Charity registration number 291296 IEngland and Wales) Company registration number 01777233 CLOSEHELM LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2025
CLOSEHELM LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs H Wvan Praagh Mrs H R Grosberg Mr D Van Praagh Secretary Mrs H Wvan Praagh Charty number (England and Wales} 29129e Company numbgr 01777233 Regl$ter&d offl¢e Unil 1, St Stephens Court 15-17 Sl Stephens Road Bournemouth Dorset BH2 6LA Independent examiner Mr P J Schofield Schofields Chartered Accountants Unil 1, St Stephens Court 15-17 Sl Stephens Road Bournemouth Dorsel BH2 6LA Bankers Barclays Bank PIC 126 Station Road Edgware Middlesex HA8 7RY
CLOSEHELM LIMITED CONTENTS Page Report of the Trustees Independent examine¢s report statement of financial activities Balance sheet Notes lo the financial stslemenls 6-13
CLOSEHELM LIMITED cHARl's TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 MARCH 2025 The charity's Iruslees present their annual report and financial statements for the year ended 30 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slalements and comply wth the company's governing document, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP Accounting and Reporting by Charities". Slalemenl of Recommended Pradice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Objectives and activities The Charity's main object and ils principal activity is lo support poor people in financial need. It continues to derive its income from ils investment property and gift aid donations. The Trustees have given due regard to public benefit when planning the charills activities, in accordance wth the Charity Commission's guidance on Public Benefit. During the period, the charity made grants in furtherancè of its objects lo relieve poverty and advance the Jewish Faith of £135,51812024. £142,674). Achievements and performance Charitsble Activities The charity's income derives from investments, rent and charitsble donations, which is applied for charitable purposes in accordance with ils Memorandum and Articles ofAssociation. Rental income derived from ils investment properties provided an overall yield of 4.70k12024'. 5.3%) during the year. This is consislenl and in line with expectations. Total incoming resources available for grant distribution {i.e. Total incoming resources less expenditure on raising funds and support costs) amounted to £120,739 {2024.' £138,703). 2025 2024 Total Grants paid during the period 135,518 142,674 Grants are made lo individuals and institutions in financial need in aCrdan with the charity's Memorandum and Articles of Association. These grants typically cover the housing costs of individuals with low incomes. Grants made in the period represented a distribution of 112 /0 of this period's available funds for grant dislribution12024.. 103°/01. The dislribulions reflect a need lo balan the financial needs of individuals and institutions supported and meeting thè Trustees, reserves policy. A prudent approach is required wth downward pressure on rental income with the charity's tenants operating within the retail sector. Financial review Reserves pollcy All of the charity's funds are unrestricted. The Trustees have an objective to achieve unrestricted reserves of net current assets to equal six months running costs to cover the risk presented by the current economic environment which has seen commercial properties unoccupied and downward pressure on rents receivable. This would equate lo £81,31912024'. £85,657) in respect of this financial year, excluding exceptional other costs. The charity currently has a net surplus of current assets over its current liabilities of £89,861 12024.. £133.6401. The surplus above the policy is held due lo a current void period over the largest unil held and Concerns over ftjrther rent reductions in the future. The Trustees will continue to monilor the reserves level and take action to address the excess of reserves once all leases have been renewed and certainty over rental income assLJred.
