Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
COMPANY REGISTRATION NUMBER: 1546199
CHARITY REGISTRATION NUMBER: 282262
Harbo Charities Limited
Company Limited by Guarantee Unaudited Financial Statements
31 March 2024
COHEN ARNOLD
Chartered accountants New Burlington House 1075 Finchley Road London NW11 0PU
Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
| Pages | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 to 4 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and expenditure | |
| account) | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 to 13 |
Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report)
Year ended 31 March 2024
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 March 2024.
Reference and administrative details
Registered charity name Harbo Charities Limited Charity registration number 282262 Company registration number 1546199 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU The trustees Mr H Gluck Mr B Stern Independent examiner Benny Brenig Cohen Arnold New Burlington House 1075 Finchley Road London NW11 0PU
Structure, governance and management
Governing document
As the Charity is a Company, its governing documents are its Memorandum and Articles of Association.
Appointment, Training and Recruitment of Trustees
As set out in the Articles of Association the members of the charity shall not exceed twenty five. There are two classes of members:
Ordinary Members - subscribers and all persons subsequently admitted to membership. Honorary Members - persons the Council may admit from time to time with written consent.
All current trustees are ordinary members and no honorary members have been appointed. The organisation is run by the trustees. Every trustee holds office until he/she shall die or shall cease to hold office by virtue of Article 49 of the Articles of Association.
None of the trustees have any beneficial interest in the charity.
All trustees give their time voluntarily and no benefit or expenses were paid to them in the year. Appropriate recruitment and training procedures will be applied prior to the appointment of any new Trustees.
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report) (continued)
Year ended 31 March 2024
Structure, governance and management (continued)
Risk Management
The Charity has assessed the major risks to which the Charity is exposed, in particular those to the operations and finances of the Charity, and is satisfied the systems are in place to mitigate its exposure to those risks.
Financial risk management and policies
The charity holds or issues financial instruments in order to achieve three main objectives being:
a) to finance its operations
b) to manage its exposure to interest and currency risks arising from operations and from its sources of finance c) for generating funds
In addition various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the charities operations.
Credit risk
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 risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under the financial instruments. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed
Related Party Transactions
All related parties are disclosed in the financial statements and the notes thereon.
Objectives and activities
The Charity is established to further those purposes recognised as charitable by English Law and in furtherance of the aforementioned objects the charity receives income from its investment properties, cash deposits and charitable receipts under Gift Aid which it utilises in the provision and distribution of grants and donations to Orthodox Jewish Charities. The aim is to distribute these profits to organisations that fall within the objectives of the charity. No change in this activity is envisaged in the immediate future.
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.
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report) (continued)
Year ended 31 March 2024
Achievements and performance
The Charity continued its philanthropic activities in support of religious, educational and other Charitable Institutions and, aggregate donations of £85,495 (2023 - £136,875) were paid in the year. The benefits that these charities provide include:
Financial support to the poor Provision of basic necessities to the poor Relief of sickness and disabilities Jewish education and places of worship for the Jewish community.
The financial results of the Charity'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.
Investment powers and policy
Under the Memorandum and Articles of Association, the Charity has the power to make investments which the Trustees consider appropriate. The Trustees effect investments which, over a medium period of years are anticipated to generate a dependable flow of income coupled with capital growth.
The Trustees consider the investment performance to be satisfactory.
Grant Making Policy
The Trustees are approached for donations by a wide variety of charitable institutions. The trustees consider all requests which they receive and make donations based on the level of funds available and in accordance with the objects of the Charity.
Reserves Policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level which the Trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.
As at 31 March 2024 the Charity had £823,033 of Unrestricted Funds, the majority of which is invested for the purpose of generating future income.
Plans for future periods
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report) (continued)
Year ended 31 March 2024
18/12/2024 The trustees' annual report (incorporating the directors' report) was approved on .............................. and signed on behalf of the board of trustees by:
Mr B Stern
Trustee
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Harbo Charities Limited
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of Harbo Charities Limited ('the charity') for the year ended 31 March 2024.
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
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 charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
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
-
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 Cohen Arnold Independent Examiner
New Burlington House 1075 Finchley Road London NW11 0PU
18/12/2024
................................
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 134,880 | 134,880 | 112,000 | |
| Investment income | 5 | 30,420 | 30,420 | 31,752 |
|
|
|
||
| Total income | 165,300 | 165,300 | 143,752 | |
|
|
|
||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (5,849) | (5,849) | (7,438) |
| Expenditure on charitable activities | 7,8 | (86,972) | (86,972) | (139,374) |
|
|
|
||
| Total expenditure | (92,821) | (92,821) | (146,812) | |
|
|
|
||
|
|
|
||
| Net income/(expenditure) and net movement in funds | 72,479 | 72,479 | (3,060) | |
|
|
|
||
| Reconciliation of funds | ||||
| Total funds brought forward | 750,554 | 750,554 | 753,614 | |
|
|
|
||
| Total funds carried forward | 823,033 | 823,033 | 750,554 | |
|
|
|
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 8 to 13 form part of these financial statements.
