2021-03-31-accounts - Cosmon (Belz) Limited

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REGISTERED COMPANY NUMBER: 01064198 (England and Wales) REGISTERED CHARITY NUMBER: 266130

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Cosmon (Belz) Limited

Martin+Heller 5 North End Road London NW11 7RJ

Cosmon (Belz) Limited

Contents of the Financial Statements for the Year Ended 31 March 2021

	Page
Report of the Trustees	1 to 2
Independent Examiner's Report	3
Statement of Financial Activities	4
Balance Sheet	5 to 6
Notes to the Financial Statements	7 to 13
Detailed Statement of Financial Activities	14

Cosmon (Belz) Limited

Report of the Trustees for the Year Ended 31 March 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 March 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

The charity was formed to advance religion in accordance with the orthodox Jewish faith and for such other purposes as are recognised by English law as charitable. To this end the charity has made various grants in the year under review.

The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.

ACHIEVEMENT AND PERFORMANCE

During the year the charity continued to raise and apply funds and grants in furtherance of its objectives.

FUTURE PLANS

There are no current plans to change the activities or modus operandi in the foreseeable future.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is constituted as a limited company, and was formed on 4 August 1972. The company is managed and controlled by the directors who are the trustees, who meet regularly. 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 training and induction procedures.

Risk management

The trustees have identified and reviewed the major risks to which the charity is exposed.

Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures manage any perceived risks.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01064198 (England and Wales)

Registered Charity number

266130

Registered office

34 Heathland Road London N16 5LZ

Trustees

J Baumgarten I Sternlicht S Rand

Company Secretary

J Baumgarten

Page 1

Cosmon (Belz) Limited

Report of the Trustees for the Year Ended 31 March 2021

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner

Adrian Heller FCA 5 North End Road London NW11 7RJ

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ J Baumgarten - Trustee

Page 2

Independent Examiner's Report to the Trustees of Cosmon (Belz) Limited

Independent examiner's report to the trustees of Cosmon (Belz) Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 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
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.

Adrian Heller FCA 5 North End Road London NW11 7RJ

Date: .............................................

Page 3

Cosmon (Belz) Limited

Statement of Financial Activities for the Year Ended 31 March 2021

Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Grants Governance Costs Other Total NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 83,645 112,491 196,136 7,652 517,757 2,760 88,668 616,837 (420,701) - (420,701) 4,538,882 4,118,181	Restricted fund £ - - - - - - - - - - - - -	31.3.21 Total funds £ 83,645 112,491 196,136 7,652 517,757 2,760 88,668 616,837 (420,701) - (420,701) 4,538,882 4,118,181	31.3.20 Total funds £ 505,639 135,498 641,137 6,036 2,589,277 (2,100) 97,892 2,691,105 (2,049,968) 2,000,000 (49,968) 4,588,850 4,538,882

The notes form part of these financial statements

Page 4

Cosmon (Belz) Limited

Balance Sheet 31 March 2021

Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 12 NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS	Unrestricted fund £ 7,500,000 59,479 32,211 91,690 (911,043) (819,353) 6,680,647 (2,562,466) 4,118,181	Restricted fund £ - - - - - - - - -	31.3.21 Total funds £ 7,500,000 59,479 32,211 91,690 (911,043) (819,353) 6,680,647 (2,562,466) 4,118,181 4,118,181 4,118,181	31.3.20 Total funds £ 7,500,000 21,500 116,451 137,951 (2,335,456) (2,197,505) 5,302,495 (763,613) 4,538,882 4,538,882 4,538,882

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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...

Cosmon (Belz) Limited

Balance Sheet - continued 31 March 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 ............................................. and were signed on its behalf by:

............................................. J Baumgarten - Trustee

The notes form part of these financial statements

Page 6

Cosmon (Belz) Limited

Notes to the Financial Statements for the Year Ended 31 March 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.

Allocation and apportionment of costs

Governance costs include costs of the preparation of financial statements, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.

Tangible fixed assets

Tangible fixed assets, comprised of investment property, is stated at the trustees estimate of market value at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

continued...

Page 7

Cosmon (Belz) Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

2. INVESTMENT INCOME

Rents received 3. RAISING FUNDS Investment management costs Insurance Rates and water Property repairs 4. GRANTS PAYABLE Grants The total grants paid to institutions during the year was as follows: Donations to institutions Total grants to institutions is comprised as follows: Belz Kollel Belz Manchester Ezer Leyoldos Dover Sholem Community Trust Kollel Shomrei Hachomos Mercaz Torah Vechesed Moreshet Hatorah Ltd Torah Vemunah Other donations less than £10,000		31.3.21 £ 112,491 31.3.21 £ 3,257 283 4,112 7,652 31.3.21 £ 517,757 31.3.21 £ 517,757		31.3.20 £ 135,498 31.3.20 £ 4,165 560 1,311 6,036 31.3.20 £ 2,589,277 31.3.20 £ 389,277 36,500 10,000 35,000 22,750 10,660 14,142 341,000 32,600 15,105 517,757

continued...

