ALMAT LIMITED
(Limited by guarantee)
Financial Statements
For the year ended 31 March 2022
Company Number 01495320 (England and Wales) Charity registration number 282351
Accounts and Business Solutions Ltd 158 Cromwell Road Salford M6 6DE
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ALMAT LIMITED
COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351
FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2022
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 |
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ALMAT LIMITED COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2022
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 2022
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 2022.
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, the relief of 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
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FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2022
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 £30,000 was distributed (2021: £50,000).
The trustees distributed less that in the previous year because donations received and the investment income were sadly lower as well. The trustees also felt that liquid assets should be held because of the uncertainty of the future, thus cash at bank is held by the charity more that required by its reserve policy.
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 2022
Report of the Directors/Trustees (continued)
In preparing those financial statements, the Directors/Trustees should follow best practice and
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a. Select suitable accounting policies and apply them consistently.
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b. Make judgments and estimates that are reasonable and prudent.
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c. Follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements.
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d. Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
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 2 December 2022
Chaya Benedikt
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ALMAT LIMITED COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2022
Independent Examiner's Report to the Trustees
I report on the financial statements of Almat Ltd for the period ended 31 March 2022.
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:
-
examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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;
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- 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: 2 December 2022
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ALMAT LIMITED
COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351
FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2022
Statement of Financial Activities
| Turnover Expenditure Gross Income Overheads Net profit for the year |
Notes 3 |
2022 £ 47,319 (30,000) 17,319 (897) 16,422 |
2021 £ 63,205 (50,000) |
|---|---|---|---|
| 13,205 (1,265) |
|||
| 11,940 |
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ALMAT LIMITED
COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351
FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2022
Balance Sheet
At 31 March 2022
| 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 |
2022 2022 £ £ 456,121 11,426 11,426 (800) 10,626 466,747 (65,500) 401,247 401,247 |
2021 2021 £ £ 449,234 3,691 3,691 (2,600) 1,091 450,325 (65,500) 384,825 384,825 |
|
| 450,325 (65,500) |
||||
| 384,825 | ||||
| 384,825 |
In approving these financial statements as directors of the company we hereby confirm:
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a. that for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act 2006 ;
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b. that no notice has been deposited at the registered office of the company pursuant to Section 476 requesting that an audit be conducted for the period ended 31 March 2022; and
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c. that we acknowledge our responsibilities for:
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ensuring that the company keeps accounting records which comply with Section 386 ; and
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the year then ended in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the company.
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: 2 December 2022
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 2022
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 2022
Notes To The Accounts (continued)
| 4. | Investments 2022 £ Property Joint Ventures Balance brought forward 449,234 Net surplus from syndicate Investments Surplus from property joint ventures 40,217 489,451 Net capital withdrawn (33,330) 456,121 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 |
2021 £ 428,564 50,894 |
|---|---|---|
| 479,458 (30,224) |
||
| 449,234 | ||
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.
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ALMAT LIMITED
COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351
FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2022
Notes To The Accounts (continued)
| 2022 £ 5. CreditorsAmounts due within one year Accruals 800 6. Creditors:Amounts falling due after more than one year Directors loan account and associated companies 65,500 Total Charitable funds £ 7. Unrestricted funds 384,825 Net surplus for the year 16,422 401,247 At 01 April 2021 At 31 March 2022 |
2021 £ |
|---|---|
| 2,600 | |
| 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.
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COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320
ALMAT LIMITED
CHARITY NUMBER 282351
FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2022
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 Governance Costs Accountancy fees Independent examiner's fee Bank charges Total Funds Expended Accumulated Funds Net Surplus for the year Balance brought forward Balance carried forward Grants and donations paid to UK registered charities |
Notes 4 |
2022 | 2022 | 2022 Total £ 7,100 1 40,218 47,319 30,000 897 30,897 16,422 384,825 401,247 |
2021 | 2021 Total £ 12,310 1 50,894 |
||
|---|---|---|---|---|---|---|---|---|
| £ 400 400 97 |
£ | £ 600 600 65 |
||||||
| 63,205 50,000 |
||||||||
1,265 |
||||||||
| 51,265 | ||||||||
| 11,940 372,885 |
||||||||
| 384,825 |