| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| YESBE LIMITED |
| (A COMPANY LIMITED BY GUARANTEE) |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 AUGUST 2023 TO 30 JULY 2024 |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| YESBE LIMITED |
| (A COMPANY LIMITED BY GUARANTEE) |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 AUGUST 2023 TO 30 JULY 2024 |
| YESBE LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 2024 |
| Page |
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 | to | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
| YESBE LIMITED |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 2024 |
| TRUSTEES |
| COMPANY SECRETARY | E Benedikt |
| REGISTERED OFFICE |
| REGISTERED COMPANY NUMBER |
| REGISTERED CHARITY NUMBER |
| BANKERS |
| London |
| YESBE LIMITED (REGISTERED NUMBER: 03161919) |
| REPORT OF THE TRUSTEES |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 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 period 1 August 2023 to 30 July 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). |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| The information is shown on page 1 of the financial statements and forms part of this report. |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The objects of the charity are the promotion and advancement of religion in accordance with the Orthodox Jewish faith and the relief of poverty, suffering and distress among members of the Orthodox Jewish faith. |
| The trustees confirm that they have given due regard to the Charity Commission's guidance on public benefit. |
| Grant making policy |
| In general, the trustees select the institutions to be supported according to their personal knowledge of work of the institution. All applications are carefully considered, discreetly and with sympathy and help is given according to circumstances and funds then available. |
| Grants are made to various institutions which accord with the charity's objects. These grants are regularly monitored to ensure compliance with the objects of the charity. |
| ACHIEVEMENT AND PERFORMANCE |
| Achievement and performance |
| The trustees are pleased with the results for the year. The charity received £201,421 of interest income (2023: NIL), this has provided the charity with a strong income stream which is used in furtherance of the charity's objectives. |
| During the year the charity continued its philanthropic activities and maintained support of organisations engaging in education, advancement of religion, and the relief of poverty. |
| Grantmaking in the year was over than three times than in the previous year. |
| FINANCIAL REVIEW |
| Reserves policy |
| The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end stood at £5,407,814 (2023: £5,733,778), of which £324,810 (2023: £3,099,778) were free reserves. |
| FUTURE PLANS |
| It is anticipated, subject to satisfactory income, that the charity will continue to support charitable purposes and institutions in accordance with its objects. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Charity constitution |
| The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 20 February 1996. |
| Recruitment and appointment of new trustees |
| It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. |
| YESBE LIMITED (REGISTERED NUMBER: 03161919) |
| REPORT OF THE TRUSTEES |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Risk management |
| The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them. |
| 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 |
| YESBE LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 2024 |
| PERIOD |
| 1.8.23 |
| TO | YEAR ENDED |
| 30.7.24 | 31.7.23 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Charitable activities | 3 |
| Net gains on investments |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | 5,733,778 |
| YESBE LIMITED (REGISTERED NUMBER: 03161919) |
| BALANCE SHEET |
| 30 JULY 2024 |
| 2024 | 2023 |
| Total | Total |
| funds | funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 11 |
| Unrestricted funds: |
| General fund | 5,407,814 | 5,733,778 |
| TOTAL FUNDS | 5,733,778 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 July 2024. |
| The members have not required the company to obtain an audit of its financial statements for the period ended 30 July 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. |
| YESBE LIMITED (REGISTERED NUMBER: 03161919) |
| BALANCE SHEET - continued |
| 30 JULY 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 |
| YESBE LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 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. |
| Income |
| The following specific policies are applied to particular categories of income: |
| Income received by way of donations is accounted for when received. |
