**REGISTERED COMPANY NUMBER: 00902444 (England and Wales) REGISTERED CHARITY NUMBER: 252210**
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED (A COMPANY LIMITED BY GUARANTEE)**
**REPORT OF THE TRUSTEES AND**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020**
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
**NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020**
|||**Page**||
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|3|
|**Independent Examiner's Report**|4|to|5|
|**Statement of Financial Activities**||6||
|**Balance Sheet**|7|to|8|
|**Notes to the Financial Statements**|9|to|15|
**NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **TRUSTEES**
Mr C D Schlaff Mrs Z Schlaff Mr J J Schlaff
## **COMPANY SECRETARY**
Mrs Z Schlaff
**REGISTERED OFFICE**
First Floor 94 Stamford Hill London N16 6XS
**REGISTERED COMPANY** 00902444 (England and Wales) **NUMBER**
## **REGISTERED CHARITY NUMBER** 252210
## **INDEPENDENT EXAMINER**
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
## **BANKERS**
HSBC Bank plc 312 Seven Sisters Road Finsbury Park London N4 2AW
Page 1
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED (REGISTERED NUMBER: 00902444)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020**
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 30 September 2020. 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**
## **Objects for public benefit**
The objects of the charity are to promote Jewish scholarship by maintaining The Bilava Academy, an institute for advanced Jewish learning, and to provide student grants and facilities for mature students. The charity also supports orthodox Jewish educational and welfare charities.
The trustees have considered the Charity Commission's general guidance on public benefit.
## **Grantmaking policy**
In addition to making grants to the students of The Bilava Academy, the charity invites applications from religious and educational institutions as well as organisations providing services for the relief of poverty both in the UK and abroad.
## **ACHIEVEMENT AND PERFORMANCE**
## **Review of activities and performance**
The trustees are satisfied with the results for the year. Income for the year decreased on last year and the trustees reduced grantmaking accordingly, resulting in a net deficit for the year of £25,105. Free reserves at the year end were £3,191 (2019 - £19,653)
## **FINANCIAL REVIEW**
## **Investment policy**
The trustees have the power to invest in property, shares and other investments as they see fit.
## **Reserves policy**
The trustees ensure that the charity has sufficient reserves to enable meaningful assistance to be given and to support the running costs of the charity.
## **Risk review**
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Charity constitution**
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 31 March 1967.
## **Organisational structure**
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.
Page 2
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED (REGISTERED NUMBER: 00902444)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020**
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 29 July 2021 and signed on its behalf by:
Mr C D Schlaff - Trustee
Page 3
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **Independent examiner's report to the trustees of Nuchem And Reisel Schlaff Memorial Fund Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2020.
## **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.
Page 4
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **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 registered member of 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:
1. 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
3. 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
4. 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 Institute of Chartered Accountants in England and Wales Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
29 July 2021
Page 5
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2020**
|**2020**
**Unrestricted**
**funds**
**Notes**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
331,000
Investment income
2
278
**Total**
331,278
**EXPENDITURE ON**
**Charitable activities**
3
Charitable activities
330,895
Academy expenses
21,372
**Total**
352,267
Net gains/(losses) on investments
(4,116)
**NET INCOME/(EXPENDITURE)**
(25,105)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
436,923
**TOTAL FUNDS CARRIED FORWARD**
411,818|**2019**
**Total**
**funds**
**£**
345,547
687
346,234
334,393
29,033
363,426
(2,461)
(19,653)
456,576
436,923|
|---|---|
The notes form part of these financial statements
Page 6
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED (REGISTERED NUMBER: 00902444)**
## **BALANCE SHEET 30 SEPTEMBER 2020**
|**Notes**
**FIXED ASSETS**
Tangible assets
8
Investments
9
**CURRENT ASSETS**
Debtors
10
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds:
General fund
Fair value reserve
**TOTAL FUNDS**|**2020**
**Total**
**funds**
**£**
98,157
4,791
102,948
305,679
5,884
311,563
(2,693)
308,870
411,818
411,818
408,753
3,065
411,818
411,818|**2019**
**Total**
**funds**
**£**
98,157
8,907
107,064
315,679
16,993
332,672
(2,813)
329,859
436,923
436,923
429,742
7,181
436,923
436,923|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
Page 7
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED (REGISTERED NUMBER: 00902444)**
## **BALANCE SHEET - continued 30 SEPTEMBER 2020**
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.
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 29 July 2021 and were signed on its behalf by:
Mr C D Schlaff - Trustee
The notes form part of these financial statements
Page 8
**NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Preparation of consolidated financial statements**
The financial statements contain information about Nuchem And Reisel Schlaff Memorial Fund Limited as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
## **Critical accounting judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **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.
Donations are recognised in the Statement of Financial Activities of the charity when received.
Income from investments is included in the year in which it is receivable.
## **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 are only recognised in the accounts when paid.
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.
