2024-03-31-accounts - Sparquote Limited

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COMPANY REGISTRATION NUMBER: 01674021 CHARITY REGISTRATION NUMBER: 286232

SPARQUOTE LIMITED

AND SUBSIDIARY UNDERTAKINGS

FINANCIAL STATEMENTS

for the year ended 31 MARCH 2024

COHEN ARNOLD

Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU

SPARQUOTE LIMITED

AND SUBSIDIARY UNDERTAKINGS

INDEX TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

	PAGES
Trustees' annual report (incorporating the director's report)	1 to 4
Independent auditor's report to the members	5 to 8
Consolidated statement of financial activities (including the
consolidated income and expenditure account)	9
Consolidated balance sheet	10
Charity balance sheet	11
Consolidated statement of cash flows	12
Notes to the financial statements	13 to 23

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT)

YEAR ENDED 31 MARCH 2024

The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity and its subsidiary undertakings for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Sparquote Limited Charity registration number 286232 Company registration number 01674021 Principal office and registered Cavendish House office 369 Burnt Oak Broadway Edgeware Middlesex HA8 5AW The trustees Mr Joseph Alexander Goldstein (appointed 28 March 2024) Mr Richard Simon Lewis (appointed 28 March 2024) Mr David Reichmann (resigned 28 March 2024) Mrs Anne-Mette Reichmann (resigned 28 March 2024) Auditors Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU Bankers Barclays Bank plc High Street Edgware Middlesex HA8 7RY

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is constituted as a company limited by guarantee, and is therefore governed by its memorandum and articles of association.

The Charity's subsidiary undertakings are Haneveim Limited, a property development holding company, Berkeley House Edgware Limited, a company engaged in the subletting of property and 65 London Road Limited, which has acquired a property for development.

The council of management administers the day-to-day affairs of the Charity. None of the Trustees have any beneficial interest in the Charity.

It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment training and induction procedures.

There were four Trustees who served during the year. The Trustees did not receive any remuneration for their services nor did they receive any reimbursement for out of pocket expenses.

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

The Charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law and in furtherance of the aforementioned objects.

The Charity receives income mainly from its property investments and charitable receipts under Gift Aid, which it utilises in the provision and distribution of grants and donations.

The Charity's principle activity throughout the year was the provision and distribution of donations and grants to organisations, and no change is envisaged in the immediate future.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

ACHIEVEMENTS AND PERFORMANCE

During the year the Charity continued its philanthropic activities in support of religious, education and other charitable institutions and aggregate donations were paid in the sum of £140,717 (2023: £196,398).

The benefits that these charities provide include:

Financial support to the poor
Provision of basic necessities to the poor
Relief of sickness and disabilities
Jewish education and support for places of worship for the Jewish community

FINANCIAL REVIEW

Financial position

The financial position of the charity and its subsidiary undertakings is satisfactory. The charity’s consolidated statement of financial activities shows net income of £326,458 (2023: £340,343) and total reserves of £19,076,931 (2023: £18,750,473).

FINANCIAL REVIEW

Reserve policy

It is the policy of the charity to maintain unrestricted funds, which include the free reserves of the Charity, at a level which the Trustees think appropriate, after considering the future commitments of the Charity and the likely costs of the Charity for the next year.

As at 31 March 2024 the charity has total funds of £20,518,596, all of which are unrestricted.

The charity is satisfied that its ability to continue its grant making charitable activities into the future is supported by net investment income realised from its investments on a regular basis.

Grant making policy

Grants are made to charitable institutions and organisations which accord with the objects of the Charity.

The Trustees are approached for donations by a wide variety of charitable institutions operating all over England (and also abroad). The Trustees consider all requests which they receive and make donations based on the level of funds available.

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 31 MARCH 2024

Investment powers and policy and objectives

Under the memorandum and articles of association, the Charity has the power to make any investment, which the Trustees see fit. The Trustees regularly review the Charity's position and needs in respect of the investment policy.

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those to the operations and finances of the charity, and are satisfied the systems are in place to mitigate its exposure to those risks.

PLANS FOR FUTURE PERIODS

The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.

TRUSTEES’ RESPONSIBILITIES

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the group and charitable company and the incoming resources and application of resources, including the income and expenditure of the group, for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

Each of the persons who is a trustee at the date of approval of this report confirms that:

so far as they are aware, there is no relevant audit information of which the charity’s auditors are unaware; and
they have taken all the steps that they ought to have taken as trustee to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

The auditor is deemed to have been reappointed in accordance with section 487 of the Companies Act 2006.

