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 2024 Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS GLENMATE LIMITED ## CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ||Page| |---|---| |Reference and Administrative Details|1| |Report of the Trustees|2 to 3| |Report of the Independent Auditors|4 to 6| |Statement of Financial Activities|7| |Balance Sheet|8| |Notes to the Financial Statements|9 to 13| GLENMATE LIMITED ## REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 APRIL 2024 |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|| |AUDITORS|Sugarwhite Meyer Accountants Ltd| ||Chartered Accountants & Statutory Auditor| ||First Floor| ||94 Stamford Hill| ||London| ||N16 6XS| |BANKERS|National Westminster Bank Plc| ||198 Stoke Newington High Street| ||London| ||N16 7GA| Page 1 ## GLENMATE LIMITED (REGISTERED NUMBER: 02707695) ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## OBJECTIVES AND ACTIVITIES ## Objectives and aims The 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. The charity's income rose by about 8% with a similar increase in overall expenditure leaving a surplus for the year. ## 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 £4,431,452 (2023 - £4,359,515)with free reserves of £110,315 (2023 - £41,128). ## 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. ## STATEMENT OF TRUSTEES' RESPONSIBILITIES The trustees (who are also the directors of Glenmate Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Page 2 ## GLENMATE LIMITED (REGISTERED NUMBER: 02707695) ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 ## STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## AUDITORS The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. 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 27 February 2025 and signed on its behalf by: M Lipschitz - Trustee Page 3 ## REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GLENMATE LIMITED ## Opinion We have audited the financial statements of Glenmate Limited (the 'charitable company') for the year ended 30 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. - In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 30 April 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 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. ## Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 4 ## REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GLENMATE LIMITED ## Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. ## Responsibilities of trustees As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company'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. Page 5 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GLENMATE LIMITED ## Our responsibilities for the audit of the financial statements 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 a Report of the Independent Auditors 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit. We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control. We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control. We evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements We concluded whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. ## Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. E Meyer FCA BSc (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS 27 February 2025 Page 6 ## GLENMATE LIMITED ## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2024 |Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
4
Grantmaking
Support costs
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD|2024
Unrestricted
fund
£
416,214
218,238
122,040
6,749
347,027
2,750
71,937
4,359,515
4,431,452|2023
Total
funds
£
385,449| |---|---|---| |||195,385
114,950
6,924| |||317,259| |||915| |||69,105
4,290,410| |||4,359,515| The notes form part of these financial statements Page 7 ## GLENMATE LIMITED (REGISTERED NUMBER: 02707695) ## BALANCE SHEET 30 APRIL 2024 |Notes
FIXED ASSETS
Investment property
10
CURRENT ASSETS
Debtors
11
Investments
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 14
NET ASSETS
FUNDS
Unrestricted funds:
General fund
TOTAL FUNDS|2024
Total
funds
£
5,100,000
2,140,000
15,137
237,394
2,392,531
(127,079)
2,265,452
7,365,452
(2,934,000)
4,431,452
4,431,452
4,431,452|2023
Total
funds
£
5,100,000
2,140,000
12,387
129,606
2,281,993
(88,478)
2,193,515
7,293,515
(2,934,000)
4,359,515
4,359,515
