**REGISTERED COMPANY NUMBER: 01828545 (England and Wales) REGISTERED CHARITY NUMBER: 291522** ## **LAKECHANCE LIMITED** **(A COMPANY LIMITED BY GUARANTEE)** **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** **----- Start of picture text -----**
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 to 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
Notes to the Financial Statements 10 to 14
Detailed Statement of Financial Activities 15
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**LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021** **----- Start of picture text -----**
TRUSTEES B D Stroh
S B Stroh
Mrs T Stroh
Mrs A C Stroh
REGISTERED OFFICE 357 City Road
London
EC1V 1LR
REGISTERED COMPANY 01828545 (England and Wales)
NUMBER
REGISTERED CHARITY 291522
NUMBER
INDEPENDENT EXAMINER STERN ASSOCIATES
Chartered Accountants
2 Helenslea Avenue
London
NW11 8ND
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Page 1 **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** 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 2021. 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). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The principal activity of the charity is advancement of religion in accordance with the Orthodox Jewish Faith, the relief of poverty and such other purposes as are recognised by English by the provision of funds and donations. In order to further its objects, the company makes grants to various charities, mainly those involved in education and the relief of poverty. The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities. ## **Grantmaking** The trustees are approached for donations by by a wide variety of charitable institutions. The trustees consider all requests which they receive and make donations based on the level of funds available. ## **STRATEGIC REPORT** ## **Achievement and performance** ## **Charitable activities** The Charity has extended grants totalling £201,750 (2020 - £480,900) from unrestricted funds, to a variety of charitable institutions; a list of these grants is available on request from the trustees at the registered office. ## **Fundraising activities** The charity was supported by donations from a wholly owned subsidiary Kendleville Ltd, and also received donations from companies that are controlled by the trustees. Despite the difficult economic climate, the Charity received a total of £340,200 (2020 - £770,000) in donations. ## **Financial review** ## **Reserves policy** It is the intention of the trustees to distribute the remainder of the unrestricted funds over the short term. ## **Future plans** No significant changes are planned to the operation of the Charity. The Trustees intend to continue to extended grants to other charitable institutions in accordance with the objects of the Charity subject to satisfactory incoming resources. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, The Memorandum and Articles of Association of the Company, and constitutes a company, limited by guarantee, as defined by the Companies Act 2006. ## **Recruitment and appointment of new trustees** New trustees are appointed at the recommendation of the board, based on personal competence, specialist skills and their ability to promote the activities of the charity. Page 2 **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Organisational structure** The board of trustees must have at least three Trustees and not more than ten Trustees serving at any one time. The entire board of trustees meets on a regular basis to discuss and direct the activities of the Charity. ## **Induction and training of new trustees** New trustees are inducted into the workings of the charity by the current trustees. ## **Related parties** The charity is supported by donations from a wholly owned subsidiary Kendleville Ltd, as well as a number of companies that are controlled by the trustees. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 23 December 2021 and signed on the board's behalf by: S B Stroh - Trustee Page 3 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LAKECHANCE LIMITED** ## **Independent examiner's report to the trustees of Lakechance Limited ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021. ## **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** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England & Wales which is one of the listed bodies. 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: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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. Simon Stern, ACA Institute of Chartered Accountants in England & Wales STERN ASSOCIATES Chartered Accountants 2 Helenslea Avenue London NW11 8ND 23 December 2021 Page 4 **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021** |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
340,200
Investment income
3
6,177
**Total**
346,377
**EXPENDITURE ON**
**Charitable activities**
4
Grants to Charities
208,562
**NET INCOME**
137,815
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
307,090
**TOTAL FUNDS CARRIED FORWARD**
444,905|Restricted
fund
£
-
-
-
-
-
322,000
322,000|31.3.21
Total
funds
£
340,200
6,177
346,377
208,562
137,815
629,090
766,905|31.3.20
Total
funds
£
770,000
5,994
775,994
481,439
294,555
334,535
629,090| |---|---|---|---| The notes form part of these financial statements Page 5 **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** ## **BALANCE SHEET 31 MARCH 2021** |Notes
**FIXED ASSETS**
Investments
8
**CURRENT ASSETS**
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|31.3.21
£
100
170,307
599,978
770,285
(3,480)
766,805
766,905
766,905
444,905
322,000
766,905|31.3.20
£
100
164,145
466,885
631,030
(2,040)
628,990
629,090
629,090
307,090
322,000
629,090| |---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (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. The financial statements were approved by the Board of Trustees and authorised for issue on 23 December 2021 and were signed on its behalf by: B D Stroh - Trustee The notes form part of these financial statements Page 6 continued... **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** **BALANCE SHEET - continued 31 MARCH 2021** S B Stroh - Trustee The notes form part of these financial statements Page 7 **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|31.3.21
£
126,916
126,916
6,177
6,177
133,093
466,885
599,978|31.3.20
£
282,636
282,636
5,994
5,994
288,630
178,255
466,885| |---|---|---| The notes form part of these financial statements Page 8 **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021** |**1.**
**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
31.3.21
31.3.20
£
£
**Net income for the reporting period (as per the Statement of**
**Financial Activities)**
137,815
294,555
**Adjustments for:**
Interest received
(6,177)
(5,994)
Interest received from subsidiary
(6,162)
(5,925)
Increase in creditors
1,440
-|**1.**
**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
31.3.21
31.3.20
£
£
**Net income for the reporting period (as per the Statement of**
**Financial Activities)**
137,815
294,555
**Adjustments for:**
Interest received
(6,177)
(5,994)
Interest received from subsidiary
(6,162)
(5,925)
Increase in creditors
1,440
-| |---|---| |**Net cash provided by operations**|126,916
282,636| |2.
