DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
COMPANY REGISTRATION NUMBER: 1427355
CHARITY REGISTRATION NUMBER: 280509
Largsmount Limited
Company Limited by Guarantee Unaudited Financial Statements
31 December 2021
DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2021
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 3 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and expenditure | |
| account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 to 12 |
DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2021.
Reference and administrative details
Registered charity name Largsmount Limited Charity registration number 280509 Company registration number 1427355 Principal office 50 Keswick Street Gateshead Tyne & Wear NE8 1TQ Registered office New Burlington House 1075 Finchley Road London NW11 0PU The trustees Mr S Kaufman Mrs N Kaufman Company secretary Mr S Kaufman
Structure, governance and management
Governing document
The charity governed by its Memorandom and Article of Association.
Appointment Training and Recruitment of Trustees
The organisation is run by the trustees who all act in an honorary capacity.
The statutory power of appointing new trustees or a new trustee shall be exercisable by the trustees during their joint lives and thereafter by the survivor of them.
None of the trustees have any beneficial interest in the charity.
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
Structure, governance and management (continued)
Risk management
The trustees have identified and reviewed the major risks to which the Trust is exposed, in particular those related to the operations and finance of the Trust, and are satisfied that systems are in place to mitigate those risks.
Financial risk management and policies
The charity holds or issue financial instruments in order to achieve three main objectives being:
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a) to finance its operations b) to manage its exposure to interest and currency risks arising from operations and from its sources of finance; and
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c) for generating funds.
In addition various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the charity's operations.
Credit risks
The charity monitors credit risk closely and considers that its current policies of credit risk checks meets its objectives of managing exposure to credit risk.
The charity has no significant concentrations of credit risks. Amounts shown in the balance sheet represent the maximum credit exposure in the event other parties fail to perform their obligations under the financial instrument.
It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Group Structure and Relationships
The charity owns the entire share capital of M & J Property (Durham) Co Limited, a property company incorporated in England and Wales.
Related Party Transactions
All related party transactions have been disclosed in the consolidated financial statements.
Objectives and activities
Objectives
The charity is established to further those purposes recognised as charitable by English Law particularly the advancement of religion in accordance with the Orthodox Jewish faith and relief of poverty.
Activities
The charity receives income mainly from its investment properties and subsidiary undertaking, which it utilises in the provision and distribution of grants and donations. The charity's principal activity throughout the year was the provision and distribution of donations and grants to charities, and no change in envisaged in the immediate future.
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2021
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The financial results of the company's activities for the year are fully reflected in the attached Financial Statements together with the Notes thereon.
Financial review
The Trustees consider the position of the charity to be satisfactory.
Plans for future periods
The charity will continue its charitable endeavours subject to its incoming resources.
Grant making policy
The charity accepts application for grants from representatives of Orthodox Jewish charities, which are reviewed by the trustees on a regular basis.
Investment powers and policy
In accordance with the governing documents, the charity has the power to make any investment which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.
Reserves policy
As mentioned above, the charity divested itself of most of its reserves and plans to continue its activities on a smaller scale subject to income.
The trustees' annual report and the strategic report were approved on 29 September 2022 and signed on behalf of the board of trustees by:
Mr S Kaufman Trustee
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Largsmount Limited
Year ended 31 December 2021
I report to the trustees on my examination of the financial statements of Largsmount Limited ('the charity') for the year ended 31 December 2021.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements 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 financial statements 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.
Benny Brenig FCA Cohen Arnold Independent Examiner
29 September 2022
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 December 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 324,000 | 324,000 | 20,000 |
| Investment income | 6 | 8,900 | 8,900 | 2,100 |
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| Total income | 332,900 | 332,900 | 22,100 | |
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| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 7 | 26 | 26 | 125 |
| Expenditure on charitable activities | 8,9 | 14,423 | 14,423 | 8,681 |
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| Total expenditure | 14,449 | 14,449 | 8,806 | |
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| Net income and net movement in funds | 318,451 | 318,451 | 13,294 | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 23,577 | 23,577 | 10,283 | |
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| Total funds carried forward | 342,028 | 342,028 | 23,577 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 12 form part of these financial statements.
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 14 | 345,100 | 25,100 | |
| Current assets | ||||
| Debtors | 15 | 2,932 | 3,818 | |
| Cash at bank and in hand | 1,356 | 2,019 | ||
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| 4,288 | 5,837 | |||
| Creditors: amounts falling due within one year | 16 | 7,360 | 7,360 | |
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| Net current liabilities | 3,072 | 1,523 | ||
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| Total assets less current liabilities | 342,028 | 23,577 | ||
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| Net assets | 342,028 | 23,577 | ||
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| Funds of the charity | ||||
| Unrestricted funds | 342,028 | 23,577 | ||
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| Total charity funds | 17 | 342,028 | 23,577 | |
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For the year ending 31 December 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 29 September 2022, and are signed on behalf of the board by:
Mrs N Kaufman Trustee
The notes on pages 7 to 12 form part of these financial statements.
