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2021-03-31-accounts

THE GREAT CLUB CHARITABLE TRUST LIMITED

LIMITED BY GUARANTEE

DIRECTORS’ AND TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Company No. 4646948 (England and Wales) Charity No: 1096288

THE GREAT CLUB CHARITABLE TRUST LIMITED

Company Information

Registered Charity Name The Great Club Charitable Trust Limited Charity Registration No. 1096288 Directors and Trustees C S Lebrecht S R Cohen B Krausz M Rothbart M Berger P Rothschild Secretary M Rudzinski Company Number 4646948 Registered Office c/o B Olsberg & Co Enterprise House 3 Middleton Road Manchester M8 5DT Independent Examiner B Olsberg FCA Enterprise House 3 Middleton Road Manchester M8 5DT

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THE GREAT CLUB CHARITABLE TRUST LIMITED

Contents

Page
Report of the Trustees and
Directors 4
Independent Examiners Report
6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9

3

THE GREAT CLUB CHARITABLE TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2021

The trustees, who are also directors of the Charity for the purpose of the Companies Act have pleasure in presenting their report and financial statements of the charitable company for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005 in preparing the financial statements of the Charity.

OBJECTIVES OF THE GREAT CLUB CHARITABLE TRUST LIMITED

The Great Club Charitable Trust Limited is governed by its Memorandum and Articles of Association

The charity’s objects are:

  1. To advance education and religion in accordance with Orthodox Judaism.

  2. To benefit Jewish children living in Greater Manchester through their leisure time activities so as to develop their physical, mental and spiritual capacities that they may grow to full maturity as individuals and members of society.

LEGAL STATUS

The company is limited by guarantee and is governed by its memorandum and articles of association dated 10 January 2003. The company is a registered charity - number 1096288.

PRINCIPAL ACTIVITY AND REVIEW OF THE YEAR

The charity's principle activity during the year was raising funds to advance the education of and provide leisure time activities for children living in Greater Manchester and for the maintenance and upkeep of buildings used for these activities and for future further development.

The charity is organised so that the trustees meet regularly to manage its affairs. The charity does not employ any staff but has voluntary assistance. Administration of the charity is dealt with by an administrator.

ORGANISATION

The charity is managed by a committee of the trustees which is composed of the directors of the Charity.

INVESTMENT POWERS AND RESTRICTIONS

The trustees have wide-ranging investment powers to invest the Charity's assets as they see fit in the furtherance of the Charity's objectives.

REVIEW OF FINANCIAL ACTIVITIES AND AFFAIRS

The financial statements for the year show a surplus of £63,178 (2020 – £406,892). The trustees consider the financial position of the charity to be satisfactory.

The financial statements conform to current statutory requirements and comply with the Charity's governing documents.

RISK MANAGEMENT

The trustees actively review the major risks which the charity faces on a regular basis and believe that making reserves together with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.

RESERVES POLICY

The charity was holding reserves at the year end to cover future refurbishment work, donations and to pay off its creditors.

PUBLIC BENEFIT

The trustees have referred to the guidance contained in the Charity Commissioners general guidance on public benefit when reviewing the trusts aims and objectives and on planning future activities and setting the grant policy for the year.

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THE GREAT CLUB CHARITABLE TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2021 Cont….

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS

The Great Club Charitable Trust Limited continued to collect donations to refurbish the property and make it fit for use as an educational establishment for school and out of hours activities. It also purchased new land and buildings to further its activities. The trustees consider that the performance of the charity this year has been satisfactory.

THE TRUSTEES

The trustees who served the charitable company during the year were as shown:-

C S Lebrecht M Rothbart S R Cohen M Berger B Krausz P Rothschild

RESPONSIBILITIES OF THE TRUSTEES

The trustees (who are also the directors of The Great Club Charitable Trust Limited (Limited by guarantee) for the purposes of Company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees 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.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

SIGNED ON BEHALF OF THE TRUSTEES:

…………………………………………………

S R Cohen – TRUSTEE

25 March 2022

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THE GREAT CLUB CHARITABLE TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE GREAT CLUB CHARITABLE TRUST LIMITED (LIMITED BY GUARANTEE)

I report on the accounts of the charity for the year ended 31 March 2021 which are set out on pages 7-10.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The charity’s trustees (who are also the directors of The Great Club Charitable Trust Limited (Limited by guarantee) for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:

BASIS OF INDEPENDENT EXAMINER’S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an opinion on whether the accounts present a ‘true and fair view’, and the report is limited to those matters set out in the statements below.

