REGISTERED COMPANY NUMBER: 01529318 (England and Wales) REGISTERED CHARITY NUMBER: 285824
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
FOR
WEGLAND LIMITED
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
WEGLAND LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 30 June 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
WEGLAND LIMITED (REGISTERED NUMBER: 01529318)
REPORT OF THE TRUSTEES for the year ended 30 June 2024
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 30 June 2024. 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 objects of the charity are the advancement of religion in accordance with the orthodox Jewish faith; the relief of poverty; and for such other purposes as are recognised by English law as charitable.
Grantmaking
To achieve the objects of the charity, the trustees make grants to institutions. The trustees welcome applications from the general public and seek to make donation which meet the charity's objectives and satisfy the principals set out within the Trust Deed. The trustees meet regularly to consider applications and approve these based on the merits and circumstances of the cause. Where necessary, the trustees will meet applicants face to face to explore the most effective way of providing assistance.
Public Benefit Report
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aim and objectives and in planning the charity's future activities. The aims of the charity for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the charity's aims for the public benefit are outlined under 'Achievements and Performance' above.
ACHIEVEMENT AND PERFORMANCE
The charity utilised income raised from investments and from donations to further its activities.
During the year under review income increased to £79,740 from £73,897 in the prior year. Expenditure increased from £69,996 to £322,796 with grants paid totalling £307,160 (2023 - £36,660).
FINANCIAL REVIEW
Financial position
The charity reported net expenditure/(income) of £243,056 (2023 - £3,901).
Investment policy and objectives
Under its Memorandum of Association the charity has power to invest in any way the trustees wish. In making investments the trustees seek to maximise income whilst retaining access to funds. Investments are made only once the trustees have taken advice from professional advisors.
Reserves policy
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through investment income and voluntary donations. As Wegland Limited is principally operated as a grant giving charity, and the trustees' policy is to seek to distribute the bulk of the income arising in each financial year as it becomes available, the trustees are of the opinion that reserves to cover the administrative costs of the charity would be sufficient. At 30 June 2024, the charity had total unrestricted funds of £623,043 (2023 - £866,099) and free reserves of £260,243 (2023 - £503,299).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association, incorporated on 20 November 1980.
Recruitment and appointment of new trustees
New trustees are appointed due to their interest in the work of charity and their recognised experience in specific fields which will further support the work of the Wegland Limited.
Page 1
WEGLAND LIMITED (REGISTERED NUMBER: 01529318)
REPORT OF THE TRUSTEES for the year ended 30 June 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The trustees administer the day-to-day affairs of the charity. None of the trustees have any beneficial interest in the charity.
Induction and training of new trustees
New trustees are given a full induction by the chairman. Trustees can retire when they wish as they do not serve under a fixed term of tenure.
Risk management
The trustees regularly undertake a review of the major risks to which the charity is exposed, and systems designed to mitigate those risks are considered on an ongoing basis.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01529318 (England and Wales)
Registered Charity number
285824
Registered office
19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Trustees
Mr S Frischmann Mr D Frischmann Mrs M Stobiecki
Independent Examiner
Yedidya A Zaiden FCCA Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
Approved by order of the board of trustees on 3 December 2024 and signed on its behalf by:
Mr D Frischmann - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WEGLAND LIMITED
Independent examiner's report to the trustees of Wegland Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.
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
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 Company as required by Section 386 of the 2006 Act; or
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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.
Yedidya A Zaiden FCCA
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
3 December 2024
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WEGLAND LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 June 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - Investment income 2 79,740 Gain/(Loss) sale of Investment - Total 79,740 EXPENDITURE ON Raising funds 3 4,235 Charitable activities Donations paid 307,160 Support costs 11,401 Total 322,796 NET INCOME/(EXPENDITURE) (243,056) RECONCILIATION OF FUNDS Total funds brought forward 866,099 TOTAL FUNDS CARRIED FORWARD 623,043 CONTINUING OPERATIONS |
2023 Total funds £ 25,000 63,382 (14,485) 73,897 28,238 36,660 5,098 69,996 3,901 862,198 866,099 |
|---|---|
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 4
WEGLAND LIMITED (REGISTERED NUMBER: 01529318)
BALANCE SHEET
30 June 2024
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank and in hand CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
2024 Unrestricted fund £ 362,800 225,061 71,369 296,430 (36,187) 260,243 623,043 623,043 623,043 623,043 |
2023 Total funds £ 362,800 495,600 44,699 540,299 (37,000) 503,299 866,099 866,099 866,099 866,099 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(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.
