COMPANY REGISTRATION NUMBER: 3255762 CHARITY REGISTRATION NUMBER: 1059253 COMPANY LIMITED BY GUARANfEE UNAUDITED Fll¥ANCIAL STATEMENrs 31 MARCH 2024 COHEN ARNOLD Chartered Accountants New Burlington House 1075 Finchley Road LONDON NWI I OPU
FtNANCIAL STATEMENrs YEARENDED 31 MARCH 2024 PAGE Trustees, Annual Repjrt (IncorEx)rating the Directovs Rewrt) Independent Examiner's Report to the Trustees Statement of Financial Activities Oncluding Income and Expenditure Account) Statement of Financial Position Notes to the Financial Staternents
REGENT CHARITIES LIMtTED TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIREcfoR'S REPORT) YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Charity registration number Company registration number 3255762 Principal office and registered Freshwater House office 158 - 162 Shaftesbury Avenue London WC2H 8HR Regent Charities Limited 1059253 THE TRUSTEES Mr B S E Freshwater Mr S l Freshwater Mr D Davis COMPANY SECRETARY Mr J S Southgate INDEPENDENT EXAMINER Cohen Arnold STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is constituted as a Company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association. The Trustees administer the day-to-day affairs of the Charity. None of the Trustees have any beneficial interest in the Charity. It is not CUentlY the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment training and induction procedures. OBJECTIVES AND ACTIVITIES The Charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law, especially those in the f)eld of education and relief of povety. The Charity r¢ceiv¢s income mainly from charitable receipts which it utilises in the provision and distribution of grants and donations. The Trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities. ACHIEVEMENTS AND PERFORMANCE During the year, the Charity continued its philanthropic activities in sUPPOrt of educational institutions serving the wider public in a manner which accords with the aims and objectives of the Charity. Aggregate donations of £80,728 (2023: £156,110) were paid in the year to 31 March 2024.
REGENf C4RITIEs LIM]TED COMPANY LIMITED BY GUARANfEE TRUSTEES, ANNUAL REPORT UNCORPORATING THE DIREcfoR'S REPORT) (Co1ned) YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE INVESTMENT POWERS & POLICY Under the Memorandum and Articles of Association, the Charity has the power to make any investment which the Trustees see fit. The trustees regularly review the Charity's position and needs in respect of the investment policy. The Charity at present does not seek to make further investments as all funds are required to be available in order for Ihe Charity to continue its above described philanthropic activities. FINANCIAL REVIEW The financial results of the Charity's activities for the year ended 31 March 2024 are fully reflected in the atla¢h¢d Financial Statements together with the Notes ther¢on. Reserve policy It is the policy of the Charity to maintain unrestricted funds, which include the free reserves of the Charity, at a level which the Trustees think appropriate after considering the future commitments of the Charity and the likely cosls of the Charity for the next year. The Trustees have not undertaken any forn)al charitable commitments and consider that the Charity will generate sufficient income from donations to fund its ongoing activities. As al 31 March 2024 the Charity has total funds and free reserves as stated in its financial statements. The Trustees are satisfied that further donations will be received enabling them to continue with their charitable work into the future. RISK MANAGEMENT The Trustees have assessed the major risks to which the Charity is exposed, in particular those to the operations and finances of the Charity, and are satisfied with the systems in place to mitigate its exposure to those risks. PLANS FOR FUTURE PERIODS The Truslee5 plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained. SMALL COMPANY PROVISIONS This report ha5 been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 2 ...14. and signed on behalf of the board of trustee5 by.. MrBSEFr Trustee sh
REGENt CHARrrIES LIMrfED INDEPENDENf EXAIWNER'S REPORT TO THE TRusfELS OF REGENT CHARITIES LIMtTED YEAR ENDED 31 MARCH 2024 I report to the trustees on my examination of the financial statements of Regent Charities Limited ('the charity,) for the year ended 31 March 2024. RESPONSIBILITIES AND BASIS OF REPORT As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statetnents 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, E report in respect of my examination of the charity's accounts as carried out und¢r 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 ACÉ. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe: accounling records were not kept in respecl of the charity as required by seclion 386 of the 2006 the financial statements do not accord with those records. or the financial statements 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 fairf view which is not a matter considered as part of an independent examination; or the financial statements have not been prepared in accordance with the methods and principles of Ihe 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 thts report in order to enable a proper understanding of Ihe accounts to be reached. Mr Barry Leigh FCA Independent Examiner New Burlington House 1075 Finchley Road LONDON NWI I OPU
COMPANY IMTED BY GUARAEE (INCLUDING INCOME AYJ D EXPEIYDITURE ACCOUNr) YEAR EIYDED 31 MARCH 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Tolal ineome 95,000 95,000 235,000 95,000 95,000 235,000 Expenditure Expenditure on charitable activities Total expendlture (84,947) (84,947) (84,947) (159,852) {84,947) (159,852) Net gains on investments 10 5,000,000 5,000,000 Net Income and net movernent in funds 5,010,053 5,010,053 75,148 Reconclllatlon of funds Total funds brought forward Total funds Carried forivard 40,045.361 40,045J61 39,970,213 45,055,414 45,055,414 40,045,361 The statement of financial activities include5 all gains and losses recognised in the year. All income and expenditure derive from continuing activitie5. The note5 on pages 6 to 12 form part of these fin8nci81 $tatements.