4,359,515| |---|---|---| 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 27 February 2025 and were signed on its behalf by: M Lipschitz - Trustee The notes form part of these financial statements Page 8 GLENMATE LIMITED ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ## 1. ACCOUNTING POLICIES ## Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. ## 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. Page 9 ## GLENMATE LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 ## 1. ACCOUNTING POLICIES - continued ## Financial instruments ## Going concern There are no material uncertainties about the charity's ability to continue. ## 2. INVESTMENT INCOME |INVESTMENT INCOME||| |---|---|---| |Rents and services
Dividends
Deposit account interest
Loan interest|2024
2023
Unrestricted
Total
funds
funds
£
£
265,815
244,908
547
541
52
-
149,800
140,000
416,214
385,449|| |||385,449| ## 3. RAISING FUNDS ## Investment management costs |Investment management costs|| |---|---| |2024
Unrestricted
funds
£
Rent and rates
-
Property repairs
87,026
Insurance
4,740
Professional fees
(2,122)
Light & heat
465
Loan interest
127,537
Bank charges
592
218,238|2023
Total
funds
£
22
46,970
4,263
16,065
619
126,853
593| ||195,385| ## 4. CHARITABLE ACTIVITIES COSTS |CHARITABLE ACTIVITIES COSTS|||| |---|---|---|---| |Grantmaking
Support costs|Grant
funding of
activities
(see note
5)
£
122,040
-
122,040|Support
costs (see
note 6)
£
-
6,749
6,749|Totals
£
122,040
6,749| ||||128,789| Page 10 ## GLENMATE LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 ## 5. GRANTS PAYABLE |GRANTS PAYABLE||| |---|---|---| |Grantmaking
The total grants paid to institutions during the year was as follows:
Advancement of education
Relief of poverty
General purpose
Advancement of religion
Social welfare
SOWS Charity
VHLT Ltd
Achisomoch Aid Company Ltd
Bait Limud Vchesed
Friends Of Beis Chinuch Lebonos
M.L.T Belz
Others under £6,000|2024
£
122,040
2024
£
38,500
18,600
-
25,850
39,090
122,040
10,000
10,000
9,000
7,000
7,000
6,000
73,040
122,040|2023
£
114,950| |||2023
£
42,000
17,500
3,200
40,250
12,000| |||114,950| |||| ## 6. SUPPORT COSTS |SUPPORT COSTS||| |---|---|---| |||Governance| |||costs| |||£| |Support costs||6,749| |Support costs, included in the above, are as follows:||| ||2024|2023| ||Support|Total| ||costs|activities| ||£|£| |Auditors' remuneration|2,160|2,160| |Auditors' remuneration for non audit||| |work|4,200|4,200| |General expenses|389|564| ||6,749|6,924| Page 11 ## GLENMATE LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 ## 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): ||2024|2023| |---|---|---| ||£|£| |Auditors' remuneration|2,160|2,160| |Auditors' remuneration for non audit work|4,200|4,200| ## 8. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023. ## Trustees' expenses There were no trustees' expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023. ## 9. AVERAGE STAFF NUMBERS The average number of staff in the year was Nil (2023 - Nil) ## 10. INVESTMENT PROPERTY £ |INVESTMENT PROPERTY|£| |---|---| |FAIR VALUE
At 1 May 2023
and 30 April 2024
NET BOOK VALUE
At 30 April 2024
At 30 April 2023|5,100,000| ||5,100,000| ||5,100,000| 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. ## 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR ||2024|2023| |---|---|---| ||£|£| |Other debtors|2,140,000|2,140,000| Page 12 ## GLENMATE LIMITED ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2024 |12.
CURRENT ASSET INVESTMENTS
2024
£
Listed investments
15,137
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Other creditors
67,359
Accruals and deferred income
59,720
127,079
14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
£
Bank loans (see note 15)
2,934,000
15.
LOANS
An analysis of the maturity of loans is given below:
2024
£
Amounts falling due between two and five years:
Bank loans - 2-5 years
2,934,000
16.
SECURED DEBTS
The following secured debts are included within creditors:
2024
£
Bank loans
2,934,000
The bank loans are secured on the companies investment properties|||2023
£
12,387| |---|---|---|---| |||2023
£
75,758
12,720
88,478
2023
£
2,934,000|2023
£
75,758
12,720| ||||88,478| |||2023
£
2,934,000|| |||2023
£
2,934,000|| ||||| ## 17. RELATED PARTY DISCLOSURES MLT Estates Ltd is company in which a trustee has an interest. Interest paid in the year by MLT Estates was £149,800. At the balance sheet date MLT Estates Ltd owed £2,140,000 (2023 - £2,140,000), this loan bears interest at 7% p.a; A trustee is owed £67,358 (2023 - £75,758). Page 13