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 31 MARCH 2024

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on ………………….. 2024 and signed on behalf of the board of trustees by:

Mr R S Lewis Trustee

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SPARQUOTE LIMITED

YEAR ENDED 31 MARCH 2024

We have audited the financial statements of Sparquote Limited for the year ended 31 March 2024 which comprise the consolidated statement of financial activities (including income and expenditure account), the consolidated and parent charity balance sheets, the consolidated statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

In our opinion the financial statements:

give a true and fair view of the state of the group and charity's affairs as at 31 March 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

As subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation.

OTHER INFORMATION

The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SPARQUOTE LIMITED (Continued)

YEAR ENDED 31 MARCH 2024

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the trustees' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SPARQUOTE LIMITED (Continued)

YEAR ENDED 31 MARCH 2024

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the directors and identified financial reporting legislation, landlord legislation and charity legislation as being most significant to these financial statements.
We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with the laws and regulations.
We discussed with the directors the policies and procedures regarding compliance with these legal and regulatory frameworks.
We assessed the susceptibility of the group’s financial statements to material misstatement due to noncompliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the directors during the planning and finalisation phases stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was determined to be low.
Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SPARQUOTE LIMITED (Continued)

YEAR ENDED 31 MARCH 2024

Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

USE OF OUR REPORT

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Barry Leigh (Senior Statutory Auditor) For and on behalf of Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NW11 0PU

Date: ……………………… 2024

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2024

			2024		2023
		Unrestricted Funds		Unrestricted Funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5		-		-
Investment income	6		1,045,000		1,009,315
			------------------------------------------------------		------------------------------------------------------
Total income			1,045,000		1,009,315
Expenditure
Expenditure on raising funds:
Investment management costs	7	(562,045)		(456,824)
Expenditure on charitable activities	8,9	(156,497)		(212,148)
Taxation			-		-
		------------------------------------------------------		------------------------------------------------------
Total expenditure			(718,542)		(668,972)
Net losses on investments:
Loss on revaluation of investment
property			-		-
			------------------------------------------------------		------------------------------------------------------
Net income and net movement in
funds	14		326,458		340,343
Reconciliation of funds:
Total funds brought forward			18,750,473		18,410,130
			------------------------------------------------------		------------------------------------------------------
Total funds carried forward	22		19,076,931		18,750,473
			========================================================		========================================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 24 form part of these financial statements.

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

			2024		2023
	Note	£	£	£	£
FIXED ASSETS
Investments	15		21,828,406		21,828,406
CURRENT ASSETS
Stock	16	3,271,870		3,245,933
Debtors	17	75,123		94,848
Cash at bank and in hand	18	21,561		4,857
		------------------------------------------------------		------------------------------------------------------
		3,368,554		3,345,638
CREDITORS: amounts falling due within
one year	19	(4,784,795)		(398,223)
		------------------------------------------------------		------------------------------------------------------
NET CURRENT
ASSETS/(LIABILITIES)			(1,416,241)		2,947,415
			------------------------------------------------------		------------------------------------------------------
TOTAL ASSETS LESS
CURRENT LIABILITIES			20,412,165		24,775,821
CREDITORS: amounts falling due after
more than one year	20		(1,335,234)		(6,025,348)
			------------------------------------------------------		------------------------------------------------------
NET ASSETS			19,076,931		18,750,473
			========================================================		========================================================
FUNDS OF THE CHARITY
Unrestricted funds	22		19,076,931		18,750,473
			------------------------------------------------------		------------------------------------------------------
Total charity funds			19,076,931		18,750,473
			========================================================		========================================================

These financial statements were approved by the board of trustees and authorised for issue on ......................... 2024, and are signed on behalf of the board by:

…………………… Mr R S Lewis Trustee

Company Registration Number: 01674021 Charity Registration Number: 286232

The notes on pages 13 to 24 form part of these financial statements.

