**Charity Registration No. 1112634**
**Company Registration No. 05623309 (England and Wales)**
## **BM ASSET MANAGEMENT LIMITED**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
## **BM ASSET MANAGEMENT LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr. A Grossman Mr. B Hofstatter Mr. A Taub
**Secretary** Mr. A Grossman **Charity number** 1112634 **Company number** 05623309 **Registered office** 93 Alkham Road London N16 6XD **Independent examiner** Berish Hoffman ACA Landau Morley LLP 325-327 Oldfield Lane North Middlesex UB6 0FX
## **BM ASSET MANAGEMENT LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5 - 6|
|Notes to the financial statements|7 - 12|
## **BM ASSET MANAGEMENT LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The trustees present their annual report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document , the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016) .
## **Objectives and activities**
The charity was formed to purchase and to hold land for development into suitable premises for a school system.
The objectives included advan cing education generally and Orthodox Jewish religious education in particular (but not exclusively) by operating a school for girls of the Jewish faith with an Orthodox Jewish religious ethos and studies programme.
## **Public Benefit**
The Trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
## **Achievements and performance**
The charity continues to own premises that are let to The Beis Malka Trust, a charity operating as a school for girls.
## **Financial review**
During the year, the charity's income exceeded expenditure . The trustees are satisfied with the results for the year.
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. At the year end, unrestricted free reserves totalled £43,972.
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
## **Structure, governance and management**
The charity is constituted as a company limited by guarantee dated 15 November 2005 and as such, its governing documents are its Memorandum and Articles of Association.
The trustees administer the day-to-day affairs of the charity, and meet regularly. None of the trustees have any beneficial interest in the charity.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr. A Grossman
Mr. B Hofstatter
Mr. A Taub
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.
## **Small Company Provisions**
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
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## **BM ASSET MANAGEMENT LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The trustees' r eport was approved by the Board of Trustees.
Mr. B Hofstatter **Trustee**
16 December 2021
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## **BM ASSET MANAGEMENT LIMITED**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BM ASSET MANAGEMENT LIMITED**
I report to the trustees on my examination of the financial statements of BM Asset Management Limited (the charity) for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable 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 that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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
- 4 the financial statements 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 financial statements to be reached.
## **Berish Hoffman ACA**
Landau Morley LLP 325-327 Oldfield Lane North Middlesex UB6 0FX
Dated: 16 December 2021
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## **BM ASSET MANAGEMENT LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|
**funds**|
|||**2021**|
**2020**|
||**Notes**|
**£**|
**£**|
|**Income from:**||||
|Donations and legacies|**3**|6,179|
200|
|Investments|**4**|83,200|
83,200|
|**Total income**||89,379|
83,400|
|**Expenditure on:**||||
|Raising funds|**5**|-|
20,520|
|Charitable activities|**6**|21,680|
18,595|
|**Total resources expended**||21,680|
39,115|
|**Net incoming resources**||67,699|
44,285|
|**Other recognised gains and losses**||||
|Revaluation of tangible fixed assets||1,500,000|
-|
|**Net movement in funds**||1,567,699|
44,285|
|Fund balances at 1 April 2020||2,976,273|
2,931,988|
|**Fund balances at 31 March 2021**||4,543,972|
2,976,273|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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## **BM ASSET MANAGEMENT LIMITED**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2021**_
|**Notes**
**Fixed assets**
Investment properties
**10**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**14**
**Net assets**
**Income funds**
Unrestricted funds
General unrestricted funds
Revaluation reserve|**2021**
**£**
**£**
4,500,000
297,051
57,701
