REGISTERED COMPANY NUMBER: 01887118 (England and Wales) REGISTERED CHARITY NUMBER: 1049361
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023
for
REIFER MEMORIAL LIMITED
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
REIFER MEMORIAL LIMITED
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Cash Flow Statement | 6 |
| Notes to the Cash Flow Statement | 7 |
| Notes to the Financial Statements | 8 to 11 |
REIFER MEMORIAL LIMITED
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023
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 31 March 2023. 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 charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association. There are no investment restrictions.
The charity was established to support the activities of religious Jewish organisations and to advance the said religion in accordance with the Orthodox Jewish Faith, especially those in the field of education and relief of poverty. The Trustees regularly support a significant number of institutions and organisations both in the United Kingdom and abroad which meet the charity's criteria.
The charity also supports those organisations which are solely committed to the relief of poverty. Such organisations help needy Jewish families both through financial and non financial grants which fall within the objectives of the charity.
Significant activities
During the year the charity continued its charitable activities in support of religious, educational and other charitable institutions. In the year charitable donations amounted to £500,855 (2022: £492,310). More than 40 separate charities benefited from these donations.
Public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making for the year.
Grantmaking
The charity is a grant making charity. Grants and donations are made for the advancement of the Jewish religion, education and for the relief of poverty in accordance with the Memorandum and Articles of Association.
In making grants and donations, the Trustees use their personal knowledge of the various institutions, their representatives and reputations. The Trustees monitor the application of the funds by meeting with the representatives of the institutions and obtaining information as to the utilisation of the funds.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees are satisfied with the performance of the charity with regards the level of donations received and the grants made during the year.
FINANCIAL REVIEW
Financial position
The charity had a strong balance sheet at the year end. Total unrestricted funds as at the year end amounted to £3,118,075 (2022: £3,124,875).
The increase in funds was due to a lesser amount spent on grants payable over total income. This is in line with the reserves policy of the charity.
Reserves policy
The Trustees have in mind that in order to put charitable grant making on a more secure footing it would be expedient to invest in secure investments. Therefore the reserves of £3,118,075 (2022: £3,124,875) are being built up.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 1
REIFER MEMORIAL LIMITED
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
01887118 (England and Wales)
Registered Charity number 1049361
Registered office
23 Craven Walk London N16 6BS
Trustees
M Gutwirth M D Reifer A Reifer
Company Secretary
A Reifer
Independent Examiner
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
Solicitors
Kiteleys Solicitors 40 Haven Road Canford Cliffs Poole Dorset BH13 7LP
Surveyors
Peter G. May Chartered Surveyors 7 The Square Wimborne Dorset BH21 1JA
Approved by order of the board of trustees on 31 January 2024 and signed on its behalf by:
A Reifer - Trustee
Page 2
Independent Examiner's Report to the Trustees of Reifer Memorial Limited
Independent examiner's report to the trustees of Reifer Memorial Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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
-
the accounts do not accord with those records; or
-
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
-
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.
Daniel Fine FCA
Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH
Date: 31 January 2024
Page 3
REIFER MEMORIAL LIMITED
Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Other charitable activities Grants for the relief of poverty Grants for educational institutions Grants to other charitable institutions Grants for the relief of sickness Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 390,981 140,206 531,187 10,019 2,113 169,050 302,005 - 29,800 512,987 (25,000) (6,800) 3,124,875 3,118,075 |
2022 Total funds £ 383,161 140,753 523,914 12,443 5,132 269,650 181,910 40,750 - 509,885 (25,000) (10,971) 3,135,846 3,124,875 |
|---|---|---|
The notes form part of these financial statements
Page 4
REIFER MEMORIAL LIMITED
Balance Sheet 31 MARCH 2023
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ 2,287,804 127,972 840,924 968,896 (138,625) 830,271 3,118,075 3,118,075 3,118,075 3,118,075 |
2022 Total funds £ 1,801,444 40,000 1,409,658 1,449,658 (126,227) 1,323,431 3,124,875 3,124,875 3,124,875 3,124,875 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.
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 31 January 2024 and were signed on its behalf by:
A Reifer - Trustee
The notes form part of these financial statements
Page 5
REIFER MEMORIAL LIMITED
Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of investment property Interest received Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
2023 £ (73,043) (73,043) (511,360) 3,571 (507,789) (580,832) 1,409,658 828,826 |
2022 £ 66,386 66,386 - 143 143 66,529 1,343,129 1,409,658 |
|---|---|---|
The notes form part of these financial statements
Page 6
REIFER MEMORIAL LIMITED
Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2023
| 1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Net expenditure for the reporting period (as per the Statement of | |||
| Financial Activities) | (6,800) | (10,971) | |
| Adjustments for: | |||
| Losses on investments | 25,000 | 25,000 | |
| Interest received | (3,571) | (143) | |
| (Increase)/decrease in debtors | (87,972) | 40,000 | |
| Increase in creditors | 300 | 12,500 | |
| Net cash (used in)/provided by operations | (73,043) | 66,386 | |
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Notice deposits (less than 3 months) | 840,924 | 1,409,658 | |
| Overdrafts included in bank loans and overdrafts falling due within one year | (12,098) |
- | |
| Total cash and cash equivalents | 828,826 | 1,409,658 | |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| Net cash Cash at bank Bank overdraft Total |
At 1.4.22 £ 1,409,658 - 1,409,658 1,409,658 |
Cash flow £ (568,734) (12,098) (580,832) (580,832) |
At 31.3.23 £ 840,924 (12,098) 828,826 828,826 |
|---|---|---|---|
The notes form part of these financial statements
Page 7
REIFER MEMORIAL LIMITED
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023
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
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.
