REGISTERED COMPANY NUMBER: 02707695 (England and Wales) REGISTERED CHARITY NUMBER: 1048882
GLENMATE LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
GLENMATE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 to | 6 |
| Notes to the Financial Statements | 7 to | 12 |
GLENMATE LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 APRIL 2021
TRUSTEES M Lipschitz H Lipschitz K Rapaport COMPANY SECRETARIES H Lipschitz M Lipschitz REGISTERED OFFICE 137 Holmleigh Road London N16 5QA REGISTERED COMPANY 02707695 (England and Wales) NUMBER REGISTERED CHARITY 1048882 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS National Westminster Bank Plc 198 Stoke Newington High Street London N16 7GA
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GLENMATE LIMITED (REGISTERED NUMBER: 02707695)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
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 30 April 2021. 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 objectives of the charity are the advancement of the Jewish Religious Education and other charitable purposes.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
Grantmaking
In general, the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available. The trustees are aware of needy individuals in their local area Applications by other individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.
FINANCIAL REVIEW
Review of activities and achievements
The trustees are satisfied with the results of the year. There wa a slight increase in income with a reduction in all other expenditure. The charity continued with its property refurbishment and development.
Future developments
The charity plans to continue its activities subject to satisfactory incoming resources.
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the company. Reserves at the year end were £3,333,381(2020 - £2,652,319) represented by net assets.
STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution
The charity is constituted as a company limited by guarantee and is governed by a Memorandum and Articles of Association dated 3rd April 2000.
Organisational structure
The power to appoint new trustees is vested in the board. 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.
Risk management
The trustees have reviewed the major risks that 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 9 March 2022 and signed on its behalf by:
M Lipschitz - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLENMATE LIMITED
Independent examiner's report to the trustees of Glenmate Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2021.
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
E Meyer FCA BSc Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
9 March 2022
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GLENMATE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Charitable activities Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted fund £ 219,989 480,627 67,123 547,750 1,008,823 681,062 2,652,319 3,333,381 |
2020 Total funds £ 205,128 548,326 85,234 633,560 (12,916) (441,348) 3,093,667 2,652,319 |
|---|---|---|
The notes form part of these financial statements
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GLENMATE LIMITED (REGISTERED NUMBER: 02707695)
BALANCE SHEET 30 APRIL 2021
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Investments 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS FUNDS Unrestricted funds: General fund TOTAL FUNDS |
2021 Total funds £ 9,288,689 110,602 10,720 121,817 243,139 (292,718) (49,579) 9,239,110 (5,905,729) 3,333,381 3,333,381 3,333,381 |
2020 Total funds £ 7,207,622 129,480 11,065 605,017 745,562 (83,460) 662,102 7,869,724 (5,217,405) 2,652,319 2,652,319 2,652,319 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
The notes form part of these financial statements
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GLENMATE LIMITED (REGISTERED NUMBER: 02707695)
BALANCE SHEET - continued 30 APRIL 2021
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 9 March 2022 and were signed on its behalf by:
M Lipschitz - Trustee
The notes form part of these financial statements
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GLENMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
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.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
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.The following specific policies are applied to particular categories of income:
Donations are accounted for when received. All other income is recognised on a receivable basis
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Raising funds comprise investment management costs relating to the investment properties
Grants are only recognised in the accounts when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.
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.
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
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GLENMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
1. ACCOUNTING POLICIES - continued
Financial instruments
Going concern
There are no material uncertainties about the charity's ability to continue.
