Registered number: 10754718 Charity number: 1174314
BEDETEX LTD
(A company limited by guarantee)
Unaudited
Trustees' report and financial statements
For the Year Ended 31 May 2021
BEDETEX LTD
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 - 7 |
| Notes to the financial statements | 8 - 14 |
(A company limited by guarantee)
BEDETEX LTD
Reference and administrative details of the Company, its Trustees and advisers For the Year Ended 31 May 2021
| Trustees | Mr A Zonszajn |
|---|---|
| Mrs R Zonszajn | |
| Mr S Landau | |
| Company registered number 10754718 Charity registered number 1174314 Registered office 18 Lingwood Road London E5 9BN Accountants Accshire Accountancy LLP Rear Entrance 123 Clapton Common London E5 9AB Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4TA |
Page 1
BEDETEX LTD
(A company limited by guarantee)
Trustees' report For the Year Ended 31 May 2021
The Trustees present their annual report together with the financial statements of the Bedetex Ltd for the year 1 June 2020 to 31 May 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objectives of the charity are the support of Orthodox Jewish religion, education and welfare, generally by making grants to charitable organisations.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The trustees select the institutions to be supported according to their personal knowledge of the work of the institution. Grants are given according to circumstances and funds then available.
Achievements and performance
a. Main achievements of the Company
During the year the charity managed its investment portfolio, and made donations from the profits generated.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and they therefore continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The charity aims to retain sufficient reserves to meet its operating commitments.
Page 2
BEDETEX LTD
(A company limited by guarantee)
Trustees' report (continued) For the Year Ended 31 May 2021
Structure, governance and management
a. Constitution
The charity is registered as a charitable company limited by guarantee and is governed by a Memorandum and Articles of Association dated 4 May 2017.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Financial risk management
The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 22 February 2022 and signed on their behalf by:
Trustee
Mr A Zonszajn
Page 3
BEDETEX LTD (A company limited by guarantee)
Independent examiner's report For the Year Ended 31 May 2021
Independent examiner's report to the Trustees of Bedetex Ltd ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 May 2021.
Responsibilities and basis of report
As the Trustees of the Company (and 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 the Company's accounts 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
-
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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 22 February 2022 F Lazega FCCA Accshire Accountancy LLP Rear Entrance 123 Clapton Common London E5 9AB
Page 4
BEDETEX LTD
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 May 2021
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 143,333 66,029 209,362 37,666 41,117 78,783 130,579 1,471,672 130,579 1,602,251 |
Total funds 2021 £ 143,333 66,029 209,362 37,666 41,117 78,783 130,579 1,471,672 130,579 1,602,251 |
Total funds 2020 £ 26,250 50,186 |
|---|---|---|---|
| 76,436 | |||
| 24,018 35,806 |
|||
| 59,824 | |||
| 16,612 | |||
| 1,455,060 16,612 |
|||
| 1,471,672 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 14 form part of these financial statements.
Page 5
BEDETEX LTD
(A company limited by guarantee) Registered number: 10754718
Balance sheet As at 31 May 2021
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
6,023 21,194 27,217 (18,299) |
2021 £ 1,593,333 1,593,333 8,918 1,602,251 1,602,251 1,602,251 - 1,602,251 1,602,251 |
14,794 13,078 27,872 (6,200) |
2020 £ 1,450,000 |
|---|---|---|---|---|
| 1,450,000 21,672 |
||||
| 1,471,672 | ||||
| 1,471,672 | ||||
| 1,471,672 | ||||
| - 1,471,672 |
||||
| 1,471,672 |
Page 6
BEDETEX LTD
(A company limited by guarantee) Registered number: 10754718
Balance sheet (continued) As at 31 May 2021
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 22 February 2022 and signed on their behalf by:
Mr A Zonszajn
Trustee
The notes on pages 8 to 14 form part of these financial statements.
Page 7
BEDETEX LTD
(A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 May 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Bedetex Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.3 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 on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events, non-charitable trading and investment management costs.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when they are paid.
All expenditure is inclusive of irrecoverable VAT.
1.4 Investment Property
Investment property is carried at fair value determined annually by the trustees and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the SOFA.
