REGISTERED COMPANY NUMBER: 01064198 (England and Wales) REGISTERED CHARITY NUMBER: 266130
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2023
for
Cosmon (Belz) Limited
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Cosmon (Belz) Limited
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Report of the Independent Auditors | 3 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 18 |
| Detailed Statement of Financial Activities | 19 |
Cosmon (Belz) Limited
Report of the Trustees for the Year Ended 31 March 2023
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 2023. 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.
STRATEGIC REPORT
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
Page 1
Cosmon (Belz) Limited
Report of the Trustees for the Year Ended 31 March 2023
REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary
J Baumgarten
Auditors
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Cosmon (Belz) Ltd for the purposes of company law) are responsible for preparing the Trustees Annual Report and thc financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).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 thc company and the income and expenditure of the company for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The trustees are responsible for keeping adequate accounting records that am 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.
AUDITORS
The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:
.......................................................................... J Baumgarten - Trustee
Page 2
Report of the Independent Auditors to the Members of Cosmon (Belz) Limited
Opinion
We have audited the financial statements of Cosmon (Belz) Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 3
Report of the Independent Auditors to the Members of Cosmon (Belz) Limited
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 4
Report of the Independent Auditors to the Members of Cosmon (Belz) Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
We assess compliance with applicable laws and regulations that could reasonably be expected to have a material effect on the financial statements. The key laws and regulations we have considered in this context included the Charities SORP (FRS 102). In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.We discussed with management the extent of compliance with those laws and regulations as part of our audit procedures.
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We address the risk of fraud through management override of controls, by obtaining an understanding of internal control and by designing audit procedures that are appropriate and sufficient. We evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and judgements made by management. We identified and assessed any significant transactions that are unusual or outside the normal course of business, and we incorporated testing of manual journal entries and corrections into our audit approach.
-Our audit procedures were designed to identify and assess risks of material misstatement in the financial statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, misrepresentations, or management override of controls. We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations.
-There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. Our responsibility is to conclude whether the financial statements represent the underlying financial position and activities of the charity and to ensure that the overall content and presentation of the financial statements gives a fair view.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 5
Report of the Independent Auditors to the Members of Cosmon (Belz) Limited
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr A Heller FCA (Senior Statutory Auditor) for and on behalf of Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Date: .............................................
Page 6
Cosmon (Belz) Limited
Statement of Financial Activities for the Year Ended 31 March 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 236,696 Investment income 3 205,491 Total 442,187 EXPENDITURE ON Raising funds 4 2,871 Charitable activities 5 Grants 354,561 Governance Costs 2,400 Other 125,345 Total 485,177 NET INCOME/(EXPENDITURE) (42,990) RECONCILIATION OF FUNDS Total funds brought forward 4,490,424 TOTAL FUNDS CARRIED FORWARD 4,447,434 |
Restricted fund £ - - - - - - - - - - - |
31.3.23 Total funds £ 236,696 205,491 442,187 2,871 354,561 2,400 125,345 485,177 (42,990) 4,490,424 4,447,434 |
31.3.22 Total funds £ 562,499 190,240 |
|---|---|---|---|
| 752,739 | |||
| 13,373 269,309 2,520 95,294 |
|||
| 380,496 | |||
| 372,243 4,118,181 |
|||
| 4,490,424 |
The notes form part of these financial statements
Page 7
Cosmon (Belz) Limited
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Tangible assets 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 7,500,000 16,758 60,024 76,782 (764,474) (687,692) 6,812,308 (2,364,874) 4,447,434 |
Restricted fund £ - - - - - - - - - |
31.3.23 Total funds £ 7,500,000 16,758 60,024 76,782 (764,474) (687,692) 6,812,308 (2,364,874) 4,447,434 4,447,434 4,447,434 |
31.3.22 Total funds £ 7,500,000 19,566 138,032 157,598 (721,994) (564,396) 6,935,604 (2,445,180) 4,490,424 4,490,424 4,490,424 |
|---|---|---|---|---|
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 8
Cosmon (Belz) Limited
Cash Flow Statement for the Year Ended 31 March 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from financing activities Loan repayments in year Net cash used in financing 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 |
31.3.23 £ 118,193 (115,895) 2,298 (80,306) (80,306) (78,008) 138,032 60,024 |
31.3.22 £ 301,074 (84,254) 216,820 (110,999) (110,999) 105,821 32,211 138,032 |
|---|---|---|
The notes form part of these financial statements
Page 9
Cosmon (Belz) Limited
Notes to the Cash Flow Statement for the Year Ended 31 March 2023
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest paid Decrease in debtors Increase/(decrease) in creditors Net cash provided by operations |
31.3.23 £ (42,990) 115,895 2,808 42,480 118,193 |
31.3.22 £ 372,243 84,254 39,913 (195,336) 301,074 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1/4/22 | Cash flow | At 31/3/23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 138,032 | (78,008) | 60,024 |
| 138,032 | (78,008) | 60,024 | |
| Debt | |||
| Debts falling due within 1 year | (149,253) | - | (149,253) |
| Debts falling due after 1 year | (2,445,180) | 80,306 | (2,364,874) |
| (2,594,433) | 80,306 | (2,514,127) | |
| Total | (2,456,401) | 2,298 | (2,454,103) |
The notes form part of these financial statements
Page 10
Cosmon (Belz) Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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.
