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2021-03-31-accounts

ALMAT LIMITED

(Limited by guarantee)

Financial Statements

For the year ended 31 March 2021

Company Number 01495320 (England and Wales) Charity registration number 282351

Accounts and Business Solutions Ltd 158 Cromwell Road Salford M6 6DE

Page 2

ALMAT LIMITED

COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351

FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Contents

Page
Charity Information 3
Report of the Directors/Trustees 4 - 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes forming part of the financial statements 10 - 12
Detailed profit and loss account and Statement
of financial activities 13

Page 3

ALMAT LIMITED COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Charity Information

Board of Trustees

Mrs Chaya Benedikt Rabbi Naftali Soloveitchik

Directors

Mrs Chaya Benedikt Rabbi Naftali Soloveitchik

Secretary

Rabbi Naftali Soloveitchik

Registered address

158 Cromwell Road Salford M6 6DE

Administration Address

29 Fountayne Road London N16 7EA

Charity Number

282351

Company Registration Number

01495320 (England and Wales)

Accountants/ Independent Examiner

David Pollak Accounts and Business Solutions Ltd 158 Cromwell Road Salford M6 6DE

Bankers

Barclays Bank 17 St Anns Square Manchester M2 7PW

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ALMAT LIMITED COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351

FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Report of the Directors/Trustees

The Directors/Trustees have pleasure in presenting their Report and Financial Statements of the Company/Charity for the period ended 31 March 2021.

The Directors/Trustees have adopted the provisions of the Statement Of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005 in preparing the annual report and financial statements of the charity.

Trustees and Governors

The Trustees in office throughout the year were Chaya Benedikt and Naftali Soloveitchik. Both trustees are also directors for the purposes of company law.

All trustees give of their time freely and no trustee remuneration was paid in the year.

Reference and Administration

Reference and Administration details are shown in the schedule of members of the board and professional advisers on page 2 of the financial statements.

Structure, governance and management

Almat Ltd is a charity constituted as a company limited by guarantee and as such, is governed by its memorandum and articles of association as of 6th May 1980.

The Directors/Trustees are responsible for the governance of the organisation and are active in all operational aspects of strategic management. Major policy decisions are decided at full directors'/ trustees' meetings.

Charitable Objects

The charity/company is established to advance religion in accordance with the orthodox Jewish faith, to relief poverty and such other charitable purposes as are recognised by English Law as charitable and in furtherance of the objects.

ALMAT LIMITED COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351

Page 5

FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Report of the Directors/Trustees (continued)

Achievements

During the year, the charity received the majority of its income from the investment properties that it holds.

All grants made by the Charity were to other registered UK charities in accordance with the charity's objects totalling £50,000 was distributed (2020: £55,000).

The trustees plan to continue making similar grants and to ensure that an appropriate level of reserves is maintained.

Public benefit

In setting objectives and reviewing the Charity's aims and plans, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

The trustees confirm that they have complied with their duty to have due regard to the guidance on public public benefit published by the commission in exercising their powers or duties.

Investment policy and returns

Under the memorandum and articles of association, the charity has the power to make any investment which the trustees see fit to utilise the charity’s assets to their maximum in its best interest. Investments by their very definition do carry a risk of loss. Regrettably the charity made a capital loss on the sale of a property investment as shown in the ensuing accounts and report. The trustees are satisfied with the overall returns and gains of the charity from its investments, both past and current.

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 investments and finance of the Charity. The Trustees are satisfied that these systems and procedures mitigate any perceived risks.

Reserves Policy

The trustees retain reserves of at leased £3,000 in cash at bank, consolidate funds in order to enable the charity to meet future needs or to make more substantial grants which they feel to be appropriate.

Responsibilities of the Directors/Trustees

Company Law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the Balance Sheet Date, and of its incoming resources, including income and expenditure for the financial year.

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ALMAT LIMITED COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Report of the Directors/Trustees (continued)

In preparing those financial statements, the Directors/Trustees should follow best practice and

The Directors/Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them as Directors/Trustees to ensure that the financial statements comply with the Company Law.

The Directors/Trustees are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other regularities.

Approved by The Directors/Trustees on 28 December 2021

Chaya Benedikt

Page 7

ALMAT LIMITED COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Independent Examiner's Report to the Trustees

I report on the financial statements of Almat Ltd for the period ended 31 March 2021.

Respective Responsibilities of Governors and Examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

to state whether particular matters have come to my attention.

Basis of Independent Examiner's Report

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

In connection with my examination, no matter has come to my attention;

  1. which gives me reasonable cause to believe that in, any material respect, the requirements:

  2. to keep accounting records in accordance with section 130 of the Charities Act; and

  3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

David Pollak Accounts and Business Solutions Ltd 158 Cromwell Road Salford M6 6DE

Date: 28th December 2021

Page 8

ALMAT LIMITED

COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351

FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Statement of Financial Activities

Turnover
Expenditure
Gross Income
Overheads
Net loss for the year		 Notes
3		 2021
£
63,205
(50,000)
13,205
(1,265)
11,940		 2020
£
57,840
(94,444)
(36,604)
(1,278)
(37,882)

Page 9

ALMAT LIMITED

COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351

FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Balance Sheet

At 31 March 2021

BalaAbbreviated Balance Sheet
Fixed Assets
Investments
Current Assets
Cash at Bank
Creditors
Amounts due within one year
Net current assets
Total assets less current liabilities
Creditors:Amounts falling due
after more than one year
Net Assets
Accumulated Funds
Unrestricted funds		 Notes
4
5
6
7		 2021
£
£
449,234
3,691
3,691
(2,600)
1,091
450,325
(65,500)
384,825
384,825		 2020
£
£
428,564
11,221
(1,400)
9,821
438,385
(65,500)
372,885
372,885
438,385
(65,500)
372,885
372,885

In approving these financial statements as directors of the company we hereby confirm:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the board and signed on behalf of them all.