CLOSEHELM LIMITED cHARl's TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2025 Plans for future periods The trustees continue lo seek ways lo maximise the charity's income from its investment properties lo facililale continued grant making in support of its charitsble objects. Structure. governance and management Closehelm Limited is a company limited by guarantee and is governed by ils Memorandum and Articles of Association dated 12 Dember 1983. The company is reglstered as a charty with the Charity Commission. The charity's 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.. Mr D Van Praagh Mrs H Van Praagh Mrs H Grosberg Recruitment and appointment of trustees New Trustees are appointed by the existing Trustee Board and in accordance with the charity's governing document shall hold office until death, resigns or is disqualifiedlremoved from office. The charity must have a minimum of three trustees, lo a maximum of 10 Trustees. Induction and training of new trustees Upon appointment new Trustees are provided with an induction pack which contains the Memorandum and Articles ofAssoaation, copies of the past three year's financial statements and a copy of the Charity Commission's guide on Trustees responsibilities. Organisation Structure All the Directors of the Company are also Trustees of the Charity. IAthenever this report of the accompanying financial statements refer lo the Directors, it indudes the Trustees. The Board of Trustees administers the charity. The Board meets monthly. Rlsk Management The trustees have a duty lo identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place lo provide reasonable assurance against fraud and error. The Iruslees have 8 risk management strategy which comprises an annual review of the risks the charity may face, the eslablishmenl of systems and procedures to miligale those risks identified in the plan and implementation of procedures designed lo minimise any potential impact on the charty should those risks malerialise. This work has not identified any new risks bul il has resulted in better procedures and ¢onlingency plans and has given the impetus for better planning. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the Trustees. This report has been prepared in accordance wth the special provisions of Part 15 of the Companies Act 2006 relating lo small companies. The charity's Iruslees report was approved by the Board of Charity's Trustees. Pr*k Mrs H Van Praagh Trustee Date.. 22 October 2025
CLOSEHELM LIMITED INDEPENDENT EXAMINER'S REPORT TO THE CHARITY'S TRUSTEES OF CLOSEHELM LIMITED I report lo the charity trustees on my examination of the financial statements of Closehelm Mited I'the Company'l for the year ended 30 March 2025. Responsibilities and basis of report As the charitys trustees ol the Company land also its directors for the purposes of company lawl. you are respon51ble toi tme pieparation ot the tinancial slalements In aocor¢lance with the requirernents of the Lompanies Act 2006. Having Satisfied myself that the financial slalements of the Company are not required lo be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Company's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act2011. Indepèndent èxaminer's statement I have completed my examination. I confirm that no matter5 have come to my attention in connection with the examination giving me cause lo believe that in any material respect". accounting records were not kept in respect of the Gompany as iequired by section 386 of the Companies Act 2006." or the financial statements do not accord with those records., or the financial statements do not carnply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the Iinancial statements give a true and fair view, which is not a matter considered as part of an independent examination,. or tho finarbci21 gt2tsmantg h2va not bgon proparad in 2ccord2neè with tho molhodÈ and principl•¢ of thg Statement of Recommended Piactice for accounting and reporting by charities lapplioable lo charities prepaiing their financial slaternenls in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)). I have no concerns a should be drawn in have come acmss no other matters in conneolion with the examination lo which attention Is report in order lo enable a propel unLlerslanding of the financial statements to be reached. J Scho The Institut of Cha red Accountants in England and Wales Schofields Chartered Accountants Unit 1. Sl Stephens Court 15-17 st stephens Road BoLJrnemouth Dorset BH2 6LA Date..
CLOSEHELM LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 MARCH 2025 Unrestricted Unrestricted funds funds 2025 2024 Notes Income from: Investments 147,858 167,343 Total Income 147,858 167,343 Expenditure on- Raising funds Charitable activities Other expenditure 21,731 140,906 29,000 22.187 149,127 11 Total expenditure 191,637 171,314 Net gainslllossesl on investments 12 120,000 Net Incomellexpendlturel and movement In funds 143,7791 116,029 Reconciliation of funds: Fund balances at 31 March 2024 3,288,640 3,172,611 Fund balances at 30 March 2025 3,244,861 3,288.640 All income and expenditure derive from continuing aclivilies. The ststemenl of financial activities includes all gains and losses recognised in the year. The notes on pages 6 10 13 form part of these financial stalemenls.
CLOSEHELM LIMITED BALANCE SHEET AS AT 30 MARCH 2025 2025 2024 Notes Fixed assets Investment property 14 3,155,000 3,155,000 Current assets Debtors Cash at bank and in hand 16 17,959 188,324 19,727 242,391 204,283 262.118 Creditors- amounts falling due within one year 17 {114,4221 1128,4781 Net current assets 89,861 133,640 Totsl assets le$$ current Ilabllltles 3,244,881 3,288,640 Net assets 3,244,881 3,288,640 Funds Unrestricted funds 18 3,244,861 3,288,640 Totsl Funds 3,244,861 3,288,640 The company is enlilled to the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 30 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo a¢¢ounling records and the preparation of financial statements. The members have not required the wmpany lo obtain an audit of ils financial ststemenls for the year in question in accordance with section 476. These financial stslemenls have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial stslements were approved by the charity's trustees on 22 October 2025 Va4 TrGuyh frl FA Mr D Van Praagh Trustee Mrs H Van Praagh Trustee Company registration number 01777233 (England and Wales) The notes on pages 6 10 13 form part of these financial stalernents.
