## **ALMAT LIMITED**
(Limited by guarantee)
Financial Statements
For the year ended 31 March 2023
Company Number 01495320 (England and Wales) Charity registration number 282351
## **Whiteside and Davies**
**Chartered Certified Accountants** 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 2023
## **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 2023
## **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 Whiteside and Davies 158 Cromwell Road Salford M6 6DE
## **Bankers**
Barclays Bank 17 St Anns Square Manchester M2 7PW
Page 4
## **ALMAT LIMITED** COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351
## FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2023
## **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 2023.
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
Page 5
FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2023
## **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.
Page 6
## **ALMAT LIMITED** COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2023
## **Report of the Directors/Trustees (continued)**
In preparing those financial statements, the Directors/Trustees should follow best practice and
- **a.** Select suitable accounting policies and apply them consistently.
- **b.** Make judgments and estimates that are reasonable and prudent.
- **c.** Follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements.
- **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 January 2024
Chaya Benedikt
Page 7
## **ALMAT LIMITED** COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2023
## **Independent Examiner's Report to the Trustees**
I report on the financial statements of Almat Ltd for the period ended 31 March 2023.
## **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,
- 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;
1. which gives me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
David Pollak Whiteside and Davies 158 Cromwell Road Salford M6 6DE
Date: 2 January 2024
Page 8
## **ALMAT LIMITED**
## COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351
FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2023
## **Statement of Financial Activities**
|**Turnover**
**Expenditure**
**Gross Income**
**Overheads**
**Net profit for the year**|_Notes_
_3_|**_2023_**
**_£_**
**74,642**
**(50,000)**
**24,642**
**(911)**
**23,731**|_2022_
_£_
47,319
(30,000)|
|---|---|---|---|
||||17,319
(897)|
||||16,422|
Page 9
## **ALMAT LIMITED**
## COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351
## FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2023
## **Balance Sheet At 31 March 2023**
|**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_|**2023**
**_2023_**
**_£_**
**_£_**
**477,807**
**13,471**
**13,471**
**(800)**
**12,671**
**490,478**
**(65,500)**
**424,978**
**424,978**|2022
_2022_
_£_
_£_
456,121
11,426
11,426
(800)
10,626
466,747
(65,500)
401,247
401,247||
||||||
|||||466,747
(65,500)|
|||||401,247|
||||||
|||||401,247|
In approving these financial statements as directors of the company we hereby confirm:
- a. that for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act 2006 ;
- 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 2023; and
- c. that we acknowledge our responsibilities for:
1. ensuring that the company keeps accounting records which comply with Section 386 ; and
2. 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 January 2024
Director and Trustee
The notes on pages 10 to 12 form part of the balance sheet
Page 10
## **ALMAT LIMITED** COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351 FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2023
## **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.
Page 11
## **ALMAT LIMITED** COMPANY LIMITED BY GUARANTEE COMPANY NUMBER 01495320 CHARITY NUMBER 282351
## FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2023
## **Notes To The Accounts (continued)**
|**4.**|**Investments**
**_2023_**
**_£_**
Property Joint Ventures
Balance brought forward
**456,121**
Net surplus from syndicate Investments
Surplus from property joint ventures
**67,441**
**523,562**
Net capital withdrawn
**(45,755)**
**477,807**
**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|_2022_
_£_
449,234
40,217|
|---|---|---|
|||489,451
(33,330)|
|||456,121|
||||
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 2023
## **Notes To The Accounts (continued)**
|**_2023_**
**_£_**
**5.**
**Creditors**Amounts 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**
**401,247**
Net surplus for the year
**23,731**
**424,978**
At 01 April 2022
At 31 March 2023|_2022_
_£_|
|---|---|
||800|
|||
||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 2023
## **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_||**_2023_**|**_2023_**|**_2023_**
**_Total_**
**_£_**
**7,200**
**1**
**67,441**
**74,642**
**50,000**
**911**
**50,911**
**23,731**
**401,247**
**424,978**||_2022_|_2022_
_Total_
_£_
7,100
1
40,218|
|---|---|---|---|---|---|---|---|---|
||||**_£_**
**400**
**400**
**111**|**_£_**|||_£_
400
400
97||
|||||||||47,319
30,000|
|||||||||
897|
||||||||||
|||||||||30,897|
|||||||||16,422
384,825|
|||||||||401,247|