Date: 28th December 2021

Director and Trustee

The notes on pages 10 to 12 form part of the balance sheet

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ALMAT LIMITED COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Notes To The Accounts

1. Principal Accounting Policies

Basis of Accounting

The Accounts have been prepared under the historical cost convention in accordance with the Charities Act (Accounts and Reports) 2011, and the Financial Reporting Standard for Smaller Entities (Effective April 2008), and follow the recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice (Issued March 2005).

Cash Flow

The accounts do not include a cash flow statement because the charity as a small reporting entity is exempt from the requirement to prepare such a statement.

Donations and Fund Accounting

Rental Income received for the general and main purposes of the Charity is included as unrestricted funds in the Statement of Financial Activities when receivable.

Donations and Grants for activities restricted by the donors are taken to restricted funds if the wishes and conditions of the donor are legally binding on the Trustees.

Resources Expended

Resources expended are accounted for on an accruals basis.

Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

The irrecoverable element of VAT is included with the item of expense to which it relates.

Depreciation

Depreciation has not been charged on fixed assets as they consist wholly of investment properties as allowed under SSAP 19.

Investment Properties

Investment properties are included in the balance sheet at their market value.

Surpluses and temporary deficits are transferred to the revaluation reserve and on realisation transferred to the Profit and Loss Account as a reserve movement. Deficits which are expected

to be permanent are charged to the Profit and Loss Account and subsequent reversals are credited to the Profit and Loss Account in the same way.

Valuation of Investment Properties

Investment Properties are included in the Accounts at a Valuation carried out by the Director in accordance with Statement of Standard Accounting Practice Number 19.

2. Taxation

The Charitable Company is exempt from taxation on its charitable activities.

3. Turnover

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.

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ALMAT LIMITED COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Notes To The Accounts (continued)

4. Investments
2021
2020
£
£
Property Joint Ventures
Balance brought forward
428,564
451,840
Net surplus from syndicate Investments
Surplus from property joint ventures
50,894
52,140
Net capital loss from sale of property
0
(39,444)
50,894
12,696
479,458
464,536
Net capital withdrawn
(30,224)
(35,972)
449,234
428,564
The Company's interest in the property joint ventures are:
Queensfer Co. Ltd
Enterprise Ltd.
Main Street Estate
Alkrington Estate
Highland Estate
Kirkway Estates
Hightfield Estate		 Investments
2021
2020
£
£
Property Joint Ventures
Balance brought forward
428,564
451,840
Net surplus from syndicate Investments
Surplus from property joint ventures
50,894
52,140
Net capital loss from sale of property
0
(39,444)
50,894
12,696
479,458
464,536
Net capital withdrawn
(30,224)
(35,972)
449,234
428,564
The Company's interest in the property joint ventures are:
Queensfer Co. Ltd
Enterprise Ltd.
Main Street Estate
Alkrington Estate
Highland Estate
Kirkway Estates
Hightfield Estate
464,536
(35,972)
428,564

The above are mostly holdings in property syndicates entrusted and managed by the Urban & Rural Group of Heaton House, 148 Bury New Road, Manchester, M7 4SE.

Page 12

ALMAT LIMITED

COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351

FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Notes To The Accounts (continued)

2021
£
5.
CreditorsAmounts due within one year
Accruals
2,600
6.
Creditors:Amounts falling due
after more than one year
Directors loan account and associated companies
65,500
Total
Charitable funds
£
7.
Unrestricted funds
372,885
Net surplus for the year
11,940
384,825
At 01 April 2020
At 31 March 2021		 2020
£
1,400
65,500

8. Company 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.

9. Control

The company is incorporated for charitable purposes and has no controlling party.

Page 13

COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320

ALMAT LIMITED

CHARITY NUMBER 282351

FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2021

Detailed income and expenditure account and statement of financial activities

Incoming Resources
Donations received
Bank interest received
Net surplus from syndicate Investments
Resources Expended
Charitable Activities
Cost of Activities In Furtherance
of the Charity's Objects
Loss on Investment
Governance Costs
Accountancy fees
Independent examiner's fee
Bank charges
Total Funds Expended
Accumulated Funds
Net Surplus (deficit) for the year
Balance brought forward
Balance carried forward
Grants and donations paid to UK
registered charities		 Notes
4		 £
50,000
0		 £ 2021
Total
£
12,310
1
50,894
63,205


50,000



1,265
51,265
11,940
372,885
384,825		 £
55,000
39,444		 2020
Total
£
5,700
0
52,140
57,840


94,444
600
600
65		 600
600
78



1,278
95,722
(37,882)
410,767
372,885