REGISTERED COMPANY NUMBER: 01547535 (England and Wales) REGISTERED CHARITY NUMBER: 282873
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
CARLEE LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
CARLEE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Trustees' Responsibility Statement | 3 | ||
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Statement of Cash Flows | 7 | ||
| Notes to the Statement of Cash Flows | 8 | ||
| Notes to the Financial Statements | 9 | to | 14 |
CARLEE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The principal objectives of the charity are:
-
-The advancement of religion in accordance with the Orthodox Jewish Faith
-
-The relief of poverty, and
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-Any other activities recognised by English Law as charitable.
In order to achieve these objectives, the charity provided donations to various charitable organisations whose objective closely aligns with that of Carlee Limited.
Significant activities
During the year, the charity received donation totalling £484,000 (2022 - £423,500). The charity also received shares of non quoted companies from its subsidiary as donation in kind.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity's Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning future activities and setting the grant making policy for the year.
The charity was set up to support the activities of religious Jewish organisations especially in the field of religious education. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations, which themselves are growing not only in England but also worldwide.
The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and also through the distribution of basic necessities.
The income of the charity is derived from donations and investments. The trustees continued their support of those organisations deemed to promote the objects of this charity.
Grantmaking
The charity accepts applications for grants from representatives of various charities, which are reviewed by the trustees on a regular basis.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity continued to support charities whose objective closely aligns with its own. During the year, the charity paid donations totalling £1,693,000 (2022 - £465,600) to various charitable institutions.
FINANCIAL REVIEW
Principal funding sources
The charity is financially dependent on income from its investment and charitable donation.
Investment policy and objectives
The governing document of the charity, memorandum and article of association, authorises the trustees to make and hold investments using the general funds of the charity.
Reserves policy
The reserves policy is to ensure that there is sufficient stream of income to meet the ongoing calls made on the charity.
Page 1
CARLEE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW
Going concern
The trustees are confident that the charity has adequate resources and operational plan to continue into the foreseeable future. Thus, the trustees consider the use of going concern basis to be appropriate.
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by it's governing document, it's memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act, 2006.
Related parties
Details of related party transaction and balances are provided in the notes to the financial statement where necessary.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01547535 (England and Wales)
Registered Charity number
282873
Registered office
32 Paget Road Stamford Hill London N16 5NQ
Trustees
B D Stroh A S C Singer E Bleier
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 21 June 2023 and signed on its behalf by:
B D Stroh - Trustee
Page 2
CARLEE LIMITED
TRUSTEES' RESPONSIBILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2023
The trustees (who are also the directors of Carlee Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CARLEE LIMITED
Independent examiner's report to the trustees of Carlee Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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 Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts 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 accounts 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.
Malcolm Venitt
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
21 June 2023
Page 4
CARLEE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Charitable Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.23 Unrestricted fund £ 484,000 82,440 566,440 1,693,000 1,676 1,694,676 1,366,360 238,124 1,517,773 1,755,897 |
31.3.22 Total funds £ 423,500 82,442 |
|---|---|---|
| 505,942 | ||
| 465,600 18,089 |
||
| 483,689 | ||
| - | ||
| 22,253 1,495,520 |
||
| 1,517,773 |
The notes form part of these financial statements
Page 5
CARLEE LIMITED
STATEMENT OF FINANCIAL POSITION 31 MARCH 2023
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS/(LIABILITIES) FUNDS 12 Unrestricted funds TOTAL FUNDS |
31.3.23 Unrestricted fund £ 200 2,281,154 218,934 2,500,088 (744,391) 1,755,697 1,755,897 1,755,897 1,755,897 1,755,897 |
31.3.22 Total funds £ 200 2,245,154 17,530 2,262,684 (745,111) 1,517,573 1,517,773 1,517,773 1,517,773 1,517,773 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on 21 June 2023 and were signed on its behalf by:
B D Stroh - Trustee
The notes form part of these financial statements
Page 6
CARLEE LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Sale of fixed asset investments Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.3.23 £ (1,247,396 ) (1,247,396 ) 1,366,360 82,440 1,448,800 201,404 17,530 218,934 |
31.3.22 £ (71,509) (71,509) - 82,442 82,442 10,933 6,597 17,530 |
|---|---|---|
The notes form part of these financial statements
Page 7
CARLEE LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 31.3.23 | 31.3.22 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 238,124 | 22,253 | |
| Adjustments for: | |||
| Losses on investments | (1,366,360 ) | - | |
| Interest received | (82,440) | (82,442) | |
| Increase in debtors | (36,000) | (10,000) | |
| Decrease in creditors | (720) | (1,320) | |
| Net cash used in operations | (1,247,396 ) | (71,509) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.4.22 | Cash flow | At 31.3.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 17,530 | 201,404 | 218,934 |
| 17,530 | 201,404 | 218,934 | |
| Total | 17,530 | 201,404 | 218,934 |
The notes form part of these financial statements
Page 8
CARLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Preparation of consolidated financial statements
The financial statements contain information about Carlee Limited as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
The charity is also exempt under Charities Act 2011 to prepare group accounts.