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.
Investment property
Investment properties are initially recognised at purchase price plus any directly attributable costs. Subsequently, investment properties are measured at fair value with any changes to fair value transferred to the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors and loans from banks.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
continued...
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REIFER MEMORIAL LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
2. DONATIONS AND LEGACIES
| Donations Gift aid 3. INVESTMENT INCOME Rents received Deposit account interest 4. RAISING FUNDS Investment management costs Property insurance Rent collection Property repairs Rates 5. CHARITABLE ACTIVITIES COSTS Other charitable activities Grants for the relief of poverty Grants for educational institutions Grants for the relief of sickness 6. GRANTS PAYABLE Grants for the relief of poverty Grants for educational institutions Grants to other charitable institutions Grants for the relief of sickness |
Grant funding of activities (see note 6) £ - 169,050 302,005 29,800 500,855 |
2023 £ 380,981 10,000 390,981 2023 £ 136,635 3,571 140,206 2023 £ 494 8,664 861 - 10,019 Support costs (see note 7) £ 2,113 - - - 2,113 2023 £ 169,050 302,005 - 29,800 500,855 |
2022 £ 373,161 10,000 383,161 2022 £ 140,610 143 140,753 2022 £ - 9,708 2,646 89 12,443 Totals £ 2,113 169,050 302,005 29,800 502,968 2022 £ 269,650 181,910 40,750 - 492,310 |
|---|---|---|---|
The total grants paid to institutions during the year was £500,855 (2022: £492,310). A summary of grants made to institutions during the year is as follows:
continued...
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REIFER MEMORIAL LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
6. GRANTS PAYABLE - continued
7.
| Charitable organisation: | Amount (£) |
|---|---|
| Asate Limited | 45,000 |
| Comet Charities Ltd | 45,000 |
| Shir Chesed Beis Yisroel | 25,000 |
| Tchane Kollel Limited | 22,500 |
| Aniyei Haolam Trust | 20,000 |
| North London Welfare And Educational Foundation | 20,000 |
| The Rehabilitation Trust | 20,000 |
| Well of Torah | 20,000 |
| Keren Zedakah | 19,000 |
| Yeshuos Shabbos | 18,250 |
| Chasdei Sorele | 18,000 |
| Kollel Veyoel Moshe | 18,000 |
| Yeshivas Lev Simcha Limited | 17,150 |
| Care All Limited | 13,000 |
| Kollel Torah Veyirah Limited | 12,000 |
| Binyen Torah Limited | 12,000 |
| Keren Habinyan Limited | 12,000 |
| Yad Vochessed Association Limited | 11,000 |
| Kupat Ezer Lenisuin Beth Yisroel | 10,000 |
| Heichalei Hakodesh Centre Machnovke Belz | 10,000 |
| Beis Aharon Trust Ltd | 10,000 |
| Friends of Satmar Kollel | 10,000 |
| E M Shasha Foundation Limited | 10,000 |
| Chasdei Dov Trust | 10,000 |
| United Talmudical Associates Ltd | 10,000 |
| Mifal Hachessed Vehatzedokoh | 10,000 |
| One Heart - Lev Echod | 10,000 |
| Other | 42,955 |
| SUPPORT COSTS | |
| Governance costs | |
| £ | |
| Other charitable activities | 2,113 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
9. INVESTMENT PROPERTY
| FAIR VALUE At 1 April 2022 Additions Impairments At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
£ 1,801,444 511,360 (25,000) 2,287,804 2,287,804 1,801,444 |
|---|---|
continued...
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REIFER MEMORIAL LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 12) Amounts owed to participating interests Accruals and deferred income 12. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts |
2023 £ 77,972 50,000 127,972 2023 £ 12,098 108,643 17,884 138,625 2023 £ 12,098 |
2022 £ - 40,000 40,000 2022 £ - 108,643 17,584 126,227 2022 £ - |
|---|---|---|
13. RELATED PARTY DISCLOSURES
The company is controlled by members of the Reifer family. The following amounts were owed to companies under common control at the year end:-
| Terrace Investments Ltd Hamfrith Properties Ltd Heyford Properties Ltd Homeway Properties Ltd Hilsey Investments Ltd Ilderstates Ltd |
2021 £ 2,043 15,000 29,000 1,000 26,100 35,500 108,643 |
2020 £ 2,043 15,000 29,000 1,000 26,100 35,500 108,643 |
|---|---|---|
These loans were non interest bearing and were repayable by mutual consent
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