REGISTERED COMPANY NUMBER: 04121882 (England and Wales) REGISTERED CHARITY NUMBER: 1097328
BENYIMO LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
BENYIMO LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
| 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 | 11 |
BENYIMO LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2021
TRUSTEES M A Cymerman P M Noe Mrs S Cymerman Mrs S Noe COMPANY SECRETARY M A Cymerman REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 04121882 (England and Wales) NUMBER REGISTERED CHARITY 1097328 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Bank of Scotland plc Threadneedle Street London EC2R 8AY
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BENYIMO LIMITED (REGISTERED NUMBER: 04121882)
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).
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 to alleviate poverty and the promotion of Jewish Religious education both in the United Kingdom and overseas.
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 satisfied with the results for the year. Investment income less than the previous year and the trustees reduced grantmaking substantially to leave a surplus for the year.
FINANCIAL REVIEW
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 £537,677 (2020 - £518,083) being net assets, including unrealised reserves of £335,791.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 5 December 2000.
Organisational structure
The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees of the charity 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 that 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 June 2022 and signed on its behalf by:
M A Cymerman - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BENYIMO LIMITED
Independent examiner's report to the trustees of Benyimo 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:
-
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
-
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 Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
29 June 2022
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BENYIMO LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 3 71,419 EXPENDITURE ON Raising funds 4 32,518 Charitable activities 5 Charitable activities 19,307 Total 51,825 NET INCOME 19,594 RECONCILIATION OF FUNDS Total funds brought forward 518,083 TOTAL FUNDS CARRIED FORWARD 537,677 |
2020 Total funds £ 83,519 29,157 44,988 |
|---|---|
| 74,145 | |
| 9,374 508,709 |
|
| 518,083 |
The notes form part of these financial statements
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BENYIMO LIMITED (REGISTERED NUMBER: 04121882)
BALANCE SHEET 30 JUNE 2021
| Notes FIXED ASSETS Investment property 10 CURRENT ASSETS Debtors 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 Unrestricted funds: General fund TOTAL FUNDS |
2021 Total funds £ 823,600 946 42,440 43,386 (25,760) 17,626 841,226 (303,549) 537,677 537,677 537,677 |
2020 Total funds £ 823,600 28,341 14,942 43,283 (21,646) 21,637 845,237 (327,154) 518,083 518,083 518,083 |
|---|---|---|
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
-
(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
BENYIMO LIMITED (REGISTERED NUMBER: 04121882)
BALANCE SHEET - continued 30 JUNE 2021
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 June 2022 and were signed on its behalf by:
M A Cymerman - Trustee
The notes form part of these financial statements
Page 6
BENYIMO 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, as modified by the revaluation of certain assets.
Income
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 investment management costs relating to the investment properties.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
Going concern
There are no material uncertainties about the charity's ability to continue.
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BENYIMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
2. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company's accounting policies, the directors 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. The estimates and underlying assumptions are reviewed on an ongoing basis.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Rents received | 71,419 | 83,519 |
4. RAISING FUNDS
Investment management costs
| Investment management costs | |
|---|---|
| 2021 Unrestricted funds £ Management charges 11,209 Ground rent 100 Insurance 2,568 Repairs and maintenance 15,464 Bank loan interest 1,946 General and water rates 425 Light and heat 732 Professional fees 74 32,518 |
2020 Total funds £ 12,611 100 2,568 10,278 3,343 257 - - |
| 29,157 |
5.
CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grant | |||
| funding of | |||
| activities | Support | ||
| (see note | costs (see | ||
| 6) | note 7) | Totals | |
| £ | £ | £ | |
| Charitable activities | 17,000 | 2,307 | 19,307 |
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BENYIMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
6. GRANTS PAYABLE
| Charitable activities | 2021 £ 17,000 8,000 6,000 3,000 17,000 |
2020 £ 42,750 |
|
|---|---|---|---|
| Achisomoch Aid Company Ltd | |||
| Tiferes Shlomo | |||
| Others under £3,000 | |||
7. SUPPORT COSTS
| Governance | |||
|---|---|---|---|
| Management | costs | Totals | |
| £ | £ | £ | |
| Charitable activities | 82 | 2,225 | 2,307 |
| Support costs, included in the above, are as follows: | |||
| Management | |||
| 2021 | 2020 | ||
| Charitable | Total | ||
| activities | activities | ||
| £ | £ | ||
| Bank charges | 82 | 98 | |
| Governance costs | |||
| 2021 | 2020 | ||
| Charitable | Total | ||
| activities | activities | ||
| £ | £ | ||
| Independent examiner's fee | 480 | 480 | |
| Independent examiner's other fees | 1,320 | 1,560 | |
| General expenses | 425 | 100 | |
| 2,225 | 2,140 |
8. 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.
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BENYIMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
9. AVERAGE NUMBER OF STAFF
The average number of staff in the year was Nil (2020 - Nil)
10. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 July 2020 and 30 June 2021 NET BOOK VALUE At 30 June 2021 At 30 June 2020 |
£ 823,600 |
| 823,600 | |
| 823,600 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Rental agent-Parkmead Agents' accounts 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 14) Accruals and deferred income Accrued expenses |
2021 £ 946 - 946 2021 £ 16,158 9,601 1 25,760 |
2020 £ - 28,341 |
|---|---|---|
| 28,341 | ||
| 2020 £ 16,158 5,488 - |
||
| 21,646 |
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BENYIMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2021
| 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Bank loans (see note 14) 77,924 Trustees' account 225,625 303,549 14. LOANS An analysis of the maturity of loans is given below: 2021 £ Amounts falling due within one year on demand: Bank loans 16,158 Amounts falling due between two and five years: Bank loans - 2-5 years 64,632 Amounts falling due in more than five years: Repayable by instalments: Bank loans more than 5 years 13,292 15. SECURED DEBTS The following secured debts are included within creditors: 2021 £ Bank loans 94,082 The bank loan is secured on the charity's investment property. 16. RELATED PARTY DISCLOSURES A donation of £2,000 was made to Sabeno Ltd a charity in which a trustee has an interest. |
2020 £ 95,209 231,945 |
2020 £ 95,209 231,945 |
|---|---|---|
| 327,154 | ||
| 2020 £ 16,158 64,632 30,577 2020 £ 111,367 |
2020 £ 16,158 |
|
| 64,632 | ||
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