Page 8

Cosmon (Belz) Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

	31.3.21	31.3.20
	£	£
Auditors' remuneration	-	(3,000)

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

7. STAFF COSTS

The average monthly number of employees during the year was as follows:

	31.3.21	31.3.20
Office Admin	1	1

No employees received emoluments in excess of £60,000.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 505,639 Investment income 135,498 Total 641,137 EXPENDITURE ON Raising funds 6,036 Charitable activities Grants 2,589,277 Governance Costs (2,100) Other 97,892 Total 2,691,105 NET INCOME/(EXPENDITURE) (2,049,968) Other recognised gains/(losses) Gains on revaluation of fixed assets 2,000,000	Restricted fund £ - - - - - - - - - -	Total funds £ 505,639 135,498 641,137 6,036 2,589,277 (2,100) 97,892 2,691,105 (2,049,968) 2,000,000

continued...

Page 9

Cosmon (Belz) Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ Net movement in funds (49,968) RECONCILIATION OF FUNDS Total funds brought forward 4,588,850 TOTAL FUNDS CARRIED FORWARD 4,538,882 9. TANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Rent debtors Tax	- continued Restricted fund £ - - - 31.3.21 £ 2,500 56,979 - 59,479		Total funds £ (49,968) 4,588,850 4,538,882 Freehold property £ 7,500,000 7,500,000 7,500,000 31.3.20 £ 2,500 4,000 15,000 21,500

continued...

Page 10

Cosmon (Belz) Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21
£
Bank loans and overdrafts (see note 13)
142,966
Trade creditors
15,336
Other creditors
750,221
Accruals and deferred income
2,520
911,043
12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.21
£
Bank loans (see note 13)
2,562,466
13.
LOANS
An analysis of the maturity of loans is given below:
31.3.21
£
Amounts falling due within one year on demand:
Bank loans
142,966
Amounts falling between one and two years:
Bank loans - 1-2 years
150,920
Amounts falling due between two and five years:
Bank loans - 2-5 years
452,761
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
1,958,785
14.
MOVEMENT IN FUNDS
Net
movement
At 1/4/20
in funds
£
£
Unrestricted funds
General fund
4,538,882
(420,701)
TOTAL FUNDS
4,538,882
(420,701)

31.3.20
£
118,805
8,040
2,205,011
3,600
2,335,456
31.3.20
£
763,613
31.3.20
£
118,805
118,805
356,417
288,391
At
31/3/21
£
4,118,181
4,118,181

continued...

Page 11

Cosmon (Belz) Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

14. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 196,136 196,136	Resources Movement expended in funds £ £ (616,837) (420,701) (616,837) (420,701)

Comparatives for movement in funds

Unrestricted funds General fund TOTAL FUNDS	At 1/4/19 £ 4,588,850 4,588,850	Net movement in funds £ (49,968) (49,968)	At 31/3/20 £ 4,538,882 4,538,882

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 641,137 641,137	Resources expended £ (2,691,105) (2,691,105)	Gains and losses £ 2,000,000 2,000,000	Movement in funds £ (49,968) (49,968)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund TOTAL FUNDS	At 1/4/19 £ 4,588,850 4,588,850	Net movement in funds £ (470,669) (470,669)	At 31/3/21 £ 4,118,181 4,118,181

continued...

Page 12

Cosmon (Belz) Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

14. 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 TOTAL FUNDS	Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 837,273 (3,307,942) 2,000,000 (470,669) 837,273 (3,307,942) 2,000,000 (470,669)

15. RELATED PARTY DISCLOSURES

Mr J Baumgarten is also a trustee of Moreshet Hatorah Limited and Kollel Shomrei Hachomos.

During the period, rent receivable from Moreshet Hatorah Limited was £45,546. Donations paid to Moreshet Hatorah Limited amounted to £341,000. As at the balance sheet date, the balance owing to Moreshet Hatorah Limited was £690,221.

Donations paid to Kollel Shomrei Hachomos amounted to £10,660.

During the year, one of the trustees lent the charity £60,000. As at the balance sheet date, this amount was still outstanding.

Page 13

Cosmon (Belz) Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2021

INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Total incoming resources EXPENDITURE Investment management costs Insurance Rates and water Property repairs Charitable activities Grants to institutions Support costs Governance costs Wages Auditors' remuneration Sundries Accountancy and legal fees Legal fees Bank interest Total resources expended Net expenditure	31.3.21 £ 83,645 112,491 196,136 3,257 283 4,112 7,652 517,757 6,655 - 15 2,760 21,518 60,480 91,428 616,837 (420,701)	31.3.20 £ 505,639 135,498 641,137 4,165 560 1,311 6,036 2,589,277 2,513 (3,000) - 900 55,091 40,288 95,792 2,691,105 (2,049,968)

This page does not form part of the statutory financial statements

Page 14