REGISTERED COMPANY NUMBER: 01249592 (England and Wales) REGISTERED CHARITY NUMBER: 271172
RIOSAN LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
RIOSAN LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | ||
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
RIOSAN LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES N N Grunbaum S Heiman A Lewin G Mannes E Z Rabinowitz G Schleider Dr S G Springer COMPANY SECRETARY E Z Rabinowitz REGISTERED OFFICE 31 Leabourne Road London N16 6SU REGISTERED COMPANY 01249592 (England and Wales) NUMBER REGISTERED CHARITY 271172 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Lloyds Bank plc 182 High Street London E17 7HJ
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RIOSAN LIMITED (REGISTERED NUMBER: 01249592)
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).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity was established to advance religion in accordance with the Orthodox Jewish faith and for such other purposes as are recognised by English law as charitable.
The trustees confirm that they have given due regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Donations received were down significantly by just over 42% this was tempered slightly by an almost 16% increase in other income received; overall income was down by almost 28%.
The Trustees prudently reduced grantmaking accordingly by just over 48%, with synagogue expenditure reduced by some 10%, which has left the charity with a small surplus for the year.
FINANCIAL REVIEW
Reserves policy
The Trustees maintain reserves in order to ensure that they can continue the activities of the Charity. A portion of the accumulated reserves is, at the Trustees' discretion when required, utilised to fund fixed assets used by the Charity. Surplus funds are invested in short-term bank deposits. Reserves at the year end stood at £507,441 (2022 - £503,126), being net assets.
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 a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 17th March 1976.
Organisational structure
The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
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 6 December 2023 and signed on its behalf by:
E Z Rabinowitz - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIOSAN LIMITED
Independent examiner's report to the trustees of Riosan Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
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
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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 HS Ltd First Floor 94 Stamford Hill London N16 6XS
6 December 2023
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RIOSAN LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 94,293 Other trading activities 3 63,038 Investment income 4 18 Total 157,349 EXPENDITURE ON Charitable activities Grantmaking 48,200 Synagogue expenditure 102,917 Support costs 1,917 Total 153,034 NET INCOME 4,315 RECONCILIATION OF FUNDS Total funds brought forward 503,126 TOTAL FUNDS CARRIED FORWARD 507,441 |
2022 Total funds £ 163,546 54,493 2 |
|---|---|
| 218,041 | |
| 93,100 114,979 1,655 |
|
| 209,734 | |
| 8,307 494,819 |
|
| 503,126 |
The notes form part of these financial statements
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RIOSAN LIMITED (REGISTERED NUMBER: 01249592)
BALANCE SHEET 31 MARCH 2023
| Notes FIXED ASSETS Tangible assets 10 CURRENT ASSETS Cash at bank and in hand 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: General fund TOTAL FUNDS |
2023 Total funds £ 538,097 36,826 (49,482) (12,656) 525,441 (18,000) 507,441 507,441 507,441 |
2022 Total funds £ 543,481 22,374 (36,729) (14,355) 529,126 (26,000) 503,126 503,126 503,126 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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
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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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RIOSAN LIMITED (REGISTERED NUMBER: 01249592)
BALANCE SHEET - continued 31 MARCH 2023
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 6 December 2023 and were signed on its behalf by:
E Z Rabinowitz - Trustee
The notes form part of these financial statements
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RIOSAN 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 (FRS102) (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.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
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. The following specific policies are applied to particular categories of income:
Donations are accounted for when received. All other income is recognised on a receivable basis.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance Library - at varying rates on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
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.
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RIOSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 2. DONATIONS AND LEGACIES 2023 Unrestricted funds £ Donations 94,293 3. OTHER TRADING ACTIVITIES 2023 Unrestricted funds £ Other charitable income 63,038 4. INVESTMENT INCOME 2023 Unrestricted funds £ Interest receivable 18 5. GRANTS PAYABLE 2023 £ Grantmaking 48,200 The total grants paid to institutions during the year was as follows: 2023 £ Advancement of religion - The total grants paid to individuals during the year was as follows: 2023 £ Advancement of religion 11,000 Relief of poverty 10,000 Education 27,200 48,200 |
2022 Total funds £ 163,546 |
2022 Total funds £ 163,546 |
2022 Total funds £ 163,546 |
|---|---|---|---|
| 2022 Total funds £ 54,493 |
|||
| 2022 Total funds £ 2 2022 £ 93,100 |
|||
| 2022 £ 2,000 2022 £ 33,850 57,250 - |
2022 £ 2,000 |
||
| 91,100 |
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RIOSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
6. SUPPORT COSTS
7.
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support costs | 200 | 1,717 | 1,917 |
| Support costs, included in the above, are as follows: | |||
| Finance | |||
| 2023 | 2022 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Bank charges | 200 | 221 | |
| Governance costs | |||
| 2023 | 2022 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Independent examiner's fee | 780 | 630 | |
| Independent examiner's other fees | 780 | 630 | |
| General expenses | 157 | 174 | |
| 1,717 | 1,434 | ||
| NET INCOME/(EXPENDITURE) | |||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Depreciation - owned assets | 5,384 | 5,511 |
8. 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.
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RIOSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
9. AVERAGE STAFF NUMBERS
The average number of staff in the year was 2 (2022 - 2).
10. TANGIBLE FIXED ASSETS
| Fixtures Freehold and property fittings £ £ COST At 1 April 2022 and 31 March 2023 528,696 109,308 DEPRECIATION At 1 April 2022 - 107,775 Charge for year - 384 At 31 March 2023 - 108,159 NET BOOK VALUE At 31 March 2023 528,696 1,149 At 31 March 2022 528,696 1,533 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 13) Other creditors Accruals and deferred income 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 13) 13. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling due between two and five years: Bank loans - 2-5 years |
Library £ 119,906 106,654 5,000 111,654 8,252 13,252 2023 £ 8,000 39,922 1,560 49,482 2023 £ 18,000 2023 £ 8,000 18,000 |
Totals £ 757,910 |
Totals £ 757,910 |
|---|---|---|---|
| 214,429 5,384 |
|||
| 219,813 | |||
| 538,097 | |||
| 543,481 | |||
| 2022 £ 8,000 27,470 1,259 |
|||
| 36,729 | |||
| 2022 £ 26,000 |
|||
| 2022 £ 8,000 |
|||
| 26,000 |
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RIOSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
14. MOVEMENT IN FUNDS
| At 1.4.22 £ Unrestricted funds General fund 503,126 TOTAL FUNDS 503,126 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 157,349 TOTAL FUNDS 157,349 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 494,819 TOTAL FUNDS 494,819 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 218,041 TOTAL FUNDS 218,041 |
Net movement At in funds 31.3.23 £ £ 4,315 507,441 4,315 507,441 Resources Movement expended in funds £ £ (153,034) 4,315 (153,034) 4,315 Net movement At in funds 31.3.22 £ £ 8,307 503,126 8,307 503,126 Resources Movement expended in funds £ £ (209,734) 8,307 (209,734) 8,307 |
|---|---|
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RIOSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
15. RELATED PARTY DISCLOSURES
The Charity received donations totalling £46,260 (2022 - £34,000 ) from Crewpride Limited, a charity with the same trustees.
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