Charity registration number 1123628
Company registration number 06386034 (England and Wales)
THE CHEDER LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
THE CHEDER LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr C Getter |
|---|---|
| Mr F Getter | |
| Secretary | Mr F Getter |
| Charity number | 1123628 |
| Company number | 06386034 |
| Principal address | 68 Queen Elizabeth's Walk |
| London | |
| N16 5UQ | |
| Registered office | 32 Castlewood Road |
| London | |
| N16 6DW | |
| Independent examiner | Mr J Silver FCCA |
| Precision Ltd | |
| 32 Castlewood Road | |
| London | |
| N16 6DW | |
| Bankers | Lloyds Bank Plc |
| 22-24 Southampton Street | |
| London | |
| WC2E 7JA |
THE CHEDER LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 - 5 |
| Notes to the financial statements | 6 - 11 |
THE CHEDER LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024
The trustees present their annual report and financial statements for the year ended 31 October 2024.
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)" (effective 1 January 2019).
Objectives and activities
The objects of the charity are:
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the advancement of Orthodox Jewish religion,
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the advancement of Orthodox Jewish religious education,
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the relief of poverty amongst the Orthodox Jewish community. The charity owns two freehold properties which are rented out to an educational institution.
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 and in planning future activities.
Achievements and performance
The trustees are pleased with the results of the year. The charity's properties continued to be used for educational purposes.
Financial review
In the year under review the charity generated income of £43,356 and incurred expenses of £15,021 resulting in net incoming resources of £28,335.
The financial position of the charity is satisfactory. The charity's statement of financial activities shows total reserves of £2,979,243 of which £131,578 are free reserves.
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
There are no current plans to change the activities or modus operandi in the foreseeable future.
Structure, governance and management
The charity is constituted as a limited company and is governed by its Memorandum and Articles of association dated 1 October 2007.
Mr C Getter
Mr F Getter
The power to appoint new trustees is vested in the current 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. The trustees administer the day to day running of the charity.
The trustees' report was approved by the Board of Trustees.
..............................
Mr F Getter
Trustee Dated: .........................
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THE CHEDER LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHEDER LIMITED
I report to the trustees on my examination of the financial statements of The Cheder Limited (the charity) for the year ended 31 October 2024.
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:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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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
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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.
Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW
Dated: .........................
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THE CHEDER LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | - | 3,873 |
| Investments | 4 | 43,356 | 42,078 |
| Total income | 43,356 | 45,951 | |
| Expenditure on: | |||
| Raising funds | 5 | 13,691 | 13,441 |
| Charitable activities | 6 | 1,330 | 1,310 |
| Total expenditure | 15,021 | 14,751 | |
| Net income for the year/ | |||
| Net movement in funds | 28,335 | 31,200 | |
| Fund balances at 1 November 2023 | 2,950,908 | 2,919,708 | |
| Fund balances at 31 October 2024 | 2,979,243 | 2,950,908 |
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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THE CHEDER LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
| Notes Fixed assets Investment property 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets Income funds Unrestricted funds |
2024 £ £ 3,000,000 114,997 49,591 164,588 (33,010) 131,578 3,131,578 (152,335) 2,979,243 2,979,243 2,979,243 |
2023 £ £ 3,000,000 71,641 105,132 176,773 (44,284) 132,489 3,132,489 (181,581) 2,950,908 2,950,908 2,950,908 |
|---|---|---|
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THE CHEDER LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
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 October 2024.
The trustees acknowledge their responsibilities for ensuring that the charity 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 incoming resources and application of resources, including its income and expenditure, 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 financial statements, so far as applicable to the company.
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 .........................
..............................
Mr F Getter Trustee
Company registration number 06386034
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THE CHEDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
1 Accounting policies
Charity information
The Cheder Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 32 Castlewood Road, London, N16 6DW.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). 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 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts 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, based on the continued support from the community. 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.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE CHEDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
1 Accounting policies
(Continued)
1.5 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.
1.6 Tangible Fixed Assets
The charity's property, 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.
The property's fair value is determined by the trustees based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market.
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 charity 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.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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THE CHEDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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.
Critical judgements
Property valuation
The valuation of the charity's property is inherently subjective, depending on many factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate.
3 Donations and legacies
| **Total ** | Unrestricted | |
|---|---|---|
| funds | ||
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | - | 3,873 |
4 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Investment income | 43,356 | 42,078 |
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THE CHEDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
5 Raising funds
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Investment management costs | 13,691 | 13,441 |
| 13,691 | 13,441 |
6 Charitable activities
| Charitable | Charitable |
|||
|---|---|---|---|---|
| Expenditure | Expenditure |
|||
| 2024 | 2023 | |||
| £ | £ | |||
| Share of governance costs (see note 7) | 1,330 | 1,310 | ||
| Support costs | ||||
| Support | Governance |
2024 | 2023 | |
| costs | costs | |||
| £ | £ | £ | £ | |
| Independent Examiner's Fees | - | 690 | 690 | 600 |
| Legal and professional | - | 240 | 240 | 120 |
| Bank Charges | - | 400 | 400 | 590 |
| - | 1,330 | 1,330 | 1,310 | |
| Analysed between | ||||
| Charitable activities | - | 1,330 | 1,330 | 1,310 |
7 Support costs
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
There were no employees during the year.
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THE CHEDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Tangible Fixed Assets
| Tangible Fixed Assets | |
|---|---|
| Land & | |
| Buildings | |
| Freehold | |
| 2024 | |
| £ | |
| Fair value | |
| At 1 November 2023 and 31 October 2024 | 3,000,000 |
The charity's property has been included in the Financial Statements at Trustees' valuation. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
12 Debtors
| Amounts falling due within one year: Other debtors 13 Loans and overdrafts Bank loans Payable within one year Payable after one year Amounts included above which fall due after five years: Payable after five years |
2024 £ 114,997 2024 £ 181,662 29,327 152,335 (35,028) |
2023 £ 71,641 |
|---|---|---|
| 2023 £ 221,843 |
||
| 40,262 181,581 |
||
| (63,952) |
The bank loan is secured by a legal charge over the charity's property.
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THE CHEDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024
| 14 Creditors: amounts falling due within one year Notes Bank loans 13 Other creditors Accruals and deferred income 15 Creditors: amounts falling due after more than one year Notes Bank loans 13 |
2024 £ 29,327 2,128 1,555 33,010 2024 £ 152,335 |
2023 £ 40,262 2,467 1,555 |
|---|---|---|
| 44,284 | ||
| 2023 £ 181,581 |
16 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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