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 11
Cosmon (Belz) Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 2. DONATIONS AND LEGACIES 31.3.23 £ Donations 236,696 3. INVESTMENT INCOME 31.3.23 £ Rents received 205,491 4. RAISING FUNDS Investment management costs 31.3.23 £ Rates and water 1,300 Property repairs 1,571 2,871 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grants 354,561 - Governance Costs - 2,400 354,561 2,400 . 6. GRANTS PAYABLE 31.3.23 £ Grants 354,561 The total grants paid to institutions during the year was as follows: 31.3.23 £ Donations to institutions 354,561 Total grants to institutions is comprised as follows: Belz Foundation Ltd Dover Sholem Community Trust |
2. DONATIONS AND LEGACIES 31.3.23 £ Donations 236,696 3. INVESTMENT INCOME 31.3.23 £ Rents received 205,491 4. RAISING FUNDS Investment management costs 31.3.23 £ Rates and water 1,300 Property repairs 1,571 2,871 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grants 354,561 - Governance Costs - 2,400 354,561 2,400 . 6. GRANTS PAYABLE 31.3.23 £ Grants 354,561 The total grants paid to institutions during the year was as follows: 31.3.23 £ Donations to institutions 354,561 Total grants to institutions is comprised as follows: Belz Foundation Ltd Dover Sholem Community Trust |
2. DONATIONS AND LEGACIES 31.3.23 £ Donations 236,696 3. INVESTMENT INCOME 31.3.23 £ Rents received 205,491 4. RAISING FUNDS Investment management costs 31.3.23 £ Rates and water 1,300 Property repairs 1,571 2,871 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grants 354,561 - Governance Costs - 2,400 354,561 2,400 . 6. GRANTS PAYABLE 31.3.23 £ Grants 354,561 The total grants paid to institutions during the year was as follows: 31.3.23 £ Donations to institutions 354,561 Total grants to institutions is comprised as follows: Belz Foundation Ltd Dover Sholem Community Trust |
31.3.22 £ 562,499 31.3.22 £ 190,240 31.3.22 £ 592 12,781 13,373 Totals £ 354,561 2,400 356,961 31.3.22 £ 269,309 31.3.22 £ 269,309 |
|---|---|---|---|
| 10,050 | |||
| 10,000 |
continued...
Page 12
Cosmon (Belz) Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
6. GRANTS PAYABLE - continued
| Mercaz Torah Vechesed | 16,926 |
|---|---|
| Moreshet Hatorah Ltd | 234,000 |
| Simchath Tzadikim Belz | 17,000 |
| The Talmud Torah Machzikei Hadass Trust | 53,135 |
| Other donations less than £10,000 | 13,450 |
| 354,561 | |
7. SUPPORT COSTS
| Governance | |
|---|---|
| costs | |
| £ | |
| Other resources expended | 125,345 |
| Governance Costs | 2,400 |
| 127,745 |
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 2,400 | 2,520 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
continued...