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 31 MARCH 2024

			2024		2023
		£	£	£	£
FIXED ASSETS
Investments	15		22,377,762		21,830,694
CURRENT ASSETS
Debtors	17	4,234,551		3,983,425
Cash at bank and in hand		20,258		1,506
		-------------------------------------		-------------------------------------
		4,254,809		3,984,931
CREDITORS: amounts falling due
within one year	19	(4,778,741)		(383,923)
		-----------------------------------------------		-------------------------------------
NET CURRENT
ASSETS/(LIABILITIES)			(523,932)		3,601,008
			----------------------------------------------------		----------------------------------------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES			21,853,830		25,431,702
CREDITORS: amounts falling due
after more than one year	20		(1,335,234)		(6,025,348)
			----------------------------------------------------		----------------------------------------------------
NET ASSETS			20,518,596		19,406,354
			====================================================		====================================================
FUNDS OF THE CHARITY
Unrestricted funds			20,518,596		19,406,354
			----------------------------------------------------		----------------------------------------------------
Total charity funds	22		20,518,596		19,406,354
			====================================================		====================================================

These financial statements were approved by the board of trustees and authorised for issue on ………………. 2024, and are signed on behalf of the board by:

…………………… Mr R S Lewis Trustee

Company Registration Number: 01674021 Charity Registration Number: 286232

The notes on pages 13 to 24 form part of these financial statements.

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

	Note	2024	2023
		£	£
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		326,458	340,343
Adjustments for:
Net losses on investments		-	-
Dividends, interest and rents from investments		(1,045,000)	(1,009,315)
Taxation		-	-
Accrued expenses/(income)		-	(10,625)
Payments for expenditure on investment properties		95,433	98,690
Interest payable and similar charges		466,612	358,134
		─────────────	─────────────
Cash generated from operations		(156,497)	(222,773)
Taxation		-	-
		─────────────	─────────────
Net cash used in operating activities		(156,497)	(222,773)
		═════════════	═════════════
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments		1,041,993	992,338
Purchases of stock		(25,937)	(80,084)
Payments for expenditure on investment properties		(96,357)	(98,107)
Changes in:
Other debtors		7,299	3,868
Other creditors		(9,516)	(66,905)
		─────────────	─────────────
Net cash from investing activities		917,482	751,110
		═════════════	═════════════
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowings		(267,814)	(249,455)
Interest paid		(476,467)	(345,504)
		─────────────	─────────────
Net cash generated / (used) in financing activities		(744,281)	(594,959)
		═════════════	═════════════
NET INCREASE /(DECREASE) IN CASH AND
CASH EQUIVALENTS		16,704	(66,622)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		4,857	71,479
		─────────────	─────────────
CASH AND CASH EQUIVALENTS AT END OF YEAR	18	21,561	4,857
		═════════════	═════════════

The notes on pages 13 to 24 form part of these financial statements.

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1. GENERAL INFORMATION

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Cavendish House, 369 Burnt Oak Broadway, Edgware, Middlesex, HA8 5AW.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. ACCOUNTING POLICIES

3.1 Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The charity meets the definition of a public benefit entity under FRS 102.

3.2 Going concern

Notwithstanding the net current liabilities of the charity and its subsidiary undertakings, the consolidated financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its dayto-day liabilities as they fall due. The trustees also have a reasonable expectation that the charity will be able to refinance its bank loans following the year end before they fall due.

3.3 Consolidation

The financial statements consolidate the results of the charity and its subsidiary undertakings. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented in accordance with section 408 of the Companies Act 2006.

The Group Financial Statements incorporate the financial statements of the company and its group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. The Group Financial Statements do not consolidate the results, nor the assets and liabilities of its indirect minority holding in a Haneveim Israel (see Note 15 to the Financial Statements) as the trustees are of the opinion that to do so would not reflect a true and fair view in the Financial Statements. Haneveim Israel and its operations are controlled and carried out in Israel by its directors.

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES (continued)

3.4 Judgements and key sources of estimation uncertainty

Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows:

(i) Property valuation

The valuation of the charity's investment property is inherently subjective, depending on many factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

(ii) Trade and other debtors

Management uses details of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value.

3.5 Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. There are no designated funds as at the balance sheet date.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. There are no restricted funds as at the balance sheet date.

3.6 Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when received.

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES (continued)

3.7 Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all non-charitable trading activities and investment management costs.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

The following specific policies are applied to particular categories of expenditure:

grants and donations are recognised when paid.

3.8 Taxation

The charity is not liable to current tax on its income as it falls within the various exemptions available to registered charities. Accordingly, the charity does not recognise any deferred tax liability on property revaluations as it will apply all funds for qualifying charitable purposes and be eligible for tax exemptions available to registered charities.

3.9 Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

3.10 Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition

Investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and
No depreciation is provided in respect of investment properties applying the fair value model.

Investment property fair value is determined by the trustees based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition.

3.11 Stock

Stocks are valued at the lower of cost and net realised value, after making due allowance for obsolete and slow moving items. Property held as trading stock is initially recognised on purchase completion Disposal of property held as trading stock is recognised on sale completion.

