

20
Cash absorbed by operations
2024
2023
£
£
Surplus/(deficit) for the year
47,965
(400,702)
Adjustments for:
Investment income recognised in statement of financial activities
(420,849)
(434,647)
Fair value gains and losses on investment properties
-
295,000
Movements in working capital:
(Increase)/decrease in debtors
(973)
39,339
Increase/(decrease) in creditors
9,704
(72,244)
Cash absorbed by operations
(364,153)
(573,254)
NEWPIER CHARITY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
21
Analysis of changes in net (debt)/funds
At 1 July 2023
Cash flows
At 30 June 2024
£
£
£
Cash at bank and in hand
139,059
(3,707)
135,352
Loans falling due within one year
(36,000)
-
(36,000)
Loans falling due after more than one year
(459,898)
37,706
(422,192)
(356,839)
33,999
(322,840)
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