Charity registration number 287469
Company registration number 01730970 (England and Wales)
ELSHORE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
ELSHORE LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | S Yanofsky |
|---|---|
| E Lerner | |
| I A Sudwarts | |
| Charity number | 287469 |
| Company number | 01730970 |
| Principal address | 1 Melvin Hall |
| Golders Green Road | |
| London | |
| NW11 9QB | |
| Registered office | 220,The Vale |
| London | |
| Accountants | Weissbraun Emanuel & Co. |
| Chartered Accountants | |
| 220 The Vale | |
| London | |
| NW11 8SR | |
| NW11 8SR | |
| Bankers | Barclays Bank Plc |
| London Corporate Banking | |
| 54, Lombard Street | |
| London | |
| EC3P 3AH |
ELSHORE LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Accountants' report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
ELSHORE LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The objectives of the chartiy, as established, continued unchanged, are that of to alleviate poverty of individuals and higher education according to the tenets of the orthodox jewish faith.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The basis purpose and objective of the company are to raise funds on an ongoing basis in order to provide UK and foreign individuals and familites with their daily requirements. It is expected that the amounts raised will on a yearly basis approximate the amounts paid as result of efforts to raise money are based on the needs adjudged to be required on an ongoing basis.
Achievements and performance Financial review
In the period under review, the Charity made a surplus of £2,084. (2022: deficit £5,146).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee (no.287469). No dividends are paid under the company's Articles of Association. There is no share capital and liability of each member is limited.
The Charity is a legal registered charity (no. 287469) and as such is not liable to income tax, corporation tax or capital gains tax.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
S Yanofsky
E Lerner
I A Sudwarts
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Three trustees equally made on charitable decisions and support each other.
The trustees' report was approved by the Board of Trustees.
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ELSHORE LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
I A Sudwarts
Trustee Dated: 20 July 2023
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ELSHORE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ELSHORE LIMITED FOR THE YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elshore Limited for the year ended 31 March 2023, set out on pages to 10 from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated .......................... Our work has been undertaken solely to prepare for your approval the financial statements of Elshore Limited and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elshore Limited and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Elshore Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Elshore Limited. You consider that Elshore Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Elshore Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Weissbraun Emanuel & Co.
Weissbraun Emanuel & Co. 20 July 2023 Chartered Accountants 220 The Vale 220 The Vale London NW11 8SR London NW11 8SR
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ELSHORE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 173,000 | 23,001 |
| Investments | 4 | 9 | - |
| Total income | 173,009 | 23,001 | |
| Expenditure on: | |||
| Charitable activities | 5 | 170,925 | 28,027 |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 2,084 | (5,026) | |
| Fund balances at 1 April 2022 | 2,557 | 7,583 | |
| Fund balances at 31 March 2023 | 4,641 | 2,557 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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ELSHORE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
| 2023 Notes £ Current assets Cash at bank and in hand 5,721 Creditors: amounts falling due within one year 11 (1,080) Net current assets Income funds Unrestricted funds |
£ 4,641 4,641 4,641 |
2022 £ 3,397 (840) |
£ 2,557 |
|---|---|---|---|
| 2,557 | |||
| 2,557 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 20 July 2023
I A Sudwarts Trustee
Company registration number 01730970
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ELSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Elshore Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 220,The Vale, London.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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ELSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Financial assets classified as other financial assets are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7 Taxation
The Charity is exempt from taxation due to its Charity's status and activities.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.
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ELSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | 173,000 | 23,001 | |
| 4 | Investments | ||
| Unrestricted | Total | ||
| funds | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 9 | - | |
| 5 | Charitable activities | ||
| Charitable | Charitable |
||
| payments | payments | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Grant funding of activities (see note 6) | 169,345 | 26,750 | |
| Share of support costs (see note 7) | - | 197 | |
| Share of governance costs (see note 7) | 1,580 | 1,080 | |
| 170,925 | 28,027 |
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ELSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
6 Grants payable
| Charitable | Charitable | |
|---|---|---|
| payments | payments | |
| 2023 | 2022 | |
| £ | £ | |
| Grants to institutions: | ||
| Other | 169,345 | 26,750 |
-
7 Support costs
| Bank charges Sundry Accountancy Analysed between Charitable activities WARNING - DOES NOT AGREE |
Support costs Governance costs £ £ 205 - 55 - - 1,320 260 1,320 - 1,580 (260) 260 |
2023 £ 205 55 1,320 1,580 1,580 - |
Support costs Governance costs £ £ 157 - 40 - - 1,080 197 1,080 197 1,080 |
2022 £ 157 40 1,080 |
|---|---|---|---|---|
| 1,277 | ||||
| 1,277 | ||||
| - |
Governance costs includes payments to the auditors of £1,200 (2022- £1,200) for accountancy fees.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 |
|---|---|
| Number | Number |
| - | 3 |
There were no employees whose annual remuneration was more than £60,000.
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ELSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 1,080 | 840 |
12 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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