2. INVESTMENT INCOME
| Rents received Other fixed asset invest - FII Curr asset inv income |
2021 2020 Unrestricted Total funds funds £ £ 213,739 204,097 - 1,031 6,250 - 219,989 205,128 |
2021 2020 Unrestricted Total funds funds £ £ 213,739 204,097 - 1,031 6,250 - 219,989 205,128 |
|---|---|---|
| 205,128 |
3. RAISING FUNDS
Investment management costs
| 2021 Unrestricted funds £ Rent and rates 58 Property repairs 15,986 Insurance 3,726 Professional fees 1,200 Light & heat 77 Loan interest 415,253 Bank charges 1,056 Sundries 78 Finance costs 43,193 480,627 |
2020 Total funds £ (68 36,341 2,713 (9,122 149 287,831 938 - 229,544 |
|---|---|
| 548,326 |
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grant | |||
| funding of | |||
| activities | Support | ||
| (see note | costs (see | ||
| 5) | note 6) | Totals | |
| £ | £ | £ | |
| Charitable activities | 61,094 | 6,029 | 67,123 |
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GLENMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
5. GRANTS PAYABLE
| Charitable activities The total grants paid to institutions during the year was as follows: Religious education Relief of poverty Medical General purpose Advancement of religion Social welfare |
2021 £ 61,094 2021 £ 17,000 24,134 1,260 14,900 - 3,800 61,094 11,000 6,500 5,500 5,000 5,000 28,094 61,094 |
2020 £ 79,691 |
|
|---|---|---|---|
| 2020 £ 4,886 31,700 205 15,500 2,000 25,400 |
|||
| 79,691 | |||
| Achisomoch Aid Company Ltd | |||
| Misgov Ladoch | |||
| Yad Shlomo Trust | |||
| Mifal Hachesed | |||
| Bait Limud Vchesed | |||
| Others under £5,000 | |||
6. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| Charitable activities | 6,029 | |
| Support costs, included in the above, are as follows: | ||
| 2021 | 2020 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Independent examiner's fee | 1,200 | 1,080 |
| Independent examiner's other fees | 4,500 | 4,200 |
| General expenses | 329 | 263 |
| 6,029 | 5,543 |
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GLENMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020.
8. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2020 - Nil)
9. INVESTMENT PROPERTY
| FAIR VALUE At 1 May 2020 Additions Revaluation At 30 April 2021 NET BOOK VALUE At 30 April 2021 At 30 April 2020 Fair value at 30 April 2021 is represented by: Valuation in 2020 Valuation in 2021 |
£ 7,207,622 1,081,067 1,000,000 |
|---|---|
| 9,288,689 | |
| 9,288,689 | |
| 7,207,622 | |
| £ 7,207,622 2,081,067 |
|
| 9,288,689 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors VAT |
2021 £ 109,110 1,492 110,602 |
2020 £ 128,460 1,020 |
|---|---|---|
| 129,480 |
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GLENMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
| 11. CURRENT ASSET INVESTMENTS 2021 £ Listed investments 10,720 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Other creditors 206,924 Accrued expenses 85,794 292,718 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Bank loans (see note 14) 5,905,729 14. LOANS An analysis of the maturity of loans is given below: 2021 £ Amounts falling due between two and five years: Bank loans - 2-5 years 2,601,750 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 369,979 Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 2,934,000 15. SECURED DEBTS The following secured debts are included within creditors: 2021 £ Bank loans 5,905,729 The bank loans are secured on the companies investment properties |
2020 £ 11,065 |
||
|---|---|---|---|
| 2020 £ 6,947 76,513 83,460 2020 £ 5,217,405 |
2020 £ 6,947 76,513 |
||
| 83,460 | |||
| 2020 £ 1,913,389 |
|||
| 370,016 2,934,000 |
|||
| 2020 £ 5,217,405 |
|||
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GLENMATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
16. CAPITAL COMMITMENTS
| CAPITAL COMMITMENTS | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Contracted but not provided for in the financial statements | - | 1,720,000 |
17. RELATED PARTY DISCLOSURES
Holmleigh Estates Ltd and Edgware Housing Ltd are companies in which a trustee has an interest. At the balance sheet date the amount owed to Holmleigh Estates Ltd was £5,012 (2020 - £5,012) and to Edgware Housing Ltd £200,000 (2020 - Nil).
18. UNRESTRICTED FUNDS
Unrestricted funds at 30 June 2021 includes £2,000,132 of unrealised profits which are not available for distribution.
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