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited Company Limited by Guarantee Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
Judgements and estimates made by the trustees, in the application of these accounting policies have significant effect on the financial statements as follows:
i. Property valuations
The valuation of the charity's property portfolio 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.
ii. Trade debtors
Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
Investment income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. Income from donations is recognised on receipt.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Other investments relate to minority joint venture holdings. These are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
3. Accounting policies (continued)
Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.
Subsequent to initial recognition
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Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and
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No depreciation is provided in respect of investment properties applying the fair value model.
Investment property fair value is determined by the the Trustee, Mr S Kaufman who has extensive experience in the field of property investment and valuation accumulated over a considerable period of time. Any gain or loss arising from a change in fair value is recognised in the Statement of Financial Activities (SOFA) and taken to Unrestricted Funds.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
5. Donations and legacies
| Donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 324,000 | 324,000 | 20,000 | 20,000 |
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Donations during the year relate to investments received from an entity connected with the Trustees.
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
6. Investment income
| 6. | Investment income | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 5,700 | 5,700 | 2,100 | 2,100 | |
| Income from JV | 2,942 | 2,942 | – | – | |
| Commissions receivable | 258 | 258 | – | – | |
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| 8,900 | 8,900 | 2,100 | 2,100 | ||
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| 7. | Investment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Investment management costs | 26 | 26 | 125 | 125 | |
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| 8. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Support costs | 14,423 | 14,423 | 8,681 | 8,681 | |
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| 9. | Expenditure on charitable activities | by activity type | |||
| Total funds | Total fund | ||||
| Support costs | 2021 | 2020 | |||
| £ | £ | £ | |||
| Governance costs | 14,423 | 14,423 | 8,681 | ||
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| 10. | Analysis of support costs | ||||
| Unrestricted | |||||
| funds | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| Governance costs | 9,823 | 9,823 | 8,681 | ||
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| 11. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 4,102 | 8,280 | |||
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| 12. | Staff costs |
No Salaries or wages have been paid to employees, including trustees, during the year.
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
13. Trustee remuneration and expenses
All trustees give their time voluntarily and no benefits or expenses were paid to them in the year.
14. Investments
| Investments | ||||
|---|---|---|---|---|
| Shares in | ||||
| Investment | group | Other | ||
| properties | undertakings | investments | Total | |
| £ | £ | £ | £ | |
| Cost or valuation | ||||
| At 1 January 2021 | 25,000 | 100 | – | 25,100 |
| Additions | 250,000 | – | 70,000 | 320,000 |
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| At 31 December 2021 | 275,000 | 100 | 70,000 | 345,100 |
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| Impairment | ||||
| At 1 January 2021 and | ||||
| 31 December 2021 | – | – | – | |
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| Carrying amount | ||||
| At 31 December 2021 | 275,000 | 100 | 70,000 | 345,100 |
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| At 31 December 2020 | 25,000 | 100 | – | 25,100 |
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All investments shown above are held at valuation.
Investment properties
Investment properties are included at open market value as per the Trustees' valuation. The Trustees are all experienced in the field of property valuation.
15. Debtors
| 15. | Debtors | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Trade debtors | 2,825 | 429 | |
| Other debtors | 107 | 3,389 | |
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| 2,932 | 3,818 | ||
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| 16. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 1,800 | 1,800 | |
| Other creditors | 5,560 | 5,560 | |
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7,360 |
7,360 |
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DocuSign Envelope ID: 68526CCB-E3CF-450F-B15C-F73AD1BB64D8
Largsmount Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2021
17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At | 31 December | |||
| 1 January 2021 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| General funds | 23,577 | 332,900 | (14,449) | 342,028 |
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| At | ||||
| At | 31 December | |||
| 1 January 2020 | Income | Expenditure | 2020 | |
| £ | £ | £ | £ | |
| General funds | 10,283 | 22,100 | (8,806) | 23,577 |
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| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| £ | £ | |||
| Tangible fixed assets | 275,000 | 275,000 | ||
| Investments | 70,100 | 70,100 | ||
| Current assets | 4,288 | 4,288 | ||
| Creditors less than 1 year | (7,360) | (7,360) | ||
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| Net assets | 342,028 | 342,028 | ||
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| Unrestricted | Total Funds | |||
| Funds | 2020 | |||
| £ | £ | |||
| Tangible fixed assets | 25,000 | 25,000 | ||
| Investments | 100 | 100 | ||
| Current assets | 5,837 | 5,837 | ||
| Creditors less than 1 year | (7,360) | (7,360) | ||
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| Net assets | 23,577 |
23,577 |
18. Analysis of net assets between funds
19. Related parties
All transactions with related parties have been disclosed in the Financial Statements and the Notes thereon.
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