REGISTERED COMPANY NUMBER: 07399990 (England and Wales) REGISTERED CHARITY NUMBER: 1139430
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
FOR
GREENBELT GALAXY LTD
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
GREENBELT GALAXY LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
GREENBELT GALAXY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 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 31 October 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 objects of the charity are the furtherance of the Orthodox Jewish religion by way of support to educational institutions, assisting in the reduction of poverty and granting help for charitable causes at the discretion of the trustees.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advancing education, when reviewing the charity's aims and objectives, and in planning future activities and setting grant making policy for the year.
Grantmaking
The trustees obtain details of all requests for assistance and ensure that good recommendations are received before any payments are made.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity received donations totalling £12,000 (2020 - £11,500), and made donations to various UK charities totalling £13,000 (2020 - £30,000).
Investment performance
During the year the charity earned net rental income from its investment property of £18,329 (2020 - £26,040).
FUTURE PLANS
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Related parties
Details of transactions with related parties are disclosed in the notes to the financial statements.
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.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07399990 (England and Wales)
Registered Charity number
1139430
Page 1
GREENBELT GALAXY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2021
Registered office
22 Craven Walk South Tottenham London N16 6BT
Trustees
I Fischer Mrs N Fischer J M Pollak
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 12 July 2022 and signed on its behalf by:
I Fischer - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREENBELT GALAXY LTD
Independent examiner's report to the trustees of Greenbelt Galaxy Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 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 2. the accounts do not accord with those records; or
-
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.
Malcolm Venitt A.C.A., Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
12 July 2022
Page 3
GREENBELT GALAXY LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021
| 31.10.21 | 31.10.20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 12,000 | 11,500 | |
| Investment income | 2 | 18,329 | 26,040 |
| Total | 30,329 | 37,540 | |
| EXPENDITURE ON | |||
| Raising funds | 3 | 28,618 | 5,760 |
| Charitable activities | |||
| Charitable | 13,000 | 30,064 | |
| Other | 720 | 720 | |
| Total | 42,338 | 36,544 | |
| Net gains on investments | - | 50,000 | |
| NET INCOME/(EXPENDITURE) | (12,009) | 50,996 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 574,703 | 523,707 | |
| TOTAL FUNDS CARRIED FORWARD | 562,694 | 574,703 |
The notes form part of these financial statements
Page 4
GREENBELT GALAXY LTD
STATEMENT OF FINANCIAL POSITION 31 OCTOBER 2021
| Notes FIXED ASSETS Investment property 6 CURRENT ASSETS Debtors 7 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 |
31.10.21 Unrestricted fund £ 675,000 1,130 25,392 26,522 (138,828) (112,306) 562,694 562,694 562,694 562,694 |
31.10.20 Total funds £ 675,000 2,729 35,802 38,531 (138,828) (100,297) 574,703 574,703 574,703 574,703 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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
-
(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
continued...
GREENBELT GALAXY LTD
STATEMENT OF FINANCIAL POSITION - continued 31 OCTOBER 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 12 July 2022 and were signed on its behalf by:
I Fischer - Trustee
N Fischer - Trustee
J M Pollak - Trustee
The notes form part of these financial statements
Page 6
GREENBELT GALAXY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 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
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.10.21 | 31.10.20 | |
| £ | £ | |
| Rents received | 18,329 | 26,040 |
continued...
Page 7
GREENBELT GALAXY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.10.21 | 31.10.20 | |
| £ | £ | |
| Insurance | 537 | - |
| Property repairs | 25,963 | 1,014 |
| Lettings fees | - | 1,398 |
| Management fees | 2,118 | 2,979 |
| Replacement of domestic items | - | 369 |
| 28,618 | 5,760 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2021 nor for the year ended 31 October 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2021 nor for the year ended 31 October 2020.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 11,500 |
| Investment income | 26,040 |
| Total | 37,540 |
| EXPENDITURE ON | |
| Raising funds | 5,760 |
| Charitable activities | |
| Charitable | 30,064 |
| Other | 720 |
| Total | 36,544 |
| Net gains on investments | 50,000 |
| NET INCOME | 50,996 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 523,707 |
| TOTAL FUNDS CARRIED FORWARD | 574,703 |
continued...
Page 8
GREENBELT GALAXY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021
6. INVESTMENT PROPERTY
£
| FAIR VALUE At 1 November 2020 and 31 October 2021 NET BOOK VALUE At 31 October 2021 At 31 October 2020 |
675,000 |
|---|---|
| 675,000 | |
| 675,000 |
Investment properties were revalued by the directors as at 31/10/2020 on an open market value basis.
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses 9. MOVEMENT IN FUNDS At 1.11.20 £ Unrestricted funds General fund 574,703 TOTAL FUNDS 574,703 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 30,329 TOTAL FUNDS 30,329 |
31.10.21 31.10.20 £ £ 1,130 2,729 31.10.21 31.10.20 £ £ 138,108 138,108 720 720 138,828 138,828 Net movement At in funds 31.10.21 £ £ (12,009) 562,694 (12,009) 562,694 Resources Movement expended in funds £ £ (42,338) (12,009) (42,338) (12,009) |
31.10.20 £ 2,729 31.10.20 £ 138,108 720 |
31.10.20 £ 2,729 31.10.20 £ 138,108 720 |
|---|---|---|---|
| 138,828 | |||
| At 31.10.21 £ 562,694 |
|||
| 562,694 | |||
| (12,009) |
continued...
Page 9
GREENBELT GALAXY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.11.19 £ 523,707 523,707 |
Net movement in funds £ 50,996 50,996 |
At 31.10.20 £ 574,703 |
|---|---|---|---|
| 574,703 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 37,540 | (36,544) | 50,000 | 50,996 |
| TOTAL FUNDS | 37,540 | (36,544) | 50,000 | 50,996 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.11.19 £ 523,707 523,707 |
Net movement in funds £ 38,987 38,987 |
At 31.10.21 £ 562,694 |
|---|---|---|---|
| 562,694 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 67,869 | (78,882) | 50,000 | 38,987 |
| TOTAL FUNDS | 67,869 | (78,882) | 50,000 | 38,987 |
continued...
Page 10
GREENBELT GALAXY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2021
10. RELATED PARTY DISCLOSURES
During the year the charity received donations of £12,000 from Town & City Estates Limited, a 100% subsidiary of this charity.
Page 11