REGISTERED COMPANY NUMBER: 03534784 (England and Wales) REGISTERED CHARITY NUMBER: 1070415
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
FOR
INTERDAM LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
INTERDAM LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
INTERDAM LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2022
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 May 2022. 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 objects of the charity are advancement of religion in accordance with Orthodox Jewish Faith, relief of poverty and other charitable purposes. There are no investment restrictions.
Public benefit
The Trustees have taken due heed of their obligations relating to Public Benefit Duty affecting charities, as well as to their obligations under the Equalities Act 2010. The Trustees are satisfied that they meet their obligations.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the principal objectives of the company.
Appeal letters are received from, and personal visits made by representatives of Jewish charitable, religious and educational institutions. These requests are then considered by the trustees and grants are made in accordance with the trustees decisions.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Charity received donations of £4,364 (2021- 4,836),interest £16 (2021- £129) and rental income of £56,289 (2021£53,773) during the year.The charity made donations of £30,110 (2021- £48,540) during the year.
FINANCIAL REVIEW
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a company limited by guarantee and is therefore governed by Memorandum and Articles of Association.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03534784 (England and Wales)
Registered Charity number
1070415
Page 1
INTERDAM LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2022
Registered office 6 Moresby Road London E5 9LF
Trustees
A Z Lew S Lew Mrs M H Lew L Lowy
Company Secretary S Lew
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 1 March 2023 and signed on its behalf by:
S Lew - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INTERDAM LIMITED
Independent examiner's report to the trustees of INTERDAM LIMITED ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2022.
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 2. 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.
M A Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
1 March 2023
Page 3
INTERDAM LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Grants Made Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.5.22 Unrestricted funds £ 4,363 56,305 60,668 44,645 30,110 2,520 77,275 (16,607) 1,765,913 1,749,306 |
31.5.21 Total funds £ 4,836 53,902 58,738 43,838 48,540 1,990 94,368 (35,630) 1,801,543 1,765,913 |
|---|---|---|
The notes form part of these financial statements
Page 4
INTERDAM LIMITED
STATEMENT OF FINANCIAL POSITION 31 MAY 2022
| Notes FIXED ASSETS Investments Investments 6 Investment property 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 10 NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
31.5.22 Unrestricted funds £ 1,250,000 1,235,000 2,485,000 16,298 196,862 213,160 (4,531) 208,629 2,693,629 (944,323) 1,749,306 1,749,306 1,749,306 |
31.5.21 Total funds £ 1,250,000 1,235,000 2,485,000 83,867 156,059 239,926 (12,511) 227,415 2,712,415 (946,502) 1,765,913 1,765,913 1,765,913 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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.
The notes form part of these financial statements
Page 5
continued...
INTERDAM LIMITED
STATEMENT OF FINANCIAL POSITION - continued 31 MAY 2022
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 1 March 2023 and were signed on its behalf by:
S Lew - Trustee
A Z Lew - Trustee
The notes form part of these financial statements
Page 6
INTERDAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022
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, with the exception of investments which are included at market value.
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 property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in 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.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.5.22 | 31.5.21 | |
| £ | £ | |
| Rents received | 56,289 | 53,773 |
| Deposit account interest | 16 | 129 |
| 56,305 | 53,902 |
continued...
Page 7
INTERDAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.5.22 | 31.5.21 | |
| £ | £ | |
| Property repairs | 6,523 | 1,358 |
| Bank loan interest | 36,622 | 40,848 |
| Insurance | 1,500 | 1,632 |
| 44,645 | 43,838 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2022 nor for the year ended 31 May 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2022 nor for the year ended 31 May 2021.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Grants Made Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 4,836 53,902 58,738 43,838 48,540 1,990 94,368 (35,630) 1,801,543 1,765,913 |
|---|---|
continued...
Page 8
INTERDAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 June 2021 and 31 May 2022 NET BOOK VALUE At 31 May 2022 At 31 May 2021 |
Shares in group undertakings £ 1,250,000 1,250,000 1,250,000 |
|---|---|
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Efel Processing Ltd
| Registered office: Nature of business: Property Investment % Class of share: holding Ordinary 100 The company did not trade during the year. INVESTMENT PROPERTY FAIR VALUE At 1 June 2021 and 31 May 2022 NET BOOK VALUE At 31 May 2022 At 31 May 2021 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.5.22 £ Trade debtors 11,887 Other debtors 4,411 16,298 |
£ 1,235,000 |
£ 1,235,000 |
|---|---|---|
| 1,235,000 | ||
| 1,235,000 | ||
| 31.5.21 £ 15,867 68,000 83,867 |
||
| 83,867 |
7. INVESTMENT PROPERTY
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
continued...
Page 9
INTERDAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.5.22 £ Other creditors 2,611 Accrued expenses 1,920 4,531 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 11. LOANS An analysis of the maturity of loans is given below: 31.5.22 £ Amounts falling due in more than five years: Repayable otherwise than by instalments: Bank loans more 5 yrs non-inst 944,323 12. SECURED DEBTS The following secured debts are included within creditors: 31.5.22 £ Bank loans 944,323 The mortgage loans are secured by a first charge over the company's property. 13. MOVEMENT IN FUNDS Net movement At 1.6.21 in funds £ £ Unrestricted funds General fund 1,765,913 (16,607) TOTAL FUNDS 1,765,913 (16,607) Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 60,668 (77,275) TOTAL FUNDS 60,668 (77,275) |
31.5.21 £ 8,191 4,320 12,511 31.5.21 £ 946,502 31.5.21 £ 946,502 At 31.5.22 £ 1,749,306 1,749,306 Movement in funds £ (16,607) (16,607) |
|---|---|
continued...
Page 10
INTERDAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.6.20 in funds £ £ Unrestricted funds General fund 1,801,543 (35,630) TOTAL FUNDS 1,801,543 (35,630) Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 58,738 (94,368) TOTAL FUNDS 58,738 (94,368) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.6.20 in funds £ £ Unrestricted funds General fund 1,801,543 (52,237) TOTAL FUNDS 1,801,543 (52,237) |
At 31.5.21 £ 1,765,913 1,765,913 Movement in funds £ (35,630) (35,630) At 31.5.22 £ 1,749,306 1,749,306 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 119,406 | (171,643) | (52,237) |
| TOTAL FUNDS | 119,406 | (171,643) | (52,237) |
continued...
Page 11
INTERDAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2022.
Page 12