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matter has come to my attention:

  1. Which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that:

  2. Accounting records are kept in accordance with Section 386 of the Companies Act 2006; and the Charities Act Section 130;

  3. Accounts are prepared which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities; or

  4. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

B Olsberg FCA Enterprise House 3 Middleton Road Manchester M8 5DT

25 March 2022

6

THE GREAT CLUB CHARITABLE TRUST LIMITED Statement of Financial Activities for the Year Ended 31 March 2021

2021
£
Unrestricted
INCOME & EXPENDITURE
Funds
Interest
109
Rent Received
25,480
Donations & Sundry Income
477,032
502,621
DIRECT CHARITABLE EXPENDITURE
Advertising & Function
87,493
Travel
5,601
Repairs & Maintenance
105,908
Legal & Professional
47,960
Sundry
43
Depreciation
173,935
Heat & Light
664
Printing
2,415
Telephone
2,064
426,083
ADMINISTRATION
Loan interest, arrangement & Remortgage Costs
9,400
Independent Examiners Fee
480
Accountancy
3,300
Bank Charges & interest
180
13,360
TOTAL RESOURCES EXPENDED
439,443
Net Income for the year
63,178
Balance Brought Forward
2,069,948
Balance Carried Forward
2,133,126		 2020
£
-
20,000
825,264
845,264
24,819
3,974
65,958
28,700
10,045
287,474
-
-
-
420,970
13,381
480
3,300
241
17,402
438,372
406,892
1,663,056
2,069,948

The statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognized gains and losses has not been prepared. All the above amounts relate to continuing activities.

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THE GREAT CLUB CHARITABLE TRUST LIMITED Balance Sheet as at 31 March 2021

Fixed Assets
Tangible
Investments
Current Assets
Bank
Sundry Debtors
Less Creditors due within one year
Net Current Assets
Total Assets less Current liabilities
Creditors: Due Beyond one year
Represented by:
Income Account - Unrestricted Funds
Capital Reserve		 NOTE
2

3
4		 2021
£
2,842,567
160,000
3,002,567
157,291
199,358
356,649
(576,622)
(219,973)
2,782,594
(300,924)
2,481,670
2,133,126
348,544
2,481,670		 2020
£
2,985,154
-
2,985,154
24,747
234,968
259,715
(540,952)
(281,237)
2,703,917
(285,425)
2,418,492
2,069,948
348,544
2,418,492		 2020
£
2,985,154
-
2,985,154
24,747
234,968
259,715
(540,952)
(281,237)
2,703,917
(285,425)
2,418,492
2,069,948
348,544
2,418,492
2,985,154
(281,237)
2,703,917
(285,425)
2,418,492
2,069,948
348,544
2,418,492

The trustees are satisfied that the charity is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of Section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.

The trustees acknowledge their responsibilities for

 Ensuring that the charity keeps adequate accounting records which comply with section 386 of the Act, and

 Preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Act relating to financial statements , so far as applicable to the charity.

The financial statements were approved by the trustees of the charity on 24 March 2022 and are signed on their behalf.

S R Cohen Director

Company Registration Number 4646948

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THE GREAT CLUB CHARITABLE TRUST LIMITED Notes to the Financial Statements for the Year Ended 31 March 2021

1. Accounting Policies

Basis Of Accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets, and in accordance with the applicable United Kingdom accounting standards, the Statement of Recommended Practice “ Accounting and Reporting by Charities “ issued in March 2005 (SORP 2005) and the Companies Act 2006.

Change in basis of Accounting

There has been no change to the accounting policies (valuation rules and methods of accounting ) since last year.

Changes to previous accounts

No changes have been made to accounts for previous years.

Cash flow statement

The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (Revised) from including a cash flow statement in the financial statements on the grounds that the charity is small.

Incoming resources

Recognition of incoming resources

These are included in the Statement of Financial Activities (SOFA) when:

The charity becomes entitled to the resources;

The trustees are virtually certain they will receive the resources; and The monetary value can be measure with sufficient reliability.

Incoming resources with related expenditure

When incoming resources have related expenditure ( as with fundraising contract or investment income) the incoming resources and related expenditure are reported gross in the SOFA.

Fund Accounting

General unrestricted funds compromise 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.

Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet Date.

Designated funds are funds, which have been set aside at the discretion of the trustees for specific purposes. There are no designated funds at the balance sheet date.

2. Tangible fixed assets (for use by the Charity).

Cost as at 1 April 2020
Additions in year
Gain on revaluation transferred to Capital Reserve
Depreciation b/f
Depreciation this year
Valuation as at 31 March 2021		 Freehold
Property
£
2,899,610
14,000
348,544
(285,000)
(170,000)
2,807,154		 Furniture
Equipment
£
52,330
17,348
-
(30,330)
(3,935)
35,413		 Total
£
2,951,940
31,348
348,544
(315,330)
(173,935)
2,842,567

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THE GREAT CLUB CHARITABLE TRUST LIMITED Notes to the Financial Statements for the Year Ended 31 March 2021 Cont….

No professional revaluation of the property was undertaken at the year end but the trustees feel that the value shown in the financial statements at £3,067,665 reflects the current market value of the property.

The freehold property is located in Norton Street, Salford. An assessment of the net realisable value of the property was undertaken valuing the property at £2,963,154. On the basis that the property will be well maintained and such repair costs will be charged of the statement of financial activities, it is the view of the trustees that the net realisable value equates to this valuation. Depreciation is charged on freehold property (excluding land) on the valuation less that estimated residual value over 50 years. On the basis of the above no charge is deemed necessary. An impairment review is carried out on an annual basis to assess whether the market value of the property is at least as much as the carrying value in the accounts. Provision will be made for any permanent fall in value.

3. Creditors: Amounts falling due within one year

Accruals
Loans
Bank Loan
Sundry		 8,946
413,676
34,000
120,000
576,622

4. Creditors: Due Beyond one year 303,524

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