REGISTERED COMPANY NUMBER: 01734399 (England and Wales) REGISTERED CHARITY NUMBER: 1097291
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2021
for
Angorlake Limited
Martin + Heller Chartered Accountants 5 North End Road London NW11 7RJ
Angorlake Limited
Contents of the Financial Statements for the Year Ended 30 June 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
| Detailed Statement of Financial Activities | 11 |
Angorlake Limited
Report of the Trustees for the Year Ended 30 June 2021
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 30 June 2021. 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 objectives of the charity are the advancement of religion in accordance with the Orthodox Jewish faith and the relief of poverty.
Public benefit
The trustees have considered the Charity Commission's general guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE Charitable activities
During the year, grants to charitable institutions amounted to £25,914 (2020: £51,765).
Grant making policy
In general the trustees select the institutions to be supported according to their personal knowledge of the work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
FINANCIAL REVIEW
Financial position
The Statement of Financial Activities shows net income for the year of £136,004. The reserves stand at £1,202,558.
Reserves policy
The charity holds sufficient reserves to be able to respond to requests from charitable organisations.
Going concern
The accounts have been prepared on the going concern basis. The trustees consider that there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future, which is deemed to be 12 months from the date of approval of the financial statements.
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 controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Charity constitution
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 24 June 1983.
Recruitment and appointment of new trustees
The power to appoint new trustees is vested in the current board. New trustees are appointed based on personal competence, specialist skills and experience. They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity. They are also encouraged to read the Charity Commission's various publications on trustees.
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.
Page 1
Angorlake Limited
Report of the Trustees for the Year Ended 30 June 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
01734399 (England and Wales)
Registered Charity number 1097291
Registered office
8 Russell Gardens London NW11 9NL
Trustees
M Lebrecht Mrs J Lebrecht Mrs S Lebrecht
Company Secretary
Mrs J Lebrecht
Independent Examiner
Mr A Heller FCA 5 North End Road London NW11 7RJ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ M Lebrecht - Trustee
Page 2
Independent Examiner's Report to the Trustees of Angorlake Limited
Independent examiner's report to the trustees of Angorlake Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2021.
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:
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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.
Mr A Heller FCA 5 North End Road London NW11 7RJ
Date: .............................................
Page 3
Angorlake Limited
Statement of Financial Activities for the Year Ended 30 June 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Charitable activities Grants Governance costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.6.21 Unrestricted fund £ 36,880 25,914 2,479 28,393 127,517 136,004 1,066,554 1,202,558 |
30.6.20 Total funds £ 93,281 51,765 2,434 54,199 (909,112) (870,030) 1,936,584 1,066,554 |
|---|---|---|
The notes form part of these financial statements
Page 4
Angorlake Limited
Balance Sheet 30 June 2021
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
30.6.21 Unrestricted fund £ 983,033 712,781 (493,256) 219,525 1,202,558 1,202,558 1,202,558 1,202,558 |
30.6.20 Total funds £ 890,803 669,007 (493,256) 175,751 1,066,554 1,066,554 1,066,554 1,066,554 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.
-
The trustees acknowledge their responsibilities for
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(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.
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 ............................................. and were signed on its behalf by:
............................................. M Lebrecht - Trustee
The notes form part of these financial statements
Page 5
Angorlake Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
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, as modified by the revaluation of certain assets.
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.
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.
Tangible fixed assets
Investments comprise syndicate investments and are initially recorded at cost and subsequently included at fair value. Any surplus or deficit on revaluation is recognised in the Statement of Financial Activities.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 30.6.21 | 30.6.20 | |
| £ | £ | |
| Syndicate income | 36,743 | 92,252 |
| Bank interest received | 137 | 1,029 |
| 36,880 | 93,281 |
Page 6
continued...