1.5 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 Company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 8
BEDETEX LTD
(A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 May 2021
2. Income from donations and legacies
| Donations Donations 3. Investment income Rent received Rent received |
Unrestricted funds 2021 £ 143,333 Unrestricted funds 2020 £ 26,250 Unrestricted funds 2021 £ 66,029 Unrestricted funds 2020 £ 50,186 |
Total funds 2021 £ 143,333 |
|---|---|---|
| Total funds 2020 £ 26,250 |
||
| Total funds 2021 £ 66,029 |
||
| Total funds 2020 £ 50,186 |
Page 9
BEDETEX LTD
(A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 May 2021
4. Investment management costs
| Investment management costs Bank charges Investment management costs Bank charges Analysis of grants Grants Grants |
Unrestricted funds 2021 £ 37,493 173 37,666 Unrestricted funds 2020 £ 23,960 58 24,018 Grants to Institutions 2021 £ 39,797 Grants to Institutions 2020 £ 34,606 |
Total funds 2021 £ 37,493 173 |
|---|---|---|
| 37,666 | ||
| Total funds 2020 £ 23,960 58 |
||
| 24,018 | ||
| Total funds 2021 £ 39,797 |
||
| Total funds 2020 £ 34,606 |
5. Analysis of grants
Page 10
BEDETEX LTD
(A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 May 2021
5. Analysis of grants (continued)
The Company has made the following material grants to institutions during the year:
| Name of institution Just Kidz London Care All Limited The Rehabilitation Trust Other grants to institutions |
2021 £ 10,100 6,000 5,000 |
|---|---|
| 21,100 18,697 |
|
| 39,797 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Grants Support costs - independent examiner fee Grants Support costs - independent examiner fee |
Unrestricted funds 2021 £ 39,917 1,200 41,117 Unrestricted funds 2020 £ 34,606 1,200 35,806 |
Total funds 2021 £ 39,917 1,200 |
|---|---|---|
| 41,117 | ||
| Total funds 2020 £ 34,606 1,200 |
||
| 35,806 |
Page 11
BEDETEX LTD
(A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 May 2021
7. Analysis of expenditure by activities
| Grants Support costs - independent examiner fee Grants Support costs - independent examiner fee |
Grant funding of activities 2021 £ 39,797 - 39,797 Grant funding of activities 2020 £ 34,606 - 34,606 |
Support costs 2021 £ 120 1,200 1,320 Support costs 2020 £ - 1,200 1,200 |
Total funds 2021 £ 39,917 1,200 |
|---|---|---|---|
| 41,117 | |||
| Total funds 2020 £ 34,606 1,200 |
|||
| 35,806 |
Page 12
BEDETEX LTD
(A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 May 2021
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 May 2021, no Trustee expenses have been incurred (2020 - £NIL) .
9. Tangible fixed assets
| Cost or valuation At 1 June 2020 Additions At 31 May 2021 Net book value At 31 May 2021 At 31 May 2020 |
Freehold property £ 1,450,000 143,333 |
|---|---|
| 1,593,333 | |
| 1,593,333 | |
| 1,450,000 |
10. Debtors
| Due within one year Trade debtors Other debtors |
2021 £ 6,023 - 6,023 |
2020 £ 10,175 4,619 |
|---|---|---|
| 14,794 |
Page 13
BEDETEX LTD
(A company limited by guarantee)
Notes to the financial statements For the Year Ended 31 May 2021
11. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2021 £ 15,899 2,400 18,299 |
2020 £ 5,000 1,200 |
|---|---|---|
| 6,200 |
| 12. Statement of funds Statement of funds - current year Unrestricted funds Reserves Statement of funds - prior year Unrestricted funds Reserves |
Balance at 1 June 2020 £ 1,471,672 Balance at 1 June 2019 £ 1,455,062 |
Income £ 209,362 Income £ 76,435 |
Expenditure £ (78,783) Expenditure £ (59,825) |
Balance at 31 May 2021 £ 1,602,251 |
|---|---|---|---|---|
| Balance at 31 May 2020 £ 1,471,672 |
Page 14