REGENT c1L4RITs LIMtTED COMPANY LIMtTED BY GUAII4NfEE STATEMENf OF FINANCIAL POSITION 31 MARCH 2024 2024 2023 Note FIXED ASSETS Investments 14 45,000,000 40,000,000 CURRENT ASSETS Cash at bank and in hand 70,440 56,174 CREDITORS: amounts falling due within one year NET CURRENT ASSETS 15 (15,026) (10,813) 55,414 45,361 TOTAL ASSETS LESS CURRENT LIABILITIES 45,055,414 40,045,361 NET ASSETS 45,055,414 40,045,361 FUNDS OF THE CHARITY Unrestricted funds 45,055,414 40,045,361 40,045,361 Total charity funds 16 45,055,414 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparatlon of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Tliese financial statements were approved by the board of trustees and authorised for issue on .D.EI. 2011 and are signed on behalf of the board by., Mr B S E Freshwater Trustee The note5 on paEes 6 to 12 form part of these financial $t¥lements.
REGENf CHARrrIES LIMITED COMPANY LIMITED BY GUAll4E NOTES TO THE FINANCIAL STATEMEIYTS YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Freshwater House, 158 - 162 Shaftesbury Avenue, London, WC2H 8HR. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. ACCOUNTING POLICIES Ba$1$ of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and invesiment properties measured at fair value through income or expenditure. The financial statement5 are prepared in sterling, which is the functional cUencY of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The valuation of the charity's unlisted investments is subjective, depending on many factor5, including net asset values, assumed rationale of prospective share purchasers, and the deemed impact of entity specific conditions on the aforementioned measures. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. Fund accounting General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Incoming resources All income is included in Ihe statement of financial activities when entitlement has passed to the charity. it IS Probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations QT grants is recognised when there is evidence of entitlement to th¢ gift, receipt is probable and its amount can be measured reliably.
REGENT CHARITIES LIlVItTED COIVIPANY LIIWTED BY GUARANtEE NOTES TO THE FINANCIAL STATEMENfs I11*19 YEAR EIWED 31 MARCH 2024 ACCOUNTING POLICIES fct)ffjIMed) Resources expended Expenditure is charged on an accrual basis and allocated to the appropriate headings in the accounts. The majority of costs are directly altributable to specific a¢tivitie5. Costs incurred in respect of the charilable activities include attributable support costs where applicable. Charilable donations Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Donations represent voluntary amounts receivable during the year. Support costs Support costs are those costs which are common to all areas of the organisation. Governanee costs Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audit, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts. Investments in associates Investments in asSOCTates accounted for in accordance wilh the fair value model are initially recorded at the transaction price. At each reporting date, the investment5 are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from ac¢umulated profits of the associate arising before or after the date of acquisition. Impalrment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairnient lesling. when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
REGENf CHARITIES LILMtTED NOTES TO THE FINANCIAL STATEME leondw4J TAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (Co¥ed) Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the ontractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Cuent a55ets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. LIMITED BY GUARANTEE The Charity is a Company Limited by Guarantee and has no share capital. The liability of each Member in the event of winding up is limited to £1. DONATIONS AND LEGACIES Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 DONATIONS Donations received 95,000 95.000 235,000 235,000 During the year, the Charity received donations of £60,000 from The Raphael Freshwater Memorial Association Limited and £35,000 from Mayfair Charities Limited. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Charitable donations Support costs 80.728 4,219 84,947 80,728 4219 156,110 3,742 159,852 156,110 3,742 159,852 84,947 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Grant funding of activities Support costs Total funds 2024 Total fund 2023 Charitable donations Governance costs 80,728 80,728 4,219 156,110 3,742 4.219 80,728 4,219 84,947 159,852