The notes form part of these financial statements
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continued...
WEGLAND LIMITED (REGISTERED NUMBER: 01529318)
BALANCE SHEET - continued 30 June 2024
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 by the Board of Trustees and authorised for issue on 3 December 2024 and were signed on its behalf by:
Mr D Frischmann - Trustee
The notes form part of these financial statements
Page 6
WEGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2024
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, as modified by the revaluation of certain assets.
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
2.
INVESTMENT INCOME
| Rents received Interest receivable |
2024 £ 65,990 13,750 79,740 |
2023 £ 58,964 4,418 |
|---|---|---|
| 63,382 |
continued...
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WEGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 June 2024
3. RAISING FUNDS
Investment management costs
| Property management costs GRANTS PAYABLE Donations paid The total grants paid during the year was as follows: |
2024 £ 4,235 2024 £ 307,160 |
2023 £ 28,238 |
|||
|---|---|---|---|---|---|
| 2023 £ 36,660 |
|||||
| 2024 | |||||
| £ | |||||
| Keren Chochmas Shloma Trust | 45,000 | ||||
| Zlotchiv | 43,700 | ||||
| The Rehabilitiation Trust | - | ||||
| Kolyom Trust | 38,000 | ||||
| Kupat Chaim V'Chesed | 40,000 | ||||
| Keren Shmuel | 25,000 | ||||
| Shir Chesed Beis Yisrael | 43,200 | ||||
| Smaller grants | 72,260 | ||||
| 307,160 | |||||
4. GRANTS PAYABLE
All grants were made to institutions whose objects are in line with those of the charity.
5. SUPPORT COSTS
6.
| Support costs NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Deficit on disposal of fixed assets Independent examiners fees |
Governance Finance costs £ £ 117 11,284 2024 £ - 10,684 |
Totals £ 11,401 |
|---|---|---|
| 2023 £ 14,485 4,684 |
continued...
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WEGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 June 2024
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.
8. STAFF COSTS
During the year the average number of employees were nil (2023: nil).
9. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 July 2023 and 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 |
£ 362,800 |
| 362,800 | |
| 362,800 |
The property was valued as at 30 June 2024 by the trustees, on an open market value basis, with the assistance of their professional advisors and based on their knowledge of the property market and the specific properties owned.
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Prepayments and accrued income |
2024 £ 220,652 4,409 225,061 |
2023 £ 491,182 4,418 |
|---|---|---|
| 495,600 |
continued...
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WEGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 June 2024
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Accruals and deferred income 12. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.7.23 £ 866,099 866,099 Incoming resources £ 79,740 79,740 At 1.7.22 £ 862,198 862,198 |
2024 2023 £ £ 16,250 16,250 19,937 20,750 36,187 37,000 Net movement At in funds 30.6.24 £ £ (243,056) 623,043 (243,056) 623,043 Resources Movement expended in funds £ £ (322,796) (243,056) (322,796) (243,056) Net movement At in funds 30.6.23 £ £ 3,901 866,099 3,901 866,099 |
|---|---|---|
continued...
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WEGLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 30 June 2024
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 73,897 | (69,996) | 3,901 |
| TOTAL FUNDS | 73,897 | (69,996) | 3,901 |
13. RELATED PARTY DISCLOSURES
Included in other debtors are amounts aggregating £220,000 (2023: £220,000) due from companies of which certain of the trustees and their close family members are directors. The loans bore interest at 6.25%.
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