REGISTERED COMPANY NUMBER: 01676955 (England and Wales) REGISTERED CHARITY NUMBER: 286755
ANGRACOVE LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
ANGRACOVE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
ANGRACOVE LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES H Gluck E B Berger J Gluck COMPANY SECRETARY J Gluck REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS PRINCIPAL ADDRESS 27 Paget Road London London N16 5ND REGISTERED COMPANY 01676955 (England and Wales) NUMBER REGISTERED CHARITY 286755 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc 240 Whitechapel Road London E1 1BJ
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ANGRACOVE LIMITED (REGISTERED NUMBER: 01676955)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and activities
The objects of the charity are, the advancement of religion in accordance with the Orthodox Jewish Faith; the relief of poverty; such other purposes as are recognised by English Law as charitable. The charity is grantmaking.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity continued its charitable activities in support of Jewish education and alleviation of poverty amongst the Jewish community both in the UK and abroad.
FINANCIAL REVIEW
Performance
The trustees are pleased with the results for the year. There was a reduction in income of about 42% although the trustees increased grantmaking by 26%.
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £490,541 (2022 - £477,303).
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 10 November 1982.
Governance management and recruitment
The day-to-day affairs of the company are administered by the trustees. The power to appoint new trustees is vested in the board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
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ANGRACOVE LIMITED (REGISTERED NUMBER: 01676955)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 7 September 2023 and signed on its behalf by:
H Gluck - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ANGRACOVE LIMITED
Independent examiner's report to the trustees of Angracove Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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.
M M Hager
Sugarwhite Meyer HS Ltd First Floor 94 Stamford Hill London N16 6XS
7 September 2023
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ANGRACOVE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 97,074 Investment income 2 10,328 Total 107,402 EXPENDITURE ON Charitable activities 3 Grantmaking 92,100 Support costs 2,064 Total 94,164 NET INCOME 13,238 RECONCILIATION OF FUNDS Total funds brought forward 477,303 TOTAL FUNDS CARRIED FORWARD 490,541 |
2022 Total funds £ 174,315 9,709 |
|---|---|
| 184,024 | |
| 72,960 1,780 |
|
| 74,740 | |
| 109,284 368,019 |
|
| 477,303 |
The notes form part of these financial statements
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ANGRACOVE LIMITED (REGISTERED NUMBER: 01676955)
BALANCE SHEET 31 MARCH 2023
| Notes CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds: General fund TOTAL FUNDS |
2023 Total funds £ 239,925 252,536 492,461 (1,920) 490,541 490,541 490,541 490,541 490,541 |
2022 Total funds £ 242,004 237,099 479,103 (1,800) 477,303 477,303 477,303 477,303 477,303 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 7 September 2023 and were signed on its behalf by:
H Gluck - Trustee
The notes form part of these financial statements
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ANGRACOVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
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. The following specific policies are applied to particular categories of income:
Income received by way of donations is accounted for when received.
Income from investments is included in the year in which it is receivable.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Grants are only recognised in the accounts when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
FINANCIAL INSTRUMENT S
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. 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 amount expected to be received or paid and not discounted.
2. INVESTMENT INCOME
| INVESTMENT INCOME | |
|---|---|
| 2023 Unrestricted funds £ Deposit account interest 8 Curr asset inv income 10,320 10,328 |
2022 Total funds £ 1 9,708 |
| 9,709 |
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ANGRACOVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
3. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities Support (see note costs (see 4) note 5) £ £ Grantmaking 92,100 - Support costs - 2,064 92,100 2,064 4. GRANTS PAYABLE 2023 £ Grantmaking 92,100 The total grants paid to institutions during the year was as follows: 2023 £ Advacement of religion 16,150 Advancement of education 25,550 Relief of poverty 41,800 Social welfare 8,600 General purpose - Medical assistance - 92,100 Mercaz Hatorah Belz Machnovke 10,000 Ezer Viznitz Foundation 8,000 Care All Ltd 6,600 Belz Synagogue 6,000 Others below £5,000 61,500 92,100 |
Totals £ 92,100 2,064 |
|---|---|
| 94,164 | |
| 2022 £ 72,960 |
|
| 2022 £ 28,030 18,380 17,850 3,500 5,100 100 |
|
| 72,960 | |
5. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Support costs | 144 | 1,920 | 2,064 |
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ANGRACOVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
5. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Finance
| Finance | ||
|---|---|---|
| 2023 | 2022 | |
| Support | Total | |
| costs | activities | |
| £ | £ | |
| Bank charges | 144 | 113 |
| Governance costs | ||
| 2023 | 2022 | |
| Support | Total | |
| costs | activities | |
| £ | £ | |
| Independent examiner's fee | 960 | 900 |
| Independent examiner's other fees | 960 | 900 |
| Fees waived | - | (133) |
| 1,920 | 1,667 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
7. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2022 - Nil)
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other debtors | 239,925 | 242,004 |
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ANGRACOVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Accruals and deferred income | 1,920 | 1,800 | ||
| 10. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.4.22 | in funds | 31.3.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 477,303 | 13,238 | 490,541 | |
| TOTAL FUNDS | 477,303 | 13,238 | 490,541 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 107,402 | (94,164) | 13,238 | |
| TOTAL FUNDS | 107,402 | (94,164) | 13,238 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.4.21 | in funds | 31.3.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 368,019 | 109,284 | 477,303 | |
| TOTAL FUNDS | 368,019 | 109,284 | 477,303 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 184,024 | (74,740) | 109,284 | |
| TOTAL FUNDS | 184,024 | (74,740) | 109,284 |
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ANGRACOVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
11. RELATED PARTY DISCLOSURES
The debtors of £239,925 (2022 - £242,004) represent loans advanced to companies with Directors/Trustees in common, the Charity was in receipt of interest income of £10,320 (2022 - £9,708) in respect of these loans. The Charity received unrestricted donations from the Trustees and from companies with Directors/Trustees in common, in the sum of £80,000 (2022 - £78,000).
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