REGENT CHARITIES LIIVLtTED COMPANY LIMtTED BY GUAII4NfEE NOTES TO THE FINANCIAL STATEMENTS (coN(iMied) TrTAR ENDED 31 MARCH 2024 ANALYSIS OF SUPPORT COSTS Support costs Total 2024 Total 2023 Governance costs 4219 4219 3,742 ANALYSIS OF GRANTS 2024 2023 CRANTS TO INSTITUTIONS Charitable donations 80,728 80,728 156,110 Total grants 156,110 All grants and donations were paid to charitable institutions for the pu)yoses of either the advancernent of education or the alleviation of poverty. The composition of donations is shown below. WST Charity Ltd Dernier Foundation Slabodka Yeshiva Trust Bobov Foundation Kol Medaber Beer Miriam ZSV Trust Canvey Kehilla Ltd Yesamach Levav Trust Yeshivas Lev Simcha Ltd Shiras Devorah Ltd Other donations less than £3,000 8,600 6,500 SJSO 5,250 5,000 5,000 5,000 3,600 3,368 3,250 3,000 26,810 Total 80,728 10. NET GAINS ON INVESTMENTS Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(losses) on other investment assets 5,000,000 5,000,000 I I. INDEPENDENT EXAMINATION FEES 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial statements 3,900 3,600
REGENf CHARITIES LIMITED NOTES TO THE FINANCIAL STATEMENfs (ct>#rffftwed) YEAR EIYDED 31 MARCH 2024 12. EMPLOYEE NUMBERS The average head count of employees during the year was nil (2023: nil). No salaries or wages have been paid to employees during the year. 13. TRUSTEE REMUNERATION AND EXPENSES No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. No trustee expenses have been incurred. 14. INVESTMENTS Other investments Fair value At l April 2023 Additions Fair value movements 40,000,000 5,000,000 45,000,000 At 31 March 2024 Impairment At l April 2023 and 31 March 2024 Carrying amounl Al 31 March 2024 45,000,000 At 31 March 2023 40,000,000 All investments shown above are held at valuation. Other investments comprise a shareholding in an associate representing 50% of the ordinary shares in Highdorn Co. Limited, The fair value of the investment is based on ihe net assets of the company as per its latest available financial statements. Under the equity method, the value of the 500/0 shareholding would be £45 million. The investtnent in associate does not expose the charity to any financial risk. Highdorn Co. Limited is a company registered in England and Wales and prepares its Group Financial Statements to 31 March. Its registered address is Freshwater House, 158-162 Shaftesbury Avenue, London, WC2H 8HR. 15. CREDITORS: amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors 3,900 11,126 15.026 3,600 7,213 10.813 io-
REGENf CHARITIES LIMrrED COMPANY LIMITED BY GUARANfEE NOTES TO THE FINANCIAL STATE1rs (Alle41 YEAR EM)ED 31 MARCH 2024 15. CREDITORS: amounts falling due within one year (conNnlled) Other creditors comprises £11,126 (2023: £7,213) due to Highdorn Co. Limited, a company with directors in common with the charity. This amount is due on management current account. it is interest free and effectively repayable on demand. 16. ANALYSIS OF CHARITABLE FUNDS Unreslricted funds At l April 2023 Gains and At 31 March losses 2024 Income Expendilure General fijnds 40,045,361 95,000 (84,947) 5,000,000 45,055,414 At l April 2022 Gains and At 31 March losses 2023 Income Expenditure General funds 39.970,213 235.000 (159,852) 40,045.361 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Total Funds Funds 2024 Investments Current assets Creditors less than l year Net assets 45,000,000 45,000.000 70,440 70,440 (15,026) (15,026) 45,055,414 45,055,414 Unrestricted Total Funds Funds 2023 Investments Current assets Creditors less than l year Net assets 40,000,000 40,000,000 56,174 56,174 (10,813) (10,813) 40,045,361 40,045,361 18. FINANCIAL INSTRUMENTS The carrying amount for each category of financial instrument is as follows: 2024 2023 Financial assets measured at fair value through income and expenditure Financial assets measured at fair value through income and expenditure 45,000,000 40,000,000
- RELATED PARTIES There are no related parties other than those disclosed in the Notes to the Accounts. 12-