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 2024
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 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 15 |
NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2024
TRUSTEES
Mr C D Schlaff Mrs I F Z Schlaff Mr J J Schlaff
COMPANY SECRETARY Mrs I F Z Schlaff REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 00902444 (England and Wales) NUMBER
REGISTERED CHARITY 252210 NUMBER
INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
BANKERS Metro Bank PLC 1 Southampton Row London WC1B 5HA
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED (REGISTERED NUMBER: 00902444)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 2024. 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 supporting The Bilava Academy, the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
ACHIEVEMENT AND PERFORMANCE
Review of activities and performance
The charity is reliant on donations from related companies. There was an increase income of almost 70%. Although grantmaking was increased by 50% with a fall in other expenditure there was a deficit for the year. The charity's non dormant subsidiary continues to perform satisfactorily.
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. Reserves at the year end were £221,188 (2023 - £464,058).
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.
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
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.
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED (REGISTERED NUMBER: 00902444)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties
The charity has two wholly owned non charitable subsidiaries, Wintertrees Properties Limited and Benthal Properties Ltd. Related party transactions are shown in note 14 to the financial statements.
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 2025 and signed on its behalf by:
Mr C D Schlaff - Trustee
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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 2024.
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:
-
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 Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
29 July 2025
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities 3 Grantmaking Academy expenses Support costs Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 Unrestricted funds £ 917,000 165 917,165 1,149,014 7,137 3,952 1,160,103 68 (242,870) 464,058 221,188 |
2023 Total funds £ 548,854 1,780 550,634 765,190 18,738 4,174 788,102 288 (237,180) 701,238 464,058 |
|---|---|---|
The notes form part of these financial statements
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED (REGISTERED NUMBER: 00902444)
BALANCE SHEET 30 SEPTEMBER 2024
| 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 |
2024 Total funds £ 110,045 8,833 118,878 325,679 111 325,790 (223,480) 102,310 221,188 221,188 218,123 3,065 221,188 221,188 |
2023 Total funds £ 110,045 8,765 118,810 325,679 23,049 348,728 (3,480) 345,248 464,058 464,058 460,993 3,065 464,058 464,058 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 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.
The notes form part of these financial statements
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED (REGISTERED NUMBER: 00902444)
BALANCE SHEET - continued 30 SEPTEMBER 2024
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 2025 and were signed on its behalf by:
Mr C D Schlaff - Trustee
The notes form part of these financial statements
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Interest received Net cash provided by investing 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 |
2024 £ (22,938) (22,938) - - (22,938) 23,049 111 |
2023 £ (738,581) (738,581) 1,649 1,649 (736,932) 759,981 23,049 |
|---|---|---|
The notes form part of these financial statements
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Gain on investments Interest received Increase/(decrease) in creditors Net cash used in operations |
2024 £ (242,870) (68) - 220,000 (22,938) |
2023 £ (237,180) (288) (1,649) (499,464) |
| (738,581) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.10.23 | Cash flow | At 30.9.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 23,049 | (22,938) | 111 |
| 23,049 | (22,938) | 111 | |
| Total | 23,049 | (22,938) | 111 |
The notes form part of these financial statements
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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.
Going concern
There are no material uncertainties about the charity's ability to continue.