354,752
(34,651)
320,101
4,820,101
(276,129)
4,543,972
2,018,817
2,525,155
4,543,972
4,543,972|**2020**
**£**
**£**
3,000,000
266,884
461
267,345
(30,372)
236,973
3,236,973
(260,700)
2,976,273
1,951,118
1,025,155
2,976,273
2,976,273|
|---|---|---|
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## **BM ASSET MANAGEMENT LIMITED**
## **BALANCE SHEET (CONTINUED)**
## _**AS AT 31 MARCH 2021**_
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 16 December 2021
Mr. B Hofstatter
**Trustee**
## **Company Registration No. 05623309**
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**BM ASSET MANAGEMENT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **Charity information**
BM Asset Management Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 93 Alkham Road, London, N16 6XD.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
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## **BM ASSET MANAGEMENT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Investment properties**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 Financial instruments**
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Donations and gifts|6,179|200|
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## **BM ASSET MANAGEMENT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**4**
**5**
**6**|**Investments**
**Unrestricted**Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Rental income
83,200
83,200
**Raising funds**
**Total**Unrestricted
funds
**2021**
2020
**£**
£
Fundraising and publicity
Other fundraising costs
-
20,520
-
20,520
**Charitable activities**
**2021**
**2020**
**£**
**£**
Share of support costs (see note 7)
21,680
18,595|
|---|---|
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## **BM ASSET MANAGEMENT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **7 Support costs**
|Repairs
Bank charges
Sundry
Loan interest payable
Accountancy fees
Planning costs
Analysed between
Charitable activities|**2021**
**£**
6,642
13
13
10,376
1,690
2,946
21,680
21,680|2020
£
5,400
72
13
7,066
1,460
4,584
18,595
18,595|
|---|---|---|
Support costs includes governance costs of £1, 690 (2019: £1 , 4 60 )
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration , reimbursement of expenses or benefits from the charity during the year.
## **9 Employees**
The average monthly number of employees during the year was:
|Total
There were no employees whose annual remuneration was more than £60,000.
**Investment property**
**Fair value**
At 1 April 2020
Net gains or losses through fair value adjustments
At 31 March 2021|**2021**
**Number**
-|**2020**
**Number**
-
**2021**
**£**
3,000,000
1,500,000
4,500,000|
|---|---|---|
## **10 Investment property**
The 2021 valuations were made by the trustees, on an open market value for existing use basis.
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## **BM ASSET MANAGEMENT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**11**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**12**
**Loans and overdrafts**
Bank loans
Payable within one year
Payable after one year|**2021**
**£**
297,051
**2021**
**£**
309,330
33,201
276,129|**2020**
**£**
266,884
**2020**
**£**
285,040
24,340
260,700|
|---|---|---|
The bank loan of £ 285,040 is secured on the company's property and rental income.
## **13 Creditors: amounts falling due within one year**
|**Notes**
Bank loans
**12**
Trade creditors
Accruals and deferred income|**2021**
**£**
33,201
-
1,450
34,651|**2020**
**£**
24,340
4,592
1,440
30,372|
|---|---|---|
Included in bank loans is £26,890 that is secured on the company's property and rental income.
## **14 Creditors: amounts falling due after more than one year**
|||**2021**|**2020**|
|---|---|---|---|
||**Notes**|**£**|**£**|
|Bank loans|**12**|276,129|260,700|
Included in bank loans is £232,440 that is secured on the company's property and rental income.
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## **BM ASSET MANAGEMENT LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**15**|**Analysis of net assets between funds**|||
|---|---|---|---|
|||**Unrestricted**|Unrestricted|
|||**funds**|funds|
|||**2021**|2020|
|||**£**|£|
||Fund balances at 31 March 2021 are represented by:|||
||Investment properties|4,500,000|3,000,000|
||Current assets/(liabilities)|320,101|236,973|
||Long term liabilities|(276,129)|
(260,700)|
|||4,543,972|2,976,273|
## **16 Related party transactions**
During the year, rent of £83,200 (2020: £ 83 , 200 ) was receivable from The Beis Malka Trust, a charity with common trustees.
At the year end, £ 2 97,051 (2020: £265,784 due to) was due from The Beis Malka Trust.
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