CLOSEHELM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2025 Accounting policies Charity inforniation Closehelm Limited is 8 private company lim(ted by guarantee, registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. The address of the registered office is disclosed within the legal and adminislralive information section of these finanaal statements. The nature of the charty's operations and principal activities are the advancement of religion in accordance wlh the Orthodox Jewish Faith and the relief of povety. 1.1 Accountlny ¢onventlon The finanaal slalements of the charitable company, which is a public benefit enlily under FRS 102, have been prepared in accordance with the company's goveming document, the Companies Act 2006, FRS 102 Thè Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities". Statement of Recommended Pradice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191 The Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements are prepared in sterfing, which is the fLJnctional CLJrrency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial ststements have been prepared under the historical cost convention, as modified lo include the revaluation of certain assets. The principal accounting policies adopted are set out below. 1.2 Golng concern The company is dependent on the continued support of companies controlled by the Trustees, and their agreement of deferring the amounts due lo them. There are no reasons to suggest that this support shall not continue for a period in excess of twelve month5 from the approval of the accounts. The charity's income is principally derived from rental income from retsilers on its investment propety portfolio. The impact of the pandemic and changes in consumer habits away from the high street Continue lo place downward pressure on investment returns. The Trustees have carefully considered the potential impact on revenue streams and cash flow projections confimi that the company will continue to meet its debts and obligations as they fall due. It has been conduded that there are no material uncertainties and that il is appropriate for the financial statements be prepared on a going concern basis. 1.3 Fund accountlng Unrestricted funds can be used in accordance rith the charitable objectives at the discretion of the the trustees. Reslricled funds can only be used for particular restricted purposes wlhin the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised for particular restrided purposes. Further explanation of the nature and purpose of each fund is included in the notes lo the financial slalements. 1.4 Income Income is recognised when the charity Is legally entitled to il after any performance conditions have bèen met, the amounts can be measured reliably, and il is probable that income will be received. For donations to be recognised the charity will have been notified of the amoLJnts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before enlitlemenl can be obtained then income is deferred until those conditlons are fully met or the fuifilment of those conditions is within the control of the charity and Il is probable that they will be fulfilled.
CLOSEHELM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2025 Accountlng pollcles Icontlnuedl Investment income is eamed through holding assets for investment purposes such as shares and property. 11 indudes dividends, interest and rent. Where il is not practicable lo identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is induded when the amount can be measured reliably. Interest income is recognised Ljsing the effective interest method and dividend and rent income is recognised as the charity's right lo receive payment is established. 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity lo that expenditure, it is probable that a transfer of ewnomic benefits will be required in setuement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. INhere costs cannot be direcuy attributed lo particular headings they have been allocated to activities on a basis consislenl with the use of resources. Grants offered subject lo conditions which have not been mel at the year end dale are noted as a commitment bul not accrued as expenditure. 1.6 Investment property Investment properties are measured at fair value al each reporting date with changes in fair value COgnised in'net gains / Ilossesl on investments, in the SOFA. 1.7 Debtors and crgdltors re¢elvablglpayable wllhln ong year Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. 1.8 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held al call wth banks, other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowngs in current liabilities. 1.9 Financial instruments I financial assets and liabilities are recognised as basi¢ financial instruments which are initially recognised al transaction value and subsequently measured al their setuement value. 1.10 Taxation The charity is exempt from corporation tax on its charitable activities. 1.11 Provlslons Provisions are recognised when, and only when, il is probable that a present obligation exsls, as a result of a past event and the transfer of economic benefit can be reliably estimated. Critical accounting estimates and judgements In the application of the charity's accounting policies, the charity's trustees are required lo make judgements, eslimales and assumptions about the carrying amount of assets and liabilV(ies that are not readily apparent from other Sour$. The eslimales and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CLOSEHELM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2025 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Rents received Bank and other interest 147,599 259 167,079 264 147,858 167,343 Expenditure on raising funds Unrestricted Unrestricted funds funds 202S 2024 Invgstment managomgnt Rates and water Propety repairs and maintenance Management and administrative charges Insurance Bank Charges Legal and professional fees Computer costs 1,599 6,353 1,854 3,041 494 8,196 194 3,017 2,369 1,565 3,153 658 11,219 206 21,731 22,187 Expendlture on charltable actlvltles Grant funding of actlvltles 2025 Support costs Total Grant funding of actlvltles 2024 Support costs Total 2025 2025 2024 2024 Dlrect ¢o$ts Grant funding of aclivib.es Isee note 61 135,518 135,518 142,674 142,674 Share of support and governance costs Isee note 71 Support 5,388 5,388 6,453 6,453 135,518 5,388 140,906 142,674 6,453 149,127
CLOSEHELM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2025 Grants payable Grant fundlny of activities 2025 Grant fundlng of activities 2024 Grants lo institutions.. Zaks VHLT Limited Chanichel Yesivas Jewish Teacher Beth Avraham Synagogue 21,182 75,000 1,440 234 93,300 1,440 335 97,856 95,075 Grants to individuals 37,662 47,599 135,518 142,674 Support costs allocated to activities Finance Governance 2025 2025 Total 2025 Total 2024 Bookkeeping Governance 718 718 4,670 1,548 4,905 4,870 718 4,870 5,388 6,453 Independent examlners remuneratlon 2025 2024 For non audit services Independent examiners remuneration 4,670 4,905 Charlty'$ Trustee$ None of the charity's Iruslees lor any persons connected with Iheml received any remuneration or benefits from the during the year. Trustees expenses There were no Iruslees, expenses paid for the year ended 30 March 2025 nor the year ended 30 March 2024.