Page 13
Cosmon (Belz) Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 10. STAFF COSTS Wages and salaries The average monthly number of employees during the year was as follows: Office Admin No employees received emoluments in excess of £60,000. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 562,499 Investment income 190,240 Total 752,739 EXPENDITURE ON Raising funds 13,373 Charitable activities Grants 269,309 Governance Costs 2,520 Other 95,294 Total 380,496 NET INCOME 372,243 RECONCILIATION OF FUNDS Total funds brought forward 4,118,181 TOTAL FUNDS CARRIED FORWARD 4,490,424 |
31.3.23 £ 7,920 7,920 31.3.23 1 Restricted fund £ - - - - - - - - - - - |
31.3.22 £ 6,185 6,185 31.3.22 1 Total funds £ 562,499 190,240 |
|
|---|---|---|---|
| 752,739 | |||
| 13,373 269,309 2,520 95,294 |
|||
| 380,496 | |||
| 372,243 4,118,181 |
|||
| 4,490,424 |
continued...
Page 14
Cosmon (Belz) Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 12. TANGIBLE FIXED ASSETS COST At 1 April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 £ Other debtors 2,500 Rent debtors 14,258 16,758 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 £ Bank loans and overdrafts (see note 16) 149,253 Trade creditors 10,260 Other creditors 600,041 Accruals and deferred income 4,920 764,474 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.23 £ Bank loans (see note 16) 2,364,874 |
Freehold property £ 7,500,000 |
Freehold property £ 7,500,000 |
Freehold property £ 7,500,000 |
|---|---|---|---|
| 7,500,000 | |||
| 7,500,000 | |||
| 31.3.22 £ 15,000 4,566 19,566 31.3.22 £ 149,253 - 570,221 2,520 721,994 31.3.22 £ 2,445,180 |
31.3.22 £ 15,000 4,566 19,566 31.3.22 £ 149,253 - 570,221 2,520 |
31.3.22 £ 15,000 4,566 |
|
| 19,566 | |||
| 721,994 |
Page 15
continued...
Cosmon (Belz) Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 16. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 17. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1/4/22 £ 4,490,424 4,490,424 Incoming resources £ 442,187 442,187 |
31.3.23 £ 149,253 150,920 444,706 1,769,248 Net movement in funds £ (42,990) (42,990) Resources expended £ (485,177) (485,177) |
31.3.22 £ 149,253 150,920 450,261 1,843,999 At 31/3/23 £ 4,447,434 4,447,434 Movement in funds £ (42,990) (42,990) |
|---|---|---|---|
Page 16
continued...
Cosmon (Belz) Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/4/21 £ Unrestricted funds General fund 4,118,181 TOTAL FUNDS 4,118,181 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 752,739 TOTAL FUNDS 752,739 A current year 12 months and prior year 12 months combined position is as follows: At 1/4/21 £ Unrestricted funds General fund 4,118,181 TOTAL FUNDS 4,118,181 |
Net movement in funds £ 372,243 372,243 Resources expended £ (380,496) (380,496) Net movement in funds £ 329,253 329,253 |
At 31/3/22 £ 4,490,424 |
|---|---|---|
| 4,490,424 | ||
| Movement in funds £ 372,243 372,243 At 31/3/23 £ 4,447,434 |
||
| 4,447,434 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,194,926 | (865,673) | 329,253 |
| TOTAL FUNDS | 1,194,926 | (865,673) | 329,253 |
continued...
Page 17
Cosmon (Belz) Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
18. RELATED PARTY DISCLOSURES
Mr J Baumgarten is also a trustee of Moreshet Hatorah Limited.
During the year, rent receivable from Moreshet Hatorah Limited was £142,630. Donations paid to Moreshet Hatorah Limited amounted to £234,000. As at the balance sheet date, the balance owing to Moreshet Hatorah Limited was £500,221.
Mr Y M Sternlicht is also a trustee of Belz Foundation Ltd.
During the year, donations paid to Belz Foundation Ltd amounted to £10,050.
As at the balance sheet date, the balance owing to Mr J Baumgarten was £25,000.
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Cosmon (Belz) Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Total incoming resources EXPENDITURE Investment management costs Rates and water Property repairs Charitable activities Grants to institutions Support costs Governance costs Wages Auditors' remuneration Legal fees Bank interest Total resources expended Net (expenditure)/income |
31.3.23 £ 236,696 205,491 442,187 1,300 1,571 2,871 354,561 7,920 2,400 1,530 115,895 127,745 485,177 (42,990) |
31.3.22 £ 562,499 190,240 |
|---|---|---|
| 752,739 592 12,781 |
||
| 13,373 269,309 6,185 2,520 4,855 84,254 |
||
| 97,814 | ||
| 380,496 | ||
| 372,243 |
This page does not form part of the statutory financial statements
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