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2023-08-31-accounts

CONG YETEV LEV D’SATMAR M/C LTD

(LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

THE YEAR ENDED 31 AUGUST 2023

Charity Reg No: 1115899 Company Reg No: 5865543

CONG YETEV LEV D’SATMAR M/C LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Page
Report of the trustees 2
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6
Independent Examiners Report 8

CONG YETEV LEV D’SATMAR M/C LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

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 August 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued 2005 in preparing the financial statements of the Charity.

REFERENCE AND ADMISNITRATIVE DETAIL

DIRECTORS/TRUSTEES: H Weiss (resigned 19[th] July 2024) P Rothschild J Grunhut SECRETARY/CHIEF EXECUTIVE OFFICER M Rudzinski (resigned 26[th] July 2024) REGISTERED OFFICE: Enterprise House, 3 Middleton Road Manchester M8 5DT REGISTERED NUMBER: 5865543 (England and Wales) CHARITY NUMBER: 1115899 ACCOUNTANTS: B Olsberg & Co, 2nd Floor, Enterprise House, 3 Middleton Road Manchester M8 5DT BANKERS: The Royal Bank of Scotland, Manchester Cheetham Hill Branch, 18 Bury Old Road, Manchester M8 7JN

OBJECTIVES OF CONG YETEV LEV D’SATMAR M/C LTD

Cong Yetev Lev D’Satmar M/c Limited is governed by its Memorandum and Articles of Association and its main objectives are to advance the Orthodox Jewish Religion and its education and to relieve poverty sickness and distress in the Jewish Community. To this end the charity also owns a property which is used as a synagogue and religious centre.

LEGAL STATUS

The company is limited by guarantee and is governed by its memorandum and articles of association dated 5 June 2006. The company is a registered charity.

PRINCIPAL ACTIVITY AND REVIEW OF THE YEAR

The principal activity of the Charity in the year under review was that of promoting and assisting charitable activities.

ORGANISATION

The charity is managed by a committee of the trustees which is composed of the directors and secretary 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 but no investments are currently held.

PUBLIC BENEFIT

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

CONG YETEV LEV D’SATMAR M/C LTD

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023 (Cont…)

REVIEW OF FINANCIAL ACTIVITIES AND AFFAIRS

Donations received in the year were £219,621 (2022 - £304,128). After deducting Charitable expenditure of £168,408 and Management and Administration £43,891, there was a surplus of £7,422.

The trustees consider the financial position of the charity to be satisfactory, on the basis of substantial retained reserves.

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

RESERVES POLICY

The charity was holding reserves at the period end to cover future grants and donations.

REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS

Cong Yetev Lev D’Satmar M/c Limited continued to support and promote charities in accordance with its objectives.

The charity also runs a community centre and synagogue.

THE TRUSTEES

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

H Weiss P Rothschild J Grunhut

RESPONSIBILITIES OF THE TRUSTEES

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the charitable company at the end of the year and of the net incoming or outgoing resources for the year then ended.

In preparing those financial statements, the trustees are required to select suitable accounting policies, as described on page 6, and then apply them on a consistent basis, making judgements and estimates that are reasonable and prudent. The trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 1985. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the detection of fraud and other irregularities.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies and the Statement of Recommended Practice (SORP) 2005 'Accounting and Reporting by Charities'.

SIGNED ON BEHALF OF THE TRUSTEES:

…………………………………………………

J Grunhut - Director

Dated 31 July 2024

CONG YETEV LEV D’SATMAR M/C LTD STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2023

INCOME AND EXPENDITURE ACCOUNT

INCOME AND EXPENDITURE ACCOUNT
Note
INCOMING RESOURCES
Donations
Interest – Compensation
Rent
CHARITABLE EXPENDITURE
Distributions
Salary
Legal/Professional
Food and Catering
Utilities
Maintenance and cleaning
Requisites
Insurance
Printing, Postage, Stationery and Sundry
Depreciation
Rent
Computer & Software
Telephone
Sundry
MANAGEMENT AND ADMINISTRATION
Interest & Arrangement Fees
Bank Charges
Accountancy
Independent Examiners Fee
TOTAL RESOURCES EXPENDED
Net incoming resources for the year
Revaluation of Property
FUND BALANCE BROUGHT FORWARD
FUND BALANCE CARRIED FORWARD		 2023
£
Unrestricted
Funds
219,621
1,158
(1,058)
219,721
24,180
35,354
11,668
21,697
29,266
23,442
5,391
4,500
2,735
5,172
3,820
227
249
707
168,408
38,663
2,228
2,400
600
43,891
212,299		 2022
£
304,128
4,000
(107)
308,021
101,968
36,164
15,822
35,235
28,524
11,937
7,610
4,579
3,301
6,465
1,300
3,227
193
701
257,027
30,460
1,990
2,400
600
35,450
292,477
7,422
-
2,276,224
2,283,646		 15,544
-
2,260,680
2,276,224