CLOSEHELM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2025 10 Employees The average monthly number of ernployees during the year was.. 2025 Number 2024 Numb9r Total 11 Other axpenditurn Unrg$lrl¢ted Unrg$trl¢ted funds funds 2025 2024 Tenancy dispute selllemenl Dilapidation costs recoverable 60,000 131,0001 29,000 12 Gains and lossgs on investmants Unrg$trl¢ted UnrgStrl¢tgd funds funds 202S 2024 Gainslllossesl arising on.. Revaluation of investment properties 120,000 13 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 14 Invg$tm9nl propgrty 2025 Fair value Al 31 March 2024 and 30 March 2025 3,155,000 Investment propety was valued on an open market value basis on 30 March 2025 by the Trustees. The historic cost of the investment property amounts lo £3,611,46212024.' £3,611,4621. 10-
CLOSEHELM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2025 15 Financial instruments 2025 2024 Carying amount offinancial assets Debt Instruments measured al amortised cost.. Trade debtors Other debtors Prepayments and acctued income 15,591 1,891 477 19,268 459 17,959 19,727 Carrying amount of financial liabilitios Measured al amortised cost.. Trade Creditors Social security and other taxes Other creditors - Amounts owed to associate undertakings - Accruals and deferred income 27,792 33,704 3,251 17,707 24.652 49,164 17,707 24,652 44,271 114,422 128,478 16 Dgbtors 2025 2024 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 15,591 1,891 477 19,268 459 17,959 19,727
CLOSEHELM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2025 17 Creditors- amounts falling due within one year 2025 2024 Trade creditors Social security and other taxes Other creditors Amounts owed lo associate undertakings Accruals and deferred Income 27,792 33,704 3,251 17,707 24,652 49,164 17,707 24,652 44,271 114,422 128,478 Deferred income comprises of quartely rents and service charges received in advance as follows." Balance as al 31 March 2024 Amounts released lo investment income 37,403 134,1151 Balan as al 30 March 2025 3,288 18 Unrestrlcted funds The unrestricted funds of the charty comprise the unexpended balance of investment income Iprincipally rents derived from the charity's investment properties) and donations not subject lo specific conditions by donors as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the Iruslees for specific purposes. At 31 March 2024 Incoming r&sourc&s Resources expended Gains and At30 March losses 2026 General funds 3,288,640 147,858 1191,6371 3,244,861 Previous year: At 31 March 2023 Incoming resources Resources expended Gains and At 30 March losses 2024 General funds 3,172,611 167,343 1171,3141 120,000 3,288,640 12-
CLOSEHELM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2025 19 Analysis of net assets between funds Unrestrlcted funds 2025 At 30 March 2025: Investment properties Current assetsllliabilitiesl 3,155,000 89,861 3,244,861 Unrestricted funds 2024 At 30 March 2024: Investment properties Current assetsllliabililiesl 3,155,000 133,640 3,288,640 20 Related party transactions During the year the company was loaned funds lo pursue ils charitable objects by Broadminster Limited, a company controlled by the Trustees. Al the year end amounts due to Broadminsler Limited lotalled £24,652 {2024". £24,652). The loan from Broadminsler Limited is interest free, unsecured and repayable on demand. During the year the Trustee Mrs H W Van Praagh loaned funds to the company. At the year end, amounts due lo the Trustee lotslled £17,707 12024'£17,7071. The loan is interest free, unsecured and repayable on demand. 21 Controlllng party The charity is controlled by the Trustees. 13-