## **Nadenia Limited**
Company limited by guarantee
## **Annual Report and Financial Statements**
## **For The Year Ended 31 March 2021**
Company Number
1475420
Charity Number
286596
**Accounts and Business Solutions Limited** 158 Cromwell Road Salford M6 6DE
**NADENIA LTD**
Page 2
## (Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Contents**
||**Page**|
|---|---|
|Charity and Company Information|3|
|Report of The trustees|4 - 7|
|Independent Examiner's Report|8|
|Income and expenditure account|9|
|Balance Sheet|10|
|Notes forming part of the financial statements|11 - 13|
|Statement of Financial Activities|14|
Page 3
## **NADENIA LTD**
(Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Charity and Company Information**
## **Trustees**
Mr D Spitzer (Director) Mr B Hoffman Mr I Gluck
## **Administration Address**
54 Fairholt Road London N16 5HW
## **Registered office**
158 Cromwell Road Salford M6 6DE
## **Company Number**
1475420
## **Charity Number**
286596
## **Bankers**
Barclays Bank Leicester LE87 2BB
## **Independent Examiners**
Accounts and Business Solutions Limited 158 Cromwell Road Salford M6 6DE
Page 4
## **NADENIA LTD**
(Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Trustees' Annual Report including Directors' Report**
## **Status and Administration**
The Charity, constituted by trust deed, dated 7 April 1983 is a registered Charity.
The Charity is constituted as a company limited by guarantee, and is therefore governed by a Memorandum and Articles of Association.
## **Charitable Objectives**
The Charity's objectives are:
A) Advancement of religion in accordance with orthodox Jewish faith
B) the relief of poverty
and other such purposes as recognised by English Law as charitable.
The above objects were continued during the year.
It is envisaged that similar progress will ensue in the following year.
No trustees nor any person connected with them received any remuneration during the year.
During the year, the charity received the majority of its income from the investment properties that it holds.
## **Trustees**
On 27 January 2021 the trustees convened for an extra ordinary meeting in which it was decided for the best interest of the charity and its purpose, to appoint new trustees who are a) unrelated in any way to the current trustees or to each other, b) experienced and knowledgeable in business and finance; and c) established in business and financially secure to ensure impartiality. As such two new trustees were subsequently found who meet the above criteria and have obligingly agreed to accept the role and the responsibility involved.
Subsequently, the following changes were implemented on 1[st] February 2021:
Benny Hoffman was appointed as trustee Isaiah Gluck was appointed as trustee Gitta Spitzer resigned as trustee
Solomon Spitzer resigned as trustee
The trustees or any person connected with them did not receive any wage, remuneration or expense allowance of any kind during the year.
## **Responsibilities of the trustees**
Charity 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 charity as at the Balance Sheet Date, and of its incoming resources, including income and expenditure for the financial year.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Page 5
## **NADENIA LTD**
## (Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Trustees' Annual Report including Directors' Report (continued)**
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
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 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.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not at market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
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.
In setting objectives and reviewing the Charity's aims and plans, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.
Page 6
(Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **NADENIA LTD**
## **Trustees' Annual Report including Directors' Report (continued)**
## **Achievements**
During the year, the charity received the majority of its income from the investments that it holds. All grants made by the Charity were to other registered UK charities in accordance with the charity's objects totalling £55,600 was distributed (2020: £64,405) as follows:-
|ACHEINU
BHBM
CHASDEI MENDEL CHAIM
EVF
KOLLEL TIFERES SHMUEL
MARS
MEKARDDEI SHVIE
MESIFTA TALMUDICAL COLLEGE
MHBM
MLT BELZ
RMBH
SYNAGOGUE DCHASIDEI BELZ
TOMCHEI SHABBOS
TTBA
YAD VOCHESED
YESHIVA LOMDEI TORAH
YLT
ZSV|£
200
940
360
200
80
120
400
250
8,300
200
765
1,000
300
300
41,185
600
300
100|
|---|---|
||55,600|
## **Reserves Policy**
The trustees retain reserves of at least £2,000 and where appropriate, consolidate funds in order to enable the charity to meet future needs or to make more substantial grants which they feel to be appropriate.
Page 7
## **NADENIA LTD**
## (Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Trustees' Annual Report including Directors' Report (continued)**
In preparing these financial statements, the trustees should follow best practice and
- **a.** Select suitable accounting policies and apply them consistently.
- **b.** Make judgments and estimates that are reasonable and prudent.