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES (continued)

3.12 Acquisitions and disposals

Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the financial statements accordingly.

3.13 Debtors

Debtors are recognised and carried forward at invoiced amounts less provisions for any doubtful debts. Bad debts are written off when identified.

3.14 Creditors

Creditors are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Creditors are recognised at transaction price less attributable transaction costs.

3.15 Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. 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.

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

5. DONATIONS AND LEGACIES

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
DONATIONS
Donations received	-	-	-	-
	=====================================	=====================================	=====================================	=====================================

6. INVESTMENT INCOME

INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Property revenue	1,045,000	1,045,000	1,009,315	1,009,315
	-------------------------------------	-------------------------------------	-------------------------------------	-------------------------------------
	1,045,000 =====================================	1,045,000 =====================================	1,009,315 =====================================	1,009,315 =====================================

7. INVESTMENT MANAGEMENT COSTS

INVESTMENT MANAGEMENT COSTS
	Unrestricted	Funds
	2024	2023
	£	£
Investment property outgoings	95,433	98,690
Interest payable and similar charges	466,612	358,134
	----------------------------------------------	----------------------------------------------
	562,045	456,824
	==============================================	==============================================

8. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Grants paid	140,717	140,717	196,398	196,398
Support costs	15,780	15,780	15,750	15,750
	----------------------------------------------	----------------------------------------------	----------------------------------------------	----------------------------------------------
	156,497	156,497	212,148	212,148
	==============================================	==============================================	==============================================	==============================================

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

	Grant
	funding of	Support	Total Funds	Total Funds
	activities	costs	2024	2023
	£	£	£	£
Grants paid	140,717	-	140,717	196,398
Governance costs	-	15,780	15,780	15,750
	----------------------------------------------	----------------------------------------------	----------------------------------------------	----------------------------------------------
	140,717	15,780	156,497	212,148
	==============================================	==============================================	==============================================	==============================================

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

10. ANALYSIS OF GRANTS

All grants and donations were paid to charitable institutions for the purposes of either the advancement of education or the relief of poverty.

Donations of £140,700 were paid to Achisomoch Aid Company Limited.

11. NET INCOME

Net income is stated after charging/(crediting):

Net income is stated after charging/(crediting):
	2024	2023
	£	£
Fees payable for the audit of the financial statements	10,200	10,200
	==============================================	==============================================

12. STAFF COSTS

The average headcount of employees during the year was nil (2023: nil).

No salary or wages have been paid to employees during the year.

13. TRUSTEE REMUNERATION AND EXPENSES

The average head count of employees, including trustees, during the year was 2 (2023: 3).

No salaries or wages have been paid to trustees during the year.

14. NET MOVEMENT IN FUNDS

Of the net movement in funds of the group, a surplus of £1,112,242 (2023: surplus of £568,111) has been dealt with in the statement of financial activities of the charity itself.

Turnover of the charity aggregated £1,259,956 (2023: £1,229,795) and comprised £18,000 (2023: £44,413) of donations received from subsidiary undertakings and £1,241,956 (2023: £1,185,382) of investment income.

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

15. INVESTMENTS

INVESTMENTS
	Investment
Group	properties
	£
Fair value
At 1 April 2023	21,828,406
Revaluations	-
	------------------------------------------------------
At 31 March 2024	21,828,406
	======================================================

		Shares in
	Investment	group
Charity	properties	undertakings	Total
	£	£	£
Fair value
At 1 April 2023	21,828,406	2,288	21,830,694
Revaluations	-	547,068	547,068
	------------------------------------------------------	------------------------------------------------------	------------------------------------------------------
At 31 March 2024	21,828,406	549,356	22,377,762
	======================================================	======================================================	=====================================================

Investment properties

The investment properties are stated at trustees' valuation as at 31 March 2024. The historical cost of the properties at 31 March 2024 for the group and charity is £9,270,068 (2023: £9,270,068).

Shares in group undertakings

Shares in group undertakings
		Percentage of
	Class of share	shares held
Haneveim Limited (Company No. 05559067)	Ordinary	100
Berkeley House Edgware Limited (Company No. 11229015)	Ordinary	100
65 London Road Limited (Company No. 12246587)	Ordinary	100

The above mentioned entities are incorporated in England and Wales.