**ANALYSIS OF CHANGES IN NET FUNDS**
At 1.4.20
£
**Net cash**
Cash at bank
466,885|Cash flow
At 31.3.21
£
£
133,093
599,978| |466,885|133,093
599,978| |**Total**
466,885|133,093
599,978| The notes form part of these financial statements Page 9 **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **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, with the exception of investments which are included at market value. ## **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. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Allocation and apportionment of costs** Trustees have allocated the support costs directly to the activity which they relate to. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Foreign currencies** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Page 10 continued... **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** **----- Start of picture text -----**
2. DONATIONS AND LEGACIES
31.3.21 31.3.20
£ £
Donations 340,200 770,000
3. INVESTMENT INCOME
31.3.21 31.3.20
£ £
Interest receivable 6,177 5,994
4. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
(see note costs (see
5) note 6) Totals
£ £ £
Grants to Charities 201,750 6,812 208,562
5. GRANTS PAYABLE
31.3.21 31.3.20
£ £
Grants to Charities 201,750 480,900
6. SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Grants to Charities 390 4,982 1,440 6,812
Support costs, included in the above, are as follows:
31.3.21 31.3.20
Grants to Total
Charities activities
£ £
Sundries 390 250
Bank charges 105 228
Foreign exchange losses 4,877 (2,219)
Accountancy and legal fees 1,440 2,280
6,812 539
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Page 11 continued... **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** ## **7. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020. ## **8. FIXED ASSET INVESTMENTS** **----- Start of picture text -----**
||| |---|---| |Shares in| |group| |undertakings| |£| |MARKET VALUE| |At 1 April 2020 and 31 March 2021|100| |NET BOOK VALUE| |At 31 March 2021|100| |At 31 March 2020|100| **----- End of picture text -----**
There were no investment assets outside the UK. The original cost of the investments was £100 (2020 - £100). The company's investments at the balance sheet date in the share capital of companies include the following: ## **Kendleville Limited** Registered office: Nature of business: property trading **----- Start of picture text -----**
|||| |---|---|---| |%| |Class of share:|holding| |Ordinary|100| |31.3.21|31.3.20| |£|£| |Aggregate capital and reserves|233,636|244,077| |(Loss)/profit for the year|(10,341)|7,197| **----- End of picture text -----**
The above figures are stated after charitable donations of £148,000 (2020 - £214,000) to Lakechance Limited Page 12 continued... **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** **----- Start of picture text -----**
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21 31.3.20
£ £
Amounts owed by subsidiary 160,207 154,045
Other debtors 10,100 10,100
170,307 164,145
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21 31.3.20
£ £
Accrued expenses 3,480 2,040
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
31.3.21 31.3.20
Unrestricted Restricted Total Total
fund fund funds funds
£ £ £ £
Investments 100 - 100 100
Current assets 448,285 322,000 770,285 631,030
Current liabilities (3,480) - (3,480) (2,040)
444,905 322,000 766,905 629,090
12. MOVEMENT IN FUNDS
Net
movement At
At 1.4.20 in funds 31.3.21
£ £ £
Unrestricted funds
General fund 307,090 137,815 444,905
Restricted funds
-
Expendable Endowents 322,000 322,000
TOTAL FUNDS 629,090 137,815 766,905
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 346,377 (208,562) 137,815
TOTAL FUNDS 346,377 (208,562) 137,815
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Page 13 continued... **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021** ## **12. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** **----- Start of picture text -----**
||||| |---|---|---|---| |Net| |movement|At| |At 1.4.19|in funds|31.3.20| |£|£|£| |Unrestricted funds| |General fund|12,535|294,555|307,090| |Restricted funds| |-| |Expendable Endowents|322,000|322,000| |TOTAL FUNDS|334,535|294,555|629,090| **----- End of picture text -----**
Comparative net movement in funds, included in the above are as follows: **----- Start of picture text -----**
||||| |---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in funds| |£|£|£| |Unrestricted funds| |General fund|775,994|(481,439)|294,555| |TOTAL FUNDS|775,994|(481,439)|294,555| **----- End of picture text -----**
## **13. RELATED PARTY DISCLOSURES** Included in the financial statements are the following transactions with Kendleville Limited a wholly owned subsidiary: **----- Start of picture text -----**
31.3.21 31.3.20
£ £
Donations received 148,000 214,000
Interest received 6,162 5,925
Balance due from subsidiary 160,207 154,045
**----- End of picture text -----**
The balance due from the subsidiary represents an unsecured loan, repayable on demand, bearing interest at 4% p.a. Included in the financial statements are the following transactions with the trustees, companies controlled by the trustees and charities of which they are also trustees: **----- Start of picture text -----**
|||| |---|---|---| |31.3.21|31.3.20| |£|£| |Donations received|192,200|556,000| |Other debtors|100|100| **----- End of picture text -----**
Page 14 **LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Interest receivable
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Grants to institutions
**Support costs**
**Management**
Sundries
**Finance**
Bank charges
Foreign exchange losses
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net income**|31.3.21
£
340,200
6,177
346,377
201,750
390
105
4,877
4,982
1,440
208,562
137,815|31.3.20
£
770,000
5,994
775,994
480,900
250
228
(2,219)
(1,991)
2,280
481,439
294,555| |---|---|---| This page does not form part of the statutory financial statements Page 15