- **c.** Follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements.
- **d.** As a company, prepare the accounts in accordance with the provisions in the Companies Act 2006 relating to small companies.
- **e.** Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them as trustees to ensure that the financial statements comply with the Charity Law.
The trustees are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other regularities.
## Board Of trustees
The members of the Board of the charity/company are set out on Page 3.
Approved by the trustees on 5 January 2022
Daniel Spitzer
Page 8
## **NADENIA LTD**
## (Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Independent Examiner's Report to the Trustees**
I report on the financial statements of Nadenia Limited for the year ended 31 March 2021.
## **Respective Responsibilities of Governors and Examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention.
## **Basis of Independent Examiner's Report**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
In connection with my examination, no matter has come to my attention;
- 1) which gives me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
David Pollak Accounts and Business Solutions Limited 158 Cromwell Road Salford M6 6DE
Date: 5 January 2022
Page 9
## **NADENIA LTD**
(Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Income and expenditure account**
|**Turnover**
Cost of Activities
Support costs
Governance costs
Cost of generating funds
**Net deficit (surplus) for the year**|_Notes_|**_2021_**
**_£_**
**(55,600)**
**(1,938)**
**(1,200)**
**(44,152)**|**_2021_**
**_£_**
**95,252**
**(102,890)**
**(7,638)**|_2020_
_£_
(64,405)
(1,322)
(1,100)
(10,735)|_2020_
_£_
93,073
(77,562)|
|---|---|---|---|---|---|
||_2_
_3_
_4_
_5_
_6_|||||
||||||15,511|
The notes on pages 11 to 13 form part of these accounts.
Page 10
## **NADENIA LTD**
## (Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS
## FOR YEAR ENDED 31 MARCH 2021
## **Balance Sheet At 31 March 2021**
|**Abbr Balance Sheet**
**Fixed Assets**
Tangible Assets
**Current Assets**
Debtors
Cash at Bank
**Creditors:**Amounts falling due
within one year
**Net Current Liabilities**
**Total Assets Less Current Liabilities**
**Creditors:**Amounts falling due
after more than one year
**Net Assets**
**Restricted Funds**
**Unrestricted Funds**
**Total Funds**|_Notes_|**_2021_**
**_£_**
**253,750**
**14,752**|**_2021_**
**_£_**
**1,619,092**
**268,502**
**(48,164)**
**220,338**
**1,839,430**
**(1,189,758)**
**649,672**
**0**
**649,672**
**649,672**|_2020_
_£_
269,591
6,189|_2020_
_£_
1,619,092
275,780
(47,804)
227,976|
|---|---|---|---|---|---|
||_8_
_9_
_10_
_11_
_13_
_13_|||||
||||||1,847,068
(1,189,758)|
||||||657,310|
||||||0
657,310|
||||||657,310|
In approving these financial statements as directors of the company we hereby confirm:
- a. that for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act 2006 ;
- b. that no notice has been deposited at the registered office of the company pursuant to Section 476 requesting that an audit be conducted for the year ended 31 March 2021; and
- c. that we acknowledge our responsibilities for:
1. ensuring that the company keeps accounting records which comply with Section 386 ; and
2. preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the year then ended in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS102 SORP.
Approved by the board and signed on behalf of them all.
Date: 5 January 2022
Daniel Spitzer
The notes on pages 11 to 13 form part of these accounts.
Page 11
## **NADENIA LTD** (Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Notes To The Accounts**
## _**1.**_ **Principal Accounting Policies** Basis of Accounting
The Accounts have been prepared under the historical cost convention in accordance with the Charities Act (Accounts and Reports) 2006, and the Financial Reporting Standard for Smaller Entities (effective January 2007), and follow the recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice (Issued March 2005).
## Cash Flow
The accounts do not include a cash flow statement because the charity as a small reporting entity is exempt from the requirement to prepare such a statement.
## Donations and Fund Accounting
Rental Income received for the general and main purposes of the Charity is included as unrestricted funds in the Statement of Financial Activities when receivable.
Donations and Grants for activities restricted by the donors are taken to restricted funds if the wishes and conditions of the donor are legally binding on the trustees.
## Resources Expended
Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on estimated amount attributable to that activity in the year. These estimates are based on the time and level of activity as appropriate.
Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
The irrecoverable element of VAT is included with the item of expense to which it relates.
## Accounting Convention
The Accounts have been prepared under the historical cost convention in accordance with applicable Accounting Standards and in accordance with the Financial Reporting Standards for smaller entities April 2008.