Critical accounting 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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include independent examination, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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CARLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 2. DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Deposit account interest Interest receivable 4. CHARITABLE ACTIVITIES COSTS Charitable 5. GRANTS PAYABLE Charitable The total grants paid to institutions during the year was as follows: Attainment of education Advancement of religion Relief of poverty Health and social welfare |
31.3.23 £ 484,000 31.3.23 £ - 82,440 82,440 31.3.23 £ 1,693,000 31.3.23 £ 1,217,500 271,000 38,000 166,500 1,693,000 |
31.3.22 £ 423,500 31.3.22 £ 2 82,440 82,442 Grant funding of activities (see note 5) £ 1,693,000 |
31.3.22 £ 423,500 |
|---|---|---|---|
| 31.3.22 £ 465,600 |
|||
| 31.3.22 £ 129,500 220,000 80,000 36,100 |
|||
| 465,600 |
The list of charitable institutions supported by the charity during the year are as below:
| Amount in £ | |||
|---|---|---|---|
| Name | 31.03.2023 | 31.03.2022 | |
| 1 | United Torah Association | 205,000 | 9,100 |
| 2 | UTRY | 136,000 | 4,000 |
| 3 | Keren Habinyan Ltd | 134,000 | - |
| 4 | Achisomoch | 128,000 | 40,900 |
| 5 | Alta Feige Trust | 90,000 | - |
| 6 | Kollel Torah Veyirah | 75,000 | - |
| 7 | Mifal Hachesed Vehatzedokoh | 72,000 | - |
| 8 | Satmar Kollel | 61,000 | 1,000 |
| 9 | Beis Ruchel D'Satmer | 50,000 | - |
| 10 | United Talmudical Association | 50,000 | - |
| 11 | Friends Of Beis Soroh Schneirer | 45,000 | 12,000 |
| 12 | Friends Of Beis Chinuch Lebonos Trust | 37,000 | 12,000 |
| Others | 610,000 | 374,600 |
continued...
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CARLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
5. GRANTS PAYABLE - continued
6.
| Total | 1,693,000 | 465,600 | |
|---|---|---|---|
| SUPPORT COSTS | |||
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | 223 | 1,453 | 1,676 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charitable Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 423,500 82,442 |
|---|---|
| 505,942 | |
| 465,600 18,089 |
|
| 483,689 | |
| 22,253 1,495,520 |
|
| 1,517,773 |
continued...
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CARLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2022 Disposals Reclassification/transfer At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Shares in group undertakings £ 200 (1,366,360 ) 1,366,360 200 200 200 |
|---|---|
There were no investment assets outside the UK.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Other debtors | 2,281,154 | 2,245,154 |
| Other debtor includes amount receivable from Investwell Estates Limited for £2,180,640. | ||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Other creditors | 741,751 | 742,111 |
| Accrued expenses | 2,640 | 3,000 |
| 744,391 | 745,111 | |
| Other creditor includes amount payable to the subsidiaries and other entities connected to the trustees. |
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
12. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 1,517,773 1,517,773 |
Net movement in funds £ 238,124 238,124 |
At 31.3.23 £ 1,755,897 |
|---|---|---|---|
| 1,755,897 |
continued...
Page 12
CARLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 566,440 566,440 |
Resources expended £ (1,694,676 ) (1,694,676 ) |
Gains and losses £ 1,366,360 1,366,360 |
Movement in funds £ 238,124 |
|---|---|---|---|---|
| 238,124 |
Comparatives for movement in funds
| At 1.4.21 £ Unrestricted funds General fund 1,495,520 TOTAL FUNDS 1,495,520 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 505,942 TOTAL FUNDS 505,942 |
Net movement in funds £ 22,253 22,253 Resources expended £ (483,689) (483,689) |
At 31.3.22 £ 1,517,773 |
At 31.3.22 £ 1,517,773 |
|
|---|---|---|---|---|
| 1,517,773 | ||||
| Movement in funds £ 22,253 22,253 |
||||
| 22,253 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 1,495,520 1,495,520 |
Net movement in funds £ 260,377 260,377 |
At 31.3.23 £ 1,755,897 |
|---|---|---|---|
| 1,755,897 |
continued...
Page 13
CARLEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,072,382 1,072,382 |
Resources expended £ (2,178,365 ) (2,178,365 ) |
Gains and losses £ 1,366,360 1,366,360 |
Movement in funds £ 260,377 260,377 |
|---|---|---|---|---|
13. RELATED PARTY DISCLOSURES
During the year, the charity had following transactions, balances and events which require disclosure.
-
The charity has debtor balance outstanding from Investwell Estates Limited of £2,180,640 for which interest has been charged. Total interest received for the balance for the period is £82,440 (2022 - £82,440).
-
The charity received shares of unquoted companies from its subsidiary valued at £1,366,360.
Page 14