The Statement of Financial Activities includes all gains/losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

CONG YETEV LEV D’SATMAR M/C LTD

BALANCE SHEET

31 AUGUST 2023

Notes
FIXED ASSETS
Tangible Fixed Assets
2
CURRENT ASSETS:
Debtors
Bank
LESS CREDITORS:
Due within one year
5
Net Current (Liabilities)
LESS CREDITORS:
Due beyond one year
6
TRUST FUNDS:
Unrestricted Funds		 2023
£
3,052,339
22,583
23,693
46,276
(193,295)
(147,019)
2,905,320
(621,674)
2,283,646
2,283,646		 2023
£
3,052,339
22,583
23,693
46,276
(193,295)
(147,019)
2,905,320
(621,674)
2,283,646
2,283,646		 2022
£
3,058,569
22,083
28,454
50,537
(179,550)
(129,013)		 2022
£
3,058,569
22,083
28,454
50,537
(179,550)
(129,013)
2,905,320
(621,674)		 2,929,556
(653,332)
2,283,646
2,283,646		 2,276,224
2,276,224

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.

The directors acknowledge their responsibility for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the 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 accounts, so far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board for issue on 31 July 2024

…………………………………………. J Grunhut Director

Company Registration No 5865543

CONG YETEV LEV D’SATMAR M/C LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities and comply with the Statement of Recommended Practice 2005 'Accounting and Reporting by Charities'.

Tangible fixed assets

Depreciation is provided in respect of fixed assets at rates estimated to write down the cost of each asset, to estimated realisable value over the anticipated life of the asset at the following rates;-

Furniture Fixtures and Fittings

20% written down value

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

There are no designated or restricted funds in relation to the activities of the charitable company.

Incoming resources

All incoming resources are included in the SOFA when the charitable company is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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.

CONG YETEV LEV D’SATMAR M/C LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. TANGIBLE FIXED ASSETS

VALUATION
As at 1 September 2022
Revaluation
Movements
31 August 2023
DEPRECIATION
As at 1 Sept 2022
Charge for the year
As at 31 August 2023
Book value
As at 31 August 2023
As at 31 August 2022		 Portacabin
Building
£
18,000
-
-
18,000
18,000
-
18,000
-
-		 Furniture
Fixtures &
Fittings
£
99,191
-
-
99,191
73,331
5,172
78,503
20,688
25,860		 Scroll of
Law
£
57,290
-
-
57,290
-
-
-
57,290
57,290		 Freehold
Property
£
2,950,000
-
-
2,950,000
-
-
-
2,950,000
2,950,000		 Syndicate
£
25,419
-
(1,058)
24,361
-
-
-
24,361
25,419		 Total
£
3,149,900
-
(1,058)
3,148,842
91,331
5,172
96,503
3,052,339
3,058,569

3. TRUSTEES REMUNERATION AND EXPENSES

No remuneration directly or indirectly out of the funds of the charitable company, was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.

4. EMPLOYEE COSTS

The trust had two employees during the year.

  1. CREDITORS: Amounts falling due within one year.
Sundry
Expenses Accrued
Bank Loan (secured)
Loans		 2023
£
153
21,375
29,000
142,767
193,295		 2022
£
153
6,830
29,000
143,567
179,550
  1. CREDITORS: Amounts falling due beyond one year.
Bank loan (secured by charge on freehold property)
Repayable over 10 years
Loan - Government Guaranteed		 576,960
44,714
621,674

7. CONTROL

The charity is controlled by its trustees.

CONG YETEV LEV D’SATMAR M/C LTD

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF CONG YETEV LEV D’SATMAR LIMITED (LIMITED BY GUARANTEE)

I report on the accounts of the charity for the year ended 31 August 2023 which are set out on pages 4-7.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The charity’s trustees (who are also the directors of Cong Yetev Lev D’Satmar 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 43(2) of the Charities Act 1993 (the 1993 Act), as amended by section 28 of the Charities Act 2006) 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 audit opinion on whether the accounts present a ‘true and fair view’

INDEPENDENT EXAMINER’S STATEMENT

In connection with our 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. Proper accounting records are kept (in accordance with Section 4386 of the Companies Act 2006); and

  3. Accounts are prepared which agree 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 31 July 2024