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 13 | 750,000 | 750,000 | |
| Current assets | ||||
| Debtors | 14 | 455 | 455 | |
| Cash at bank and in hand | 73,878 | 2,249 | ||
|
|
|||
| 74,333 | 2,704 | |||
| Creditors: amounts falling due within one year | 15 | (1,300) | (2,150) | |
|
|
|||
| Net current assets | 73,033 | 554 | ||
|
|
|||
| Total assets less current liabilities | 823,033 | 750,554 | ||
|
|
|||
| Net assets | 823,033 | 750,554 | ||
|
|
|||
| Funds of the charity | ||||
| Unrestricted funds | 823,033 | 750,554 | ||
|
|
|||
| Total charity funds | 16 | 823,033 | 750,554 | |
|
|
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
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 18/12/2024 ........................, and are signed on behalf of the board by:
Mr B Stern Trustee
The notes on pages 8 to 13 form part of these financial statements.
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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 investment property 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: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
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
All donations are recognised in the Statement of Financial Activities (SOFA) of the charity when received. All other income is recognised on a receivable basis.
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:
-
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.
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Charitable donations are recognised when paid.
Investment property
Investment properties are included in the Balance Sheet at the Trustees' best estimation of open market value.
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
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 paable 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 £10.
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Income from investment properties | 30,420 | 30,420 | 31,752 | 31,752 |
|
|
|
|
|
| Investment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Insurance | 529 | 529 | 529 | 529 |
| Repairs & Maintenance | 2,886 | 2,886 | 4,369 | 4,369 |
| Property management | 2,434 | 2,434 | 2,540 | 2,540 |
|
|
|
|
|
| 5,849 | 5,849 | 7,438 | 7,438 | |
|
|
|
|
|
| Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Charitable donations | 85,495 | 85,495 | 136,875 | 136,875 |
| Support costs | 1,477 | 1,477 | 2,499 | 2,499 |
|
|
|
|
|
86,972 |
86,972 |
139,374 |
139,374 |
6. Investment management costs
7. Expenditure on charitable activities by fund type
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
8. Expenditure on charitable activities by activity type
| Grant funding | Total funds | Total fund | |||
|---|---|---|---|---|---|
| of activities | Support costs | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Charitable donations | 85,495 | – | 85,495 | 136,875 | |
| Governance costs | – | 1,477 | 1,477 | 2,499 | |
|
|
|
|
||
| 85,495 | 1,477 | 86,972 | 139,374 | ||
|
|
|
|
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| All charitable activities relate to unrestricted funds. | |||||
| 9. | Analysis of grants | ||||
| The composition of donations is shown below. | |||||
| £ | |||||
| Tchabe Kollel Limited | 23,500 | ||||
| Chasdei Sholom | 17,500 | ||||
| College for Higher Rabbinical Studies | 15,000 | ||||
| Congregation Sharei Sholom Tchabe Limited | 15,000 | ||||
| Start Upright | 11,000 | ||||
| Sundry donations < £2,000 | 3,495 | ||||
|
|||||
| 85,495 | |||||
|
|||||
| 10. | Independent examination fees | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,154 | 1,850 | |||
|
|
||||
| 11. | Staff costs |
The average head count of employees during the year was Nil (2023 - Nil).
12. Trustee remuneration and expenses
All trustees give their time voluntarily and no benefits or expenses were paid to them in the year.
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
13. Investments
| Investments | |
|---|---|
| Investment | |
| properties | |
| £ | |
| Cost or valuation | |
| At 1 April 2023 and 31 March 2024 | 750,000 |
|
|
| Impairment | |
| At 1 April 2023 and 31 March 2024 | |
| Carrying amount | |
| At 31 March 2024 | 750,000 |
|
|
| At 31 March 2023 | 750,000 |
|
All investments shown above are held at valuation.
Investment properties
The historical cost of the investment properties was £71,345 (2023 - £71,345).
14. Debtors
| 14. | Debtors | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Prepayments and accrued income | 455 | 455 | |
|
|
||
| 15. | Creditors: amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals and deferred income | 1,000 | 1,850 | |
| Other creditors | 300 | 300 | |
|
|
||
| 1,300 | 2,150 | ||
|
|
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At 1 April | At 31 March | |||
| 2023 | Income | Expenditure | 2024 | |
| £ | £ | £ | £ | |
| General funds | 750,554 | 165,300 | (92,821) | 823,033 |
|
|
|
|
|
| At 1 April | At 31 March | |||
| 2022 | Income | Expenditure | 2023 | |
| £ | £ | £ | £ | |
| General funds | 753,614 |
143,752 |
(146,812) |
750,554 |
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Docusign Envelope ID: E3B41959-29F5-4ED2-8BEF-D6245678BC5C
Harbo Charities Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
17. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Total Funds | |
| Funds | 2024 | |
| £ | £ | |
| Investments | 750,000 | 750,000 |
| Current assets | 74,333 | 74,333 |
| Creditors less than 1 year | (1,300) | (1,300) |
|
|
|
| Net assets | 823,033 | 823,033 |
|
|
|
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Investments | 750,000 | 750,000 |
| Current assets | 2,704 | 2,704 |
| Creditors less than 1 year | (2,150) | (2,150) |
|
|
|
| Net assets | 750,554 | 750,554 |
|
|
18. Related parties
All transactions with related parties have been disclosed in the notes to the accounts.
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