REGISTERED COMPANY NUMBER: 08080547 (England and Wales) REGISTERED CHARITY NUMBER: 1155630
BOROUGHLEA LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
BOROUGHLEA LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | ||
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Cash Flow Statement | 6 | ||
| Notes to the Cash Flow Statement | 7 | ||
| Notes to the Financial Statements | 8 | to | 12 |
BOROUGHLEA LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MAY 2023
TRUSTEES
REGISTERED OFFICE
D Frankel E Low E S Weiss 15 Clapton Common London E5 9AA
REGISTERED COMPANY NUMBER
08080547 (England and Wales)
REGISTERED CHARITY 1155630 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
Page 1
BOROUGHLEA LIMITED (REGISTERED NUMBER: 08080547)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023
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 May 2023. 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
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and activities for the public benefit
The objects of the charity are the advancement of religion in accordance with the orthodox Jewish faith, the relief of poverty and such other purposes as are recognised by English Law as charitable. The charity is grantmaking.
The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees are pleased with the results for the year. Although there was a 78% increase in income the increase in grantmaking was 43%, leaving a surplus for the year. The trustees made substantial grants to a variety of charities.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that the activities of the charity continue. Reserves at the year were £81,788 (2022 - £7,723).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 23 May 2012.
Organisational structure
The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future the trustees will apply suitable recruitment, induction and training procedures. The charity is run by the trustees.
Risk review
The trustees have confirmed that there are no major risks to which the charity is exposed.
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 27 February 2024 and signed on its behalf by:
E Low - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BOROUGHLEA LIMITED
Independent examiner's report to the trustees of Boroughlea Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2023.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
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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
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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
27 February 2024
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BOROUGHLEA LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 540,000 EXPENDITURE ON Charitable activities 2 Grantmaking 463,655 Support 2,280 Total 465,935 NET INCOME/(EXPENDITURE) 74,065 RECONCILIATION OF FUNDS Total funds brought forward 7,723 TOTAL FUNDS CARRIED FORWARD 81,788 |
2022 Total funds £ 303,000 324,842 1,819 326,661 (23,661) 31,384 7,723 |
|---|---|
The notes form part of these financial statements
Page 4
BOROUGHLEA LIMITED (REGISTERED NUMBER: 08080547)
BALANCE SHEET 31 MAY 2023
| Notes CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 8 Unrestricted funds: General fund TOTAL FUNDS |
2023 Total funds £ 83,584 (1,796) 81,788 81,788 81,788 81,788 81,788 |
2022 Total funds £ 9,399 (1,676) 7,723 7,723 7,723 7,723 7,723 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(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.
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 27 February 2024 and were signed on its behalf by:
E Low - Trustee
The notes form part of these financial statements
Page 5
BOROUGHLEA LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2023 £ 74,185 74,185 74,185 9,399 83,584 |
2022 £ (24,861) (24,861) (24,861) 34,260 9,399 |
|---|---|---|
The notes form part of these financial statements
Page 6
BOROUGHLEA LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase/(decrease) in creditors Net cash provided by/(used in) operations |
2023 £ 74,065 120 74,185 |
2022 £ (23,661) (1,200) |
| (24,861) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.6.22 | Cash flow | At 31.5.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 9,399 | 74,185 | 83,584 |
| 9,399 | 74,185 | 83,584 | |
| Total | 9,399 | 74,185 | 83,584 |
The notes form part of these financial statements
Page 7
BOROUGHLEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
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.
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 in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
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.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
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.
2. CHARITABLE ACTIVITIES COSTS
| Grantmaking Support |
Grant funding of activities (see note 3) £ 463,655 - 463,655 |
Support costs (see note 4) £ - 2,280 2,280 |
Totals £ 463,655 2,280 |
|---|---|---|---|
| 465,935 |
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BOROUGHLEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
3.
GRANTS PAYABLE
| Grantmaking The total grants paid to institutions during the year was as follows: Advancement of education Relief of poverty Advancement of religion General purpose Medical Social Welfare Ezras Yisroel Trust Yeshuos Shabbos Amud Hatzdoko Trust Masim Tovim Dushinsky Trust ZSV Trust Chasdei Aharon Ltd Sharei Chesed London Seaquins Westcliff Kids Care London JCOCI Educational Others below £11,000 The total grants paid to individuals during the year was as follows: Relief of poverty 4. SUPPORT COSTS Finance £ Support 694 |
||
|---|---|---|
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BOROUGHLEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
4. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Finance
| Finance | ||
|---|---|---|
| 2023 | 2022 | |
| Total | ||
| Support | activities | |
| £ | £ | |
| Bank charges | 694 | 65 |
| Governance costs | ||
| 2023 | 2022 | |
| Total | ||
| Support | activities | |
| £ | £ | |
| Independent examiner's fee | 300 | 300 |
| Independent examiner's other fees | 1,020 | 900 |
| General expenses | 266 | 554 |
| 1,586 | 1,754 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.
6. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2022 - Nil)
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Trustees' accounts Accruals and deferred income |
2023 £ 476 1,320 1,796 |
2022 £ 476 1,200 |
| 1,676 |
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BOROUGHLEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
8. MOVEMENT IN FUNDS
| At 1.6.22 £ Unrestricted funds General fund 7,723 TOTAL FUNDS 7,723 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 540,000 TOTAL FUNDS 540,000 Comparatives for movement in funds At 1.6.21 £ Unrestricted funds General fund 31,384 TOTAL FUNDS 31,384 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 303,000 TOTAL FUNDS 303,000 |
Net movement At in funds 31.5.23 £ £ 74,065 81,788 74,065 81,788 Resources Movement expended in funds £ £ (465,935) 74,065 (465,935) 74,065 Net movement At in funds 31.5.22 £ £ (23,661) 7,723 (23,661) 7,723 Resources Movement expended in funds £ £ (326,661) (23,661) (326,661) (23,661) |
|---|---|
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BOROUGHLEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
9. RELATED PARTY DISCLOSURES
The charity received unrestricted donations of £540,000 from companies in which a trustee has an interest and made a donations of £67,100 to a charity in which a trustee has an interest
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