The results for subsidiaries and other undertakings are as follows:

	Capital and	reserves	Profit/(loss) for the year	Profit/(loss) for the year
	2024	2023	2024	2023
	£	£	£	£
Haneveim Limited	100	100	-	-
Berkeley House Edgware Limited	561	2,088	16,473	20,330
65 London Road Limited	(10,230)	(7,830)	(2,400)	(2,400)
	================	================	================	================

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

15. INVESTMENTS (Continued)

The registered address of Haneveim Limited is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

The registered address of Berkeley House Edgware Limited is Cavendish House, 369 Burnt Oak Broadway, Edgware, HA8 5AW.

The registered address of 65 London Road Limited is Cavendish House, 369 Burnt Oak Broadway, Edgware, HA8 5AW.

The financial statements of all subsidiary undertakings are made up annually to 31 March.

The aggregate assets, liabilities, capital and reserves for the subsidiaries as at 31 March 2024 were as follows:

		Berkeley
		House	65 London
	Haneveim	Edgware	Road
	Limited	Limited	Limited
	£	£	£
Current assets	100	55,061	4,157,938
Current liabilities	-	(54,500)	(4,168,168)
Non-Current liabilities	-	-	-
	─────────────	─────────────	─────────────
Net assets/(liabilities)	100	561	(10,230)
	═════════════	═════════════	═════════════

The charity has a minority interest in Haneveim Israel. The Capital and Reserves of the company at its year end of 31 December 2018 (the latest figures available) show a deficit of NIS 4,163,197. None of the deficiency in Net Assets of Haneveim Israel would impinge upon the Company itself. In consequence, the Group Financial Statements do not consolidate the results, nor the assets and liabilities of Haneveim Israel as the Trustees are of the opinion that to do so would not reflect a true and fair view in the Financial Statements.

16. STOCKS

STOCKS
	Group		Charity
	2024	2023	2024	2023
	£	£	£	£
Stock	3,271,870	3,245,933	-		-
	----------------------------------------------	----------------------------------------------	----------------------------------------------	----------------------------------------------
	3,271,870	3,245,933	-		-
	==============================================	==============================================	==============================================	==============================================

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

17. DEBTORS

	Group		Charity
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	62,534	69,303	60,701	66,243
Amounts owed by group undertakings	-	-	4,162,567	3,893,473
Other debtors	12,589	25,545	11,283	23,709
	----------------------------------------------	----------------------------------------------	----------------------------------------------	----------------------------------------------
	75,123	94,848	4,234,551	3,983,425
	==============================================	==============================================	==============================================	==============================================

18. ANALYSIS OF CASH AND CASH EQUIVALENTS

	2024	2023
	£	£
Cash at bank and in hand	21,561	4,857
	--------------------------------------------------------	--------------------------------------------------------
	21,561	4,857
	=======================================================	=======================================================

19. CREDITORS: amounts falling due within one year

	Group		Charity	Charity
	2024	2023	2024		2023
	£	£	£		£
Bank loans and overdrafts	4,679,815	257,515	4,679,815		257,515
Trade creditors	3,392	11,638	292		292
Accruals and deferred income	56,235	82,447	53,181		79,393
Taxation	-	-	-		-
Other creditors	45,353	46,623	45,453		46,723
	----------------------------------------------	----------------------------------------------	----------------------------------------------	----------------------------------------------
	4,784,795	398,223	4,778,741		383,923
	==============================================	==============================================	==============================================	==============================================
Other creditors are comprised as follows:
	Group		Charity
	2024	2023	2024		2023
	£	£	£		£
Loan creditors	-	-	-		-
Other creditors	45,353	46,623	45,453		46,723
	----------------------------------------------	----------------------------------------------	----------------------------------------------	----------------------------------------------
	45,353	46,623	45,453		46,723
	==============================================	==============================================	==============================================	==============================================

Other creditors are comprised as follows:

Group

The bank loans are secured on certain of the group’s properties.

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

20. CREDITORS: amounts falling due after more than one year

	Group	Group	Charity	Charity
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	1,335,234	6,025,348	1,335,234	6,025,348
	==============================================	==============================================	==============================================	==============================================

Included within creditors: amounts falling due after more than one year is an amount of £84,570 (2023: £427,626) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are repayable in monthly instalments of capital and interest and are secured by a first legal charge over freehold and long-leasehold properties and a floating charge over the assets of the Charity.

Also included within creditors: amounts falling due after more than one year is a £37,397 government backed bounce back loan.