## Turnover
Turnover consists of rent receivable. Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
## Valuation of Investment Properties
Investment Properties are included in the Accounts at a Valuation carried out by the Director in accordance with Statement of Standard Accounting Practice Number 19.
## Depreciation
Depreciation has not been provided on Investment Properties in accordance with Statement of Standard Accounting Practice Number 19.
Depreciation on tangible assets is calculated at rates estimated to write off the cost of those tangible assets over their expected useful lives as follows:
## Investment Properties
Investment properties are included in the balance sheet at their market value. Surpluses and temporary deficits are transferred to the revaluation reserve and on realisation transferred to the Profit and Loss Account as a reserve movement. Deficits which are expected to be permanent are charged to the Profit and Loss Account and subsequent reversals are credited to the Profit and Loss Account in the same way.
## Going Concern
The accounts have been prepared on a going concern basis as the directors have been assured of the continuing support from the company's creditors.
Page 12
## **NADENIA LTD**
## (Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Notes To The Accounts (continued)**
|**_2._**
**Turnover**
Net property income
Interest receivable
**_3._**
**Analysis of Total Resources Expended**
Charitable Activities
Donations to UK charities
**_4._**
**Support costs**
Bank charges
Consultancy fees
**_5._**
**Governance costs**
Independent Examiner's fees
**_6._**
**Cost of generating funds**
Interest paid
**_7._**
**Taxation**|**_2021_**
**_£_**
**89,609**
**5,643**
**95,252**
**55,600**
**83**
**1,855**
**1,938**
**1,200**
**44,152**
**44,152**|_2020_
_£_
83,801
9,272|
|---|---|---|
|||93,073|
||||
|||64,405|
|||122
1,200|
|||1,322|
||||
|||1,100|
|||10,735|
|||10,735|
||||
The Charitable Company is exempt from taxation on its charitable activities.
Page 13
## **NADENIA LTD**
## (Company Limited by Guarantee) Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
## **Notes To The Accounts (continued)**
|**_8._**|**Tangible Fixed Assets**
Cost
Additions
At 1 April 2020
At 31 March 2021|Freehold
Property
£
1,619,092
0
1,619,092|**Total**
**£**
**1,619,092**
**0**|**Total**|
|---|---|---|---|---|
||||**1,619,092**||
The Tangible Fixed Assets comprise investment properties which should not be subject to periodic charges for depreciation and are to be included in the Balance Sheet at their open market value.
|**_9._**
**_10._**
**_11._**
**_13._**|**Debtors**
Long term secured loan
Other debtors
**Creditors:**amounts falling due
within one year
Directors loan account
Other creditors
**Creditors:**amounts falling due
after more than one year
Bank Loans
**Accumulated Funds**
Unrestricted
Balance brought forward
Net surplus for the year
Balance carried forward|**_2021_**
**_£_**
**253,750**
**0**
**253,750**
**46,964**
**1,200**
**48,164**
**1,189,758**
**657,310**
**(7,638)**
**649,672**|_2020_
_£_
268,750
841|
|---|---|---|---|
||||269,591|
||||46,854
950|
||||47,804|
|||||
||||1,189,758|
||||641,799
15,511|
||||657,310|
Page 14
## **NADENIA LTD**
## (Company Limited by Guarantee)
## Company Number 1475420, Charity Commission Number 286596 FINANCIAL STATEMENTS
## FOR YEAR ENDED 31 MARCH 2021
## **Statement of Financial Activities**
|**Incoming Resources**
Activities to further
the Charity's Objects
**_Less:_**
Charitable Expenditure
Cost of Activities In Furtherance
of the Charity's Objects
Support costs
Governance costs
Cost of generating funds
**Accumulated Funds**
Net deficit (surplus) for the year
Balance brought forward
Balance carried forward|Notes|_2021_
_£_
Unrestricted
Funds
95,252
55,600
1,938
1,200
44,152
102,890
(7,638)
657,310
649,672|**_2021_**
**_£_**
**Total Funds**
**95,252**
**55,600**
**1,938**
**1,200**
**44,152**
**102,890**
**(7,638)**
**657,310**
**649,672**|_2020_
_£_
Total Funds|
|---|---|---|---|---|
||_2_
_3_
_4_
_5_
_6_||||
|||||93,073
64,405
1,322
1,100
10,735|
|||||77,562
15,511
641,799|
|||||657,310|