Page 9
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**||
|---|---|
|**2020**
**Unrestricted**
**funds**
**£**
Dividends received
278
Deposit account interest
-
278|**2019**
**Total**
**funds**
**£**
634
53|
||687|
## **3. CHARITABLE ACTIVITIES COSTS**
|**Grant**
**funding of**
**activities**
**Direct**
**(see note**
**Costs**
**4)**
**£**
**£**
Charitable activities
-
327,578
Academy expenses
21,372
-
21,372
327,578
**GRANTS PAYABLE**
Charitable activities
The total grants paid to institutions during the year was as follows:
Advancement of religion
Education
Relief of poverty
General purpose
Social welfare
Medical||
|---|---|
|The ABC Trust||
|Bilava||
|Kahal Chassidim Bobov||
|Dushinsky Trust||
|Mercaz Hatorah Machnovke||
|Friends of Beis Chinuch||
|Other grants below £15,000||
|||
|||
|||
## **4. GRANTS PAYABLE**
Page 10
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **5. SUPPORT COSTS**
|**SUPPORT COSTS**||||
|---|---|---|---|
|||**Governance**||
||**Management**|**costs**|**Totals**|
||**£**|**£**|**£**|
|Charitable activities|346|2,971|3,317|
|Support costs, included in the above, are as follows:||||
|||**2020**|**2019**|
|||**Charitable**|**Total**|
|||**activities**|**activities**|
|||**£**|**£**|
|Bank charges||346|348|
|General expenses||451|385|
|Independent examiner's fee||600|600|
|Independent examiner's other fees||1,920|1,830|
|||3,317|3,163|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 September 2020 nor for the year ended 30 September 2019.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 September 2020 nor for the year ended 30 September 2019.
## **7. AVERAGE STAFF NUMBERS**
The average number of employees in the year was Nil ( 2019 - Nil ).
## **8. TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||
|---|---|
||**Freehold**|
||**property**|
||**£**|
|**COST**||
|At 1 October 2019 and||
|30 September 2020|98,157|
|**NET BOOK VALUE**||
|At 30 September 2020|98,157|
|At 30 September 2019|98,157|
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## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **9. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||||
|---|---|---|---|
||**Listed**|**Unlisted**||
||**investments**|**investments**|**Totals**|
||**£**|**£**|**£**|
|**MARKET VALUE**||||
|At 1 October 2019|8,805|102|8,907|
|Revaluations|(4,116)|-|(4,116)|
|At 30 September 2020|4,689|102|4,791|
|**NET BOOK VALUE**||||
|At 30 September 2020|4,689|102|4,791|
|At 30 September 2019|8,805|102|8,907|
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
## **Wintertrees Properties Limited**
|Registered office: UK
Nature of business: Property Investment
**%**
**Class of share:**
**holding**
Ordinary
100
Aggregate capital and reserves
Profit/(loss) for the year
**Benthal Properties Limited**
Registered office: UK
Nature of business: Property investment
**%**
**Class of share:**
**holding**
Ordinary
100
Aggregate capital and reserves|**30.9.20**
**£**
1,150,640
14,204
**30.9.20**
**£**
100|**30.9.19**
**£**
1,136,436
(4,248)
**28.2.19**
**£**
100|
|---|---|---|
Page 12
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Amounts owed by connected companies
Other loans
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
Accruals and deferred income
**12.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Fair value reserve
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Incoming**
**resources**
**£**
**Unrestricted funds**
General fund
331,278
Fair value reserve
-
331,278
**TOTAL FUNDS**
331,278|
**At**
**1.10.19**
**£**
429,742
7,181
436,923
436,923
**Resources**
**expended**
**£**
(352,267)
-
(352,267)
(352,267)|**2020**
**2019**
**£**
**£**
205,679
215,679
100,000
100,000
305,679
315,679
**2020**
**2019**
**£**
**£**
173
133
2,520
2,680
2,693
2,813
**Net**
**movement**
**At**
**in funds**
**30.9.20**
**£**
**£**
(20,989)
408,753
(4,116)
3,065
(25,105)
411,818
(25,105)
411,818
**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
-
(20,989)
(4,116)
(4,116)
(4,116)
(25,105)
(4,116)
(25,105)|
|---|---|---|
Page 13
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **12. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Fair value reserve
**TOTAL FUNDS**|**At**
**1.10.18**
**£**
446,934
9,642
456,576
456,576|**Net**
**movement**
**in funds**
**£**
(17,192)
(2,461)
(19,653)
(19,653)|**At**
**30.9.19**
**£**
429,742
7,181|
|---|---|---|---|
||||436,923|
||||436,923|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Fair value reserve
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
346,234
-
346,234
346,234|**Resources**
**expended**
**£**
(363,426)
-
(363,426)
(363,426)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
-
(17,192)
(2,461)
(2,461)
(2,461)
(19,653)
(2,461)
(19,653)|
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
Fair value reserve
**TOTAL FUNDS**|**At**
**1.10.18**
**£**
446,934
9,642
456,576
456,576|**Net**
**movement**
**in funds**
**£**
(38,181)
(6,577)
(44,758)
(44,758)|**At**
**30.9.20**
**£**
408,753
3,065|
|---|---|---|---|
||||411,818|
||||411,818|
Page 14
## **NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **12. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Fair value reserve
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
677,512
-
677,512
677,512|**Resources**
**expended**
**£**
(715,693)
-
(715,693)
(715,693)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
-
(38,181)
(6,577)
(6,577)
(6,577)
(44,758)
(6,577)
(44,758)|
|---|---|---|---|
## **13. RELATED PARTY DISCLOSURES**
Aside from related party information shown in Note 9, the charity received an unrestricted donation of £32,000 from the trustees. Additionally, the charity received unrestricted donations totalling £291,000 from companies in which the trustees have an interest.
Page 15