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Dividends received Deposit account interest CHARITABLE ACTIVITIES COSTS Grant funding of activities Direct (see note Costs 4) £ £ Grantmaking - 1,149,014 Academy expenses 7,137 - Support costs - - 7,137 1,149,014 GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Advancement of religion Advancement of education Relief of poverty Social welfare Medical |
2024 2023 Unrestricted Total funds funds £ £ 165 131 - 1,649 165 1,780 Support costs (see note 5) Totals £ £ - 1,149,014 - 7,137 3,952 3,952 3,952 1,160,103 2024 2023 £ £ 1,149,014 765,190 2024 2023 £ £ 927,000 531,480 123,764 164,354 48,250 7,950 50,000 21,000 - 40,250 1,149,014 765,034 368,000 258,000 225,500 59,000 26,000 25,000 25,000 25,000 137,514 1,149,014 |
|
| 1,160,103 | ||
| 2023 £ 765,190 |
||
| 2023 £ 531,480 164,354 7,950 21,000 40,250 |
||
| 765,034 | ||
| The ABC Trust | ||
| Wychdale Limited | ||
| Netzach Charitable Trust | ||
| The Friends of Yeshivat Shaar Hashamayim | ||
| Tomchai Torah B'am Yisroel | ||
| United Talmudical Associates Ltd | ||
| One Heart - Lev Echod | ||
| Inspirations | ||
| Others below £20,000 | ||
3. CHARITABLE ACTIVITIES COSTS
4. GRANTS PAYABLE
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
4. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
| The total grants paid to individuals during the year was as | follows: | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Relief of poverty | - | 156 | |
| SUPPORT COSTS | |||
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support costs | 49 | 3,903 | 3,952 |
| Support costs, included in the above, are as follows: | |||
| Finance | |||
| 2024 | 2023 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Bank charges | 49 | 355 | |
| Governance costs | |||
| 2024 | 2023 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| General expenses | 423 | 283 | |
| Independent examiner's fee | 840 | 840 | |
| Independent examiner's other fees | 2,640 | 2,640 | |
| Legal and professional fees | - | 56 | |
| 3,903 | 3,819 |
5. SUPPORT COSTS
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023.
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
7. AVERAGE STAFF NUMBERS
The average number of employees in the year was Nil ( 2023 - Nil ).
8. TANGIBLE FIXED ASSETS
| 8. | TANGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Fixtures | ||||
| Freehold | and | |||
| property | fittings | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 October 2023 and | ||||
| 30 September 2024 | 98,157 | 11,888 | 110,045 | |
| NET BOOK VALUE | ||||
| At 30 September 2024 | 98,157 | 11,888 | 110,045 | |
| At 30 September 2023 | 98,157 | 11,888 | 110,045 | |
| 9. | FIXED ASSET INVESTMENTS | |||
| Listed | Unlisted | |||
| investments | investments | Totals | ||
| £ | £ | £ | ||
| MARKET VALUE | ||||
| At 1 October 2023 | 8,663 | 102 | 8,765 | |
| Revaluations | 68 | - | 68 | |
| At 30 September 2024 | 8,731 | 102 | 8,833 | |
| NET BOOK VALUE | ||||
| At 30 September 2024 | 8,731 | 102 | 8,833 | |
| At 30 September 2023 | 8,663 | 102 | 8,765 |
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 | ||
| 30.9.24 | 30.9.23 | ||
| £ | £ | ||
| Aggregate capital and reserves | 1,111,974 | 1,108,921 | |
| Profit for the year | 3,485 | 12,423 |
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
9. FIXED ASSET INVESTMENTS - continued
Benthal Properties Limited
Registered office: UK Nature of business: Property investment
| % Class of share: holding Ordinary 100 Aggregate capital and reserves 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 |
30.9.24 £ 100 2024 £ 225,679 100,000 325,679 2024 £ 220,000 3,480 223,480 |
30.9.23 £ 100 2023 £ 225,679 100,000 325,679 2023 £ - 3,480 3,480 |
|---|---|---|
12. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
At 1.10.23 £ 460,993 3,065 464,058 464,058 |
Net movement in funds £ (242,870) - (242,870) (242,870) |
At 30.9.24 £ 218,123 3,065 |
| 221,188 | |||
| 221,188 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 917,165 917,165 |
Resources expended £ (1,160,103) (1,160,103) |
Gains and losses £ 68 68 |
Movement in funds £ (242,870) (242,870) |
|---|---|---|---|---|
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NUCHEM AND REISEL SCHLAFF MEMORIAL FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
At 1.10.22 £ 698,173 3,065 701,238 701,238 |
Net movement in funds £ (237,180) - (237,180) (237,180) |
At 30.9.23 £ 460,993 3,065 |
|---|---|---|---|
| 464,058 | |||
| 464,058 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 550,634 550,634 |
Resources expended £ (788,102) (788,102) |
Gains and Movement losses in funds £ £ 288 (237,180) 288 (237,180) |
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
The charity received all its donations from companies in which the trustees have an interest and made grants of £258,000 to a charity of which the trustees also have an interest. The charity's subsidiary Wintertrees Ltd at the balance sheet date owed £193,679 (2023 - £193,679). Included in debtors is £32,000 from companies which have a connection to the trustees.
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