| Income from investments is included in the year in which it is receivable. |
| 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. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Financial instruments |
| The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. |
| Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. |
| Going concern |
| There are no material uncertainties about the charity's ability to continue as a going concern. |
| 2. | INVESTMENT INCOME |
| PERIOD |
| 1.8.23 |
| TO | YEAR ENDED |
| 30.7.24 | 31.7.23 |
| Unrestricted | Total |
| funds | funds |
| £ | £ |
| Deposit account interest |
| Loan interest receivable | 149,366 | - |
| YESBE LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 2024 |
| 3. | CHARITABLE ACTIVITIES COSTS |
| Grant |
| funding of |
| activities | Support |
| (see note | costs (see |
| 4) | note 5) | Totals |
| £ | £ | £ |
| Charitable activities | 520,100 | 7,285 | 527,385 |
| 4. | GRANTS PAYABLE |
| PERIOD |
| 1.8.23 |
| TO | YEAR ENDED |
| 30.7.24 | 31.7.23 |
| £ | £ |
| Charitable activities | 520,100 | 145,200 |
| The total grants paid to institutions during the period was as | follows: |
| PERIOD |
| 1.8.23 |
| TO | YEAR ENDED |
| 30.7.24 | 31.7.23 |
| £ | £ |
| Advancement of religion | 392,850 | 135,500 |
| Advancement of education | 39,050 | 9,000 |
| Relief of poverty | 67,500 | 700 |
| Medical | 500 | - |
| General purpose | 18,000 | - |
| Social welfare | 2,200 | - |
| Achisomoch Aid Company Ltd | 209,900 |
| Chasdei Sholom | 45,600 |
| Dushinsky Trust Ltd | 31,700 |
| Others below £30,000 | 232,900 |
| 520,100 |
| YESBE LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 2024 |
| 5. | SUPPORT COSTS |
| Governance |
| Finance | costs | Totals |
| £ | £ | £ |
| Charitable activities | 116 | 7,169 | 7,285 |
| Support costs, included in the above, are as follows: |
| Finance |
| PERIOD |
| 1.8.23 |
| TO | YEAR ENDED |
| 30.7.24 | 31.7.23 |
| Charitable | Total |
| activities | activities |
| £ | £ |
| Bank charges | 116 | 130 |
| Governance costs |
| PERIOD |
| 1.8.23 |
| TO | YEAR ENDED |
| 30.7.24 | 31.7.23 |
| Charitable | Total |
| activities | activities |
| £ | £ |
| Auditors' remuneration | - | 5,400 |
| Auditors' remuneration for non audit work |
- |
5,400 |
| Fees waived | (1,200 | ) | - |
| Independent examiner's fee | 1,080 | - |
| Independent examiner's other fees | 3,000 | - |
| General expenses | 731 | 457 |
| Legal and professional fees | 3,558 | 1,500 |
| 7,169 | 12,757 |
| 6. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| PERIOD |
| 1.8.23 |
| TO | YEAR ENDED |
| 30.7.24 | 31.7.23 |
| £ | £ |
| Auditors' remuneration | - | 5,400 |
| Auditors' remuneration for non audit work | - | 5,400 |
| Fees waived | (1,200 | ) | - |
| YESBE LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 2024 |
| 7. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the period ended 30 July 2024 nor for the year ended 31 July 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the period ended 30 July 2024 nor for the year ended 31 July 2023. |
| 8. | STAFF COSTS |
| The average number of staff in the year was NIL (2023: NIL). |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| Included in others debtors is £5,058,504 representing amounts owing to the charity by connected companies, these loans are interest bearing at a rate of 6.25%. See Note 12 for further detail. |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| Other creditors |
| Accruals and deferred income |
| 11. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.8.23 | in funds | 30.7.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 5,733,778 | (325,964 | ) | 5,407,814 |
| TOTAL FUNDS | (325,964 | ) | 5,407,814 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 201,421 | (527,385 | ) | (325,964 | ) |
| TOTAL FUNDS | ( |
) | (325,964 | ) |
| YESBE LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 AUGUST 2023 TO 30 JULY 2024 |
| 11. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.8.22 | in funds | 31.7.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (19,704 | ) | 5,753,482 | 5,733,778 |
| TOTAL FUNDS | (19,704 | ) | 5,753,482 | 5,733,778 |
| 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 | 11,620 | (158,087 | ) | 5,899,949 | 5,753,482 |
| TOTAL FUNDS | 11,620 | (158,087 | ) | 5,899,949 | 5,753,482 |
| 12. | RELATED PARTY DISCLOSURES |
| Included in other debtors are the following balances in respect of loans made to connected companies: |
| A loan of £3,445,212 including accrued interest (2023: NIL) to Pinlee Investments Ltd, a company with Trustees/Directors in common, the loan bears interest at 6.25% p.a. |
| A loan of £1,758,096 including accrued interest (2023: NIL) to Calvert Estates Ltd, a company with a Trustee/Director in common, the loan bears interest at 6.25% p.a. |