Angorlake Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
3. GRANTS PAYABLE
| GRANTS PAYABLE | |||
|---|---|---|---|
| 30.6.21 | 30.6.20 | ||
| £ | £ | ||
| Grants | 25,914 | 51,765 | |
| The total grants paid to institutions during the year was as follows: | |||
| 30.6.21 | 30.6.20 | ||
| £ | £ | ||
| Amutat Pitchei Zion | 11,009 | - | |
| Gateshead Talmudical College | 3,000 | 2,970 | |
| Peninim | - | 5,195 | |
| Yishaya Adler Memorial Fund | - | 4,000 | |
| Edgware Yeshiva | 9,000 | 12,600 | |
| WST Charity Limited | - | 5,000 | |
| GGBH Welfare Fund | - | 4,500 | |
| UOHC | - | 5,000 | |
| College for Higher Rabbinical Studies | - | 10,000 | |
| Other donations less than £2,000 | 2,905 | 2,500 | |
| 25,914 | 51,765 | ||
| SUPPORT COSTS | |||
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Governance costs | 110 | 2,369 | 2,479 |
| Support costs, included in the above, are as follows: | |||
| 30.6.21 | 30.6.20 | ||
| Governance | Total | ||
| costs | activities | ||
| £ | £ | ||
| Bank charges | 110 | 63 | |
| Sundries | 209 | 211 | |
| Accountancy fees | 2,160 | 2,160 | |
| 2,479 | 2,434 |
4. SUPPORT COSTS
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2021 nor for the year ended 30 June 2020.
continued...
Page 7
Angorlake Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Charitable activities Grants Governance costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. FIXED ASSET INVESTMENTS Shares in group Syndicate undertakings investments £ £ MARKET VALUE At 1 July 2020 2 890,801 Additions - 314,260 Net movement in year - (222,030) At 30 June 2021 2 983,031 NET BOOK VALUE At 30 June 2021 2 983,031 At 30 June 2020 2 890,801 |
Unrestricted fund £ 93,281 51,765 2,434 54,199 (909,112) (870,030) 1,936,584 1,066,554 Totals £ 890,803 314,260 (222,030) 983,033 983,033 890,803 |
|---|---|
There were no investment assets outside the UK.
continued...
Page 8
Angorlake Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Amounts owed to group undertakings Accrued expenses |
30.6.21 £ 487,916 5,340 493,256 |
30.6.20 £ 487,916 5,340 493,256 |
|---|---|---|
9. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund TOTAL FUNDS |
as follows: Incoming resources £ 36,880 36,880 |
At 1/7/20 £ 1,066,554 1,066,554 Resources expended £ (28,393) (28,393) |
Net movement in funds £ 136,004 136,004 Gains and losses £ 127,517 127,517 |
At 30/6/21 £ 1,202,558 1,202,558 Movement in funds £ 136,004 136,004 |
|
|---|---|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/7/19 £ 1,936,584 1,936,584 |
Net movement in funds £ (870,030) (870,030) |
At 30/6/20 £ 1,066,554 1,066,554 |
|---|---|---|---|
continued...
Page 9
Angorlake Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 93,281 93,281 |
Resources expended £ (54,199) (54,199) |
Gains and Movement losses in funds £ £ (909,112) (870,030) (909,112) (870,030) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/7/19 £ 1,936,584 1,936,584 |
Net movement in funds £ (734,026) (734,026) |
At 30/6/21 £ 1,202,558 |
|---|---|---|---|
| 1,202,558 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 130,161 130,161 |
Resources expended £ (82,592) (82,592) |
Gains and Movement losses in funds £ £ (781,595) (734,026) (781,595) (734,026) |
|---|---|---|---|
10. RELATED PARTY DISCLOSURES
Mr M Lebrecht is also a director of Fearnville Limited.
As at the balance sheet date, the balance owing to Fearnville Limited was £487,916 (2020: £487,916). The amount is interest-free and repayable on demand.
Page 10
Angorlake Limited
Detailed Statement of Financial Activities for the Year Ended 30 June 2021
| 30.6.21 | 30.6.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Syndicate income | 36,743 | 92,252 |
| Bank interest received | 137 | 1,029 |
| 36,880 | 93,281 | |
| Total incoming resources | 36,880 | 93,281 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to institutions | 25,914 | 51,765 |
| Support costs | ||
| Finance | ||
| Bank charges | 110 | 63 |
| Governance costs | ||
| Sundries | 209 | 211 |
| Accountancy fees | 2,160 | 2,160 |
| 2,369 | 2,371 | |
| Total resources expended | 28,393 | 54,199 |
| Net income before gains and losses | 8,487 | 39,082 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 127,517 | 5,284 |
| Net income | 136,004 | 44,366 |
This page does not form part of the statutory financial statements
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