REGISTERED COMPANY NUMBER: 01269408 (England and Wales) REGISTERED CHARITY NUMBER: 272178
CREWPRIDE LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
CREWPRIDE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 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 11 |
CREWPRIDE LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES N N Grunbaum S Heiman A Lewin G Mannes E Z Rabinowitz G Schleider Dr S G Springer COMPANY SECRETARY A Lewin REGISTERED OFFICE 21 Rostrevor Avenue London N15 6LA REGISTERED COMPANY 01269408 (England and Wales) NUMBER REGISTERED CHARITY 272178 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS National Westminster Bank Plc 198 Stoke Newington High Street London N16 7GA
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CREWPRIDE LIMITED (REGISTERED NUMBER: 01269408)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 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 31 March 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
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. In this respect, the charity utilises its income to make grants, donations and loans.
The trustees confirm that they have given due regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees are satisfied with the results for the period. Investment income and management costs were materially in line with the previous year, with a 57% reduction in grants paid.
FINANCIAL REVIEW
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £483,114 (2023: £448,881) being net assets, including unrealised reserves of £300,840 (2023: £300,840).
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 19th July 1976.
Organisational structure
The power to appoint new trustees is vested in the continuing 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.
Risk management
The trustees have reviewed the major risks that 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 24 December 2024 and signed on its behalf by:
A Lewin - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CREWPRIDE LIMITED
Independent examiner's report to the trustees of Crewpride Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 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
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.
E Meyer FCA BSc
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
24 December 2024
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CREWPRIDE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| YEAR ENDED 31.3.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,000 Investment income 2 65,339 Total 66,339 EXPENDITURE ON Raising funds 3 8,705 Charitable activities 4 Grantmaking 21,744 Support costs 1,657 Total 32,106 NET INCOME 34,233 RECONCILIATION OF FUNDS Total funds brought forward 448,881 TOTAL FUNDS CARRIED FORWARD 483,114 |
PERIOD 6.4.22 TO 31.3.23 Total funds £ - 66,380 |
|---|---|
| 66,380 | |
| 10,305 48,660 1,363 |
|
| 60,328 | |
| 6,052 442,829 |
|
| 448,881 |
The notes form part of these financial statements
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CREWPRIDE LIMITED (REGISTERED NUMBER: 01269408)
BALANCE SHEET 31 MARCH 2024
| Notes FIXED ASSETS Investment property 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 Unrestricted funds: General fund TOTAL FUNDS |
2024 Total funds £ 424,750 21,003 38,861 59,864 (1,500) 58,364 483,114 483,114 483,114 483,114 |
2023 Total funds £ 424,750 22,169 3,462 25,631 (1,500) 24,131 448,881 448,881 448,881 448,881 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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
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CREWPRIDE LIMITED (REGISTERED NUMBER: 01269408)
BALANCE SHEET - continued 31 MARCH 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 24 December 2024 and were signed on its behalf by:
A Lewin - Trustee
The notes form part of these financial statements
Page 6
CREWPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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 (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, as modified by the revaluation of certain assets.
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.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Income
Donations are accounted for when received. All other 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 in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Raising funds comprise investment management costs relating to the investment properties.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.
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.
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CREWPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES - continued
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.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| PERIOD | ||
| 6.4.22 | ||
| YEAR ENDED | TO | |
| 31.3.24 | 31.3.23 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Rents received | 65,339 | 66,380 |
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| PERIOD | ||
| 6.4.22 | ||
| YEAR ENDED | TO | |
| 31.3.24 | 31.3.23 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Insurance | 1,409 | 984 |
| Repairs and renewals | 7,270 | 9,201 |
| Sundry expenses | 26 | 120 |
| 8,705 | 10,305 |
4. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities Support (see note costs (see 5) note 6) £ £ Grantmaking 21,744 - Support costs - 1,657 21,744 1,657 |
Totals £ 21,744 1,657 |
|---|---|
| 23,401 |
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CREWPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
5. GRANTS PAYABLE
| GRANTS PAYABLE | GRANTS PAYABLE | GRANTS PAYABLE |
|---|---|---|
| PERIOD 6.4.22 YEAR ENDED TO 31.3.24 31.3.23 £ £ Grantmaking 21,744 48,660 The total grants paid to institutions during the year was as follows: PERIOD 6.4.22 YEAR ENDED TO 31.3.24 31.3.23 £ £ Advancement of religion 21,744 48,660 Riosan Ltd 21,744 21,744 |
||
| Riosan Ltd | ||
6. SUPPORT COSTS
Support costs
Governance costs £ 1,657
Support costs, included in the above, are as follows:
Finance
| Finance | ||
|---|---|---|
| PERIOD | ||
| 6.4.22 | ||
| YEAR ENDED | TO | |
| 31.3.24 | 31.3.23 | |
| Total | Total | |
| activities | activities | |
| £ | £ | |
| Bank charges | - | 84 |
| Governance costs | ||
| PERIOD | ||
| 6.4.22 | ||
| YEAR ENDED | TO | |
| 31.3.24 | 31.3.23 | |
| Support | Total | |
| costs | activities | |
| £ | £ | |
| Independent examiner's fee | 780 | 780 |
| Independent examiner's other fees | 720 | 720 |
| Carried forward | 1,500 | 1,500 |
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CREWPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. SUPPORT COSTS - continued
Governance costs - continued
| PERIOD | ||
|---|---|---|
| 6.4.22 | ||
| YEAR ENDED | TO | |
| 31.3.24 | 31.3.23 | |
| Support | Total | |
| costs | activities | |
| £ | £ | |
| Brought forward | 1,500 | 1,500 |
| General expenses | 157 | 133 |
| Fees waived | - | (354) |
| 1,657 | 1,279 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the period ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the period ended 31 March 2023.
8. AVERAGE STAFF NUMBERS
The average number of staff in the year was NIL (2023: NIL).
9. INVESTMENT PROPERTY
| FAIR VALUE At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
£ 424,750 |
|---|---|
| 424,750 | |
| 424,750 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar locations.
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CREWPRIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Other debtors Prepayments CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income |
2024 £ 19,872 1,131 21,003 2024 £ 1,500 |
2023 £ 22,169 - |
| 22,169 | ||
| 2023 £ 1,500 |
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
12. RELATED PARTY DISCLOSURES
The charity made donations totalling £21,744 (2023: £46,260) to Riosan Limited, a charity with the same trustees.
The charity received unrestricted donations of £1,000 (2023: NIL) from Adonic Enterprisers Ltd, a company in which a trustee is a Director.
The charity's investment property is managed by a company in which a trustee has an interest, the property is managed on a fee-free basis.
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