**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: 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. 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