21. DEFERRED INCOME

DEFERRED INCOME
	Group		Charity
	2024	2023	2024		2023
	£	£	£		£
At 1 April 2023	23,588	40,565	24,934		41,911
Amount released to income	(23,588)	(40,565)	(24,934)		(41,911)
Amount deferred in year	20,581	23,588	21,927		24,934
	---------------------------------------------	---------------------------------------------	---------------------------------------------	---------------------------------------------
At 31 March 2024	20,581	23,588	21,927		24,934
	==============================================	==============================================	==============================================	==============================================

Deferred income arises from rents received in advance.

22. ANALYSIS OF CHARITABLE FUNDS

Unrestricted Funds

Unrestricted Funds
	At 1 April			Gains and	At 31 March
Group	2023	Income	Expenditure	losses	2024
	£	£	£	£	£
General funds	18,750,473	1,045,000	(718,542)	-	19,076,931
	==========================================================	====================================================	====================================================	====================================================	==========================================================
	At 1 April			Gains and	At 31 March
Charity	2023	Income	Expenditure	losses	2024
	£	£	£	£	£
General funds	19,406,354	1,259,956	(694,782)	547,068	20,518,596
	==========================================================	====================================================	====================================================	====================================================	==========================================================

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Group	Group	Charity	Charity
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2024
	£	£	£	£
Investments	21,828,406	21,828,406	22,377,762	22,377,762
Current assets	3,368,554	3,368,554	4,254,809	4,254,809
Creditors less than 1 year	(4,784,795)	(4,784,795)	(4,778,741)	(4,778,741)
Creditors greater than 1 year	(1,335,234)	(1,335,234)	(1,335,234)	(1,335,234)
	----------------------------------------------------------	----------------------------------------------------------	----------------------------------------------------------	----------------------------------------------------------
Net assets	19,076,931	19,076,931	20,518,596	20,518,596
	==========================================================	==========================================================	==========================================================	==========================================================

24. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

	Group	Group	Charity	Charity
	2024	2023	2024	2023
	£	£	£	£
Financial assets measured at fair
value through income and
expenditure	-	-	549,356	2,288
	==============================================	==============================================	==========================================================	==========================================================
Financial assets that are debt
instruments measured at
amortised cost	75,123	94,848	4,234,551	3,983,425
	====================================================	====================================================	==============================================	==============================================
Financial liabilities measured at
amortised cost	6,120,029	6,423,571	6,113,975	6,409,271
	====================================================	====================================================	==============================================	==============================================

25. OPERATING LEASE COMMITMENTS

As lessor

The total future minimum lease payments receivable under non-cancellable operating lease are as follows:

follows:
	Group			Charity
	2024		2023	2024	2023
	£		£	£	£
Not later than 1 year	827,000		338,000	811,000	761,000
Later than 1 year and not later than
5 years	1,054,000		279,000	2,766,000	2,583,000
Later than 5 years	145,000		187,000	9,280,000	9,163,000
	------------------------------------------------------	------------------------------------------------------		-------------------------------------------------------	-------------------------------------------------------
	2,026,000		804,000	12,857,000	12,507,000
	====================================================	====================================================		====================================================	====================================================

SPARQUOTE LIMITED AND SUBSIDIARY UNDERTAKINGS

MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024

The following page does not form part of the statutory financial statements which are the subject of the independent auditor's report on pages 5 to 8

SPARQUOTE LIMITED (COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

THIS DOES NOT FORM PART OF THE FINANCIAL STATEMENTS

		2024		2023
	Unrestricted Funds		Unrestricted Funds
	£	£	£	£
Income and endowments
Donations and legacies		18,000		44,413
Investment income:
Rent and charges receivable	1,007,167		965,544
Interest receivable and similar income	234,789		219,838
	--------------------------------------------------------		--------------------------------------------------------
		1,241,956		1,185,382
		------------------------------------------------------		------------------------------------------------------
Total income		1,259,956		1,229,795
Expenditure
Expenditure on raising funds:
Investment management costs	(543,210)		(435,958)
Expenditure on charitable activities	(151,572)		(207,173)
	--------------------------------------------------------		--------------------------------------------------------
Total expenditure		(694,782)		(643,131)
Net losses on investments:
Gain/(Loss) on revaluation of investments	547,068		(18,553)
	--------------------------------------------------------		--------------------------------------------------------
		547,068		(18,553)
		--------------------------------------------------------		--------------------------------------------------------
Net income and net movement in funds		1,112,242		568,111
Reconciliation of funds:
Total funds brought forward		19,406,354		18,838,243
		--------------------------------------------------------		--------------------------------------------------------
Total funds carried forward		20,518,596		19,406,354
		=======================================================		=======================================================