REGISTERED COMPANY NUMBER: 03778491 (England and Wales) REGISTERED CHARITY NUMBER: 1078235
C & G FUND LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
C & G FUND LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
| 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 |
C & G FUND LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MAY 2023
TRUSTEES
S Benedikt S Faibush J Kohn
REGISTERED OFFICE
94 Stamford Hill London N16 6XS
REGISTERED COMPANY NUMBER
03778491 (England and Wales)
REGISTERED CHARITY NUMBER
1078235
INDEPENDENT EXAMINER
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
Page 1
C & G FUND LIMITED (REGISTERED NUMBER: 03778491)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023
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 2021.
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are, the advancement of Orthodox Jewish Religious Education and of education generally; advancement of the Orthodox Jewish Religion; the relief of poverty and such other charitable purposes as the the trustees may from time to time determine.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are pleased with the results of the year. There was an increase in both donations received and investment income, although the trustees reduced grantmaking to leave a surplus for the year. A new investment was purchased during the year. The charity continued its philanthropic activities.
FINANCIAL REVIEW
Investment policy and objectives
Under the memorandum and articles of association the charity has the power to make any investment which the trustees see fit. The trustees consider that investment in property meets their criteria for income and capital growth and regularly review the situation.
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £354,974 (2022 - £273,551)
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 27 May 1999.
Organisational structure
The day-to-day affairs of the company are administered by the trustees. 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 to which 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 29 February 2024 and signed on its behalf by:
S Benedikt - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF C & G FUND LIMITED
Independent examiner's report to the trustees of C & G Fund Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 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
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 HS Ltd First Floor 94 Stamford Hill London N16 6XS
29 February 2024
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C & G FUND LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 71,519 Investment income 2 105,143 Total 176,662 EXPENDITURE ON Raising funds 3 919 Charitable activities 4 Charitable activities 90,446 Support 3,874 Total 95,239 NET INCOME/(EXPENDITURE) 81,423 RECONCILIATION OF FUNDS Total funds brought forward 273,551 TOTAL FUNDS CARRIED FORWARD 354,974 |
2022 Total funds £ 55,500 49,560 105,060 975 115,884 3,069 119,928 (14,868) 288,419 273,551 |
|---|---|
The notes form part of these financial statements
Page 4
C & G FUND LIMITED (REGISTERED NUMBER: 03778491)
BALANCE SHEET 31 MAY 2023
| Notes FIXED ASSETS Investments 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 15 Unrestricted funds: General fund TOTAL FUNDS |
2023 Total funds £ 549,705 149,000 86,820 14,351 250,171 (411,569) (161,398) 388,307 (33,333) 354,974 354,974 354,974 |
2022 Total funds £ 698,411 39,268 - 10,488 49,756 (436,666) (386,910) 311,501 (37,950) 273,551 273,551 273,551 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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
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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
Page 5
C & G FUND LIMITED (REGISTERED NUMBER: 03778491)
BALANCE SHEET - continued 31 MAY 2023
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 29 February 2024 and were signed on its behalf by:
S Benedikt - Trustee
The notes form part of these financial statements
Page 6
C & G FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 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, with the exception of investments which are included at market value.
Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees 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. Actual results may differ from these estimates.
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.
Income received by way of donations is accounted for when received.
Income from investments is included in the year in which it is receivable.
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 the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
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.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
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C & G FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
2. INVESTMENT INCOME
| 2. INVESTMENT INCOME |
||||
|---|---|---|---|---|
| Syndicate income 3. RAISING FUNDS Investment management costs Interest payable and similar charges 4. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 5) £ Charitable activities 90,446 Support - 90,446 5. GRANTS PAYABLE Charitable activities The total grants paid to institutions during the year was as follows: Advancement of religion Advancement of education Relief of poverty Medical Social welfare General Mercaz Torah Vechesed Ltd Chevras Mo'oz Ladol Ahavas Chesed Trust Yeshivo Horomo Talmudical College ZSV Amud Hatzdoko Trust Others under £4,000 |
2023 Unrestricted funds £ 105,143 2023 Unrestricted funds £ 919 Support costs (see note 6) £ - 3,874 3,874 2023 £ 90,446 2023 £ 14,525 38,390 26,077 - 7,452 - 86,444 10,000 9,542 5,000 4,890 4,300 4,008 48,704 86,444 |
2022 Total funds £ 49,560 |
||
| 2022 Total funds £ 975 Totals £ 90,446 3,874 94,320 2022 £ 115,815 |
2022 Total funds £ 975 Totals £ 90,446 3,874 |
|||
| 94,320 | ||||
| 2022 £ 37,449 39,050 20,775 3,436 4,680 6,216 |
||||
| 111,606 | ||||
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C & G FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
5. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
| Advancement of education Relief of poverty 6. SUPPORT COSTS Finance £ Support 138 Support costs, included in the above, are as follows: Finance Bank charges Other Sundries Governance costs Independent examiner's fee Independent examiner's other fees Legal and professional fees |
2023 2022 £ £ - 252 4,002 3,957 4,002 4,209 Governance Other costs Totals £ £ £ 50 3,686 3,874 2023 2022 Total Support activities £ £ 138 135 2023 2022 Total Support activities £ £ 50 - 2023 2022 Total Support activities £ £ 1,380 1,200 1,920 1,200 386 600 3,686 3,000 |
|---|---|
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C & G FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.
8. AVERAGE NUMBER OF STAFF
The average number of staff in the year was Nil (2022 - Nil)
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Investments | |
| £ | |
| SYNDICATES | |
| At 1 June 2022 | 698,411 |
| Additions | 102,073 |
| Movement in year | (250,779) |
| At 31 May 2023 | 549,705 |
| NET BOOK VALUE | |
| At 31 May 2023 | 549,705 |
| At 31 May 2022 | 698,411 |
There were no investment assets outside the UK.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| Other debtors 11. CURRENT ASSET INVESTMENTS Unlisted investments |
2023 £ 149,000 2023 £ 86,820 |
2022 £ 39,268 |
| 2022 £ - |
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C & G FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Bank loans and overdrafts (see note 14) | 4,875 | 5,254 | |||
| Other creditors | 400,994 | 426,985 | |||
| Accruals and deferred income | 5,700 | 4,427 | |||
| 411,569 | 436,666 | ||||
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Bank loans (see note 14) | 33,333 | 37,950 | |||
| 14. | LOANS | ||||
| An analysis of the maturity of loans is given below: | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Amounts falling due within one year on demand: | |||||
| Bank loans | 4,875 | 5,254 | |||
| Amounts falling due between two and five years: | |||||
| BBL Loan | 19,500 | 21,015 | |||
| Amounts falling due in more than five years: | |||||
| Repayable by instalments: | |||||
| Bank loans more 5 yr by instal | 13,833 | 16,935 | |||
| 15. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.6.22 | in funds | 31.5.23 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 273,551 | 81,423 | 354,974 | ||
| TOTAL FUNDS | 273,551 | 81,423 | 354,974 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 176,662 | (95,239) | 81,423 | ||
| TOTAL FUNDS | 176,662 | (95,239) | 81,423 |
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C & G FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.6.21 £ 288,419 288,419 |
Net movement in funds £ (14,868) (14,868) |
At 31.5.22 £ 273,551 |
|---|---|---|---|
| 273,551 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 105,060 105,060 |
Resources Movement expended in funds £ £ (119,928) (14,868) (119,928) (14,868) |
|---|---|---|
16. RELATED PARTY DISCLOSURES
An unrestricted donation of £50,000 was received from a charity in which a trustee has an interest.
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