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 2024
LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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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
Cash Flow Statement 7
Notes to the Cash Flow Statement 8
Notes to the Financial Statements 9 to 13
Detailed Statement of Financial Activities 14
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
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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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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 2024. 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 £588,675 (2023 - £1,142,850) 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 £317,460 (2023 - £1,272,000) 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.
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 25 December 2024 and signed on the board's behalf by:
B D Stroh - Trustee
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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 2024.
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 member of the Institute of Chartered Accountants in England and 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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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
STERN ASSOCIATES Chartered Accountants 2 Helenslea Avenue London NW11 8ND
25 December 2024
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Grants to Charities Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 317,460 12,889 330,349 588,675 2,746 591,421 (261,072) 613,506 352,434 |
Restricted fund £ - - - - - - - 322,000 322,000 |
31.3.24 Total funds £ 317,460 12,889 330,349 588,675 2,746 591,421 (261,072) 935,506 674,434 |
31.3.23 Total funds £ 1,272,000 8,551 1,280,551 1,142,850 96 1,142,946 137,605 797,901 935,506 |
|---|---|---|---|---|
The notes form part of these financial statements
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET 31 MARCH 2024
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
31.3.24 £ 100 190,311 485,473 675,784 (1,450) 674,334 674,434 674,434 352,434 322,000 674,434 |
31.3.23 £ 100 183,380 754,886 938,266 (2,860) 935,406 935,506 935,506 613,506 322,000 935,506 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 25 December 2024 and were signed on its behalf by:
B D Stroh - Trustee
The notes form part of these financial statements
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/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 |
31.3.24 £ (282,302) (282,302) 12,889 12,889 (269,413) 754,886 485,473 |
31.3.23 £ 124,049 124,049 8,551 8,551 132,600 622,286 754,886 |
|---|---|---|
The notes form part of these financial statements
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| 1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH ACTIVITIES Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received Interest received from subsidiary (Decrease)/increase in creditors |
FLOW FROM 31.3.24 £ (261,072) (12,889) (6,931) (1,410) |
OPERATING 31.3.23 £ 137,605 (8,551) (6,665) 1,660 |
|---|---|---|
| Net cash (used in)/provided by operations | (282,302) | 124,049 |
| 2. ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 £ Net cash Cash at bank 754,886 |
Cash flow £ (269,413) |
At 31.3.24 £ 485,473 |
| 754,886 | (269,413) | 485,473 |
| Total 754,886 |
(269,413) | 485,473 |
The notes form part of these financial statements
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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.
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
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2. DONATIONS AND LEGACIES
31.3.24 31.3.23
£ £
Donations 317,460 1,272,000
3. INVESTMENT INCOME
31.3.24 31.3.23
£ £
Interest receivable 12,889 8,551
4. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
5)
£
Grants to Charities 588,675
5. GRANTS PAYABLE
31.3.24 31.3.23
£ £
Grants to Charities 588,675 1,142,850
6. SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Other resources expended 250 1,296 1,200 2,746
Support costs, included in the above, are as follows:
31.3.24 31.3.23
Other
resources Total
expended activities
£ £
Sundries 250 250
Bank charges 535 360
Foreign exchange losses 761 (2,914)
Audit fees - 1,200
Accountancy and legal fees 1,200 1,200
2,746 96
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
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|---|---|---|
|31.3.24|31.3.23|
|£|£|
|Audit fees|-|1,200|
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8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
9. FIXED ASSET INVESTMENTS
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|||
|---|---|
|Shares in|
|group|
|undertaking|
|£|
|MARKET VALUE|
|At 1 April 2023 and 31 March 2024|100|
|NET BOOK VALUE|
|At 31 March 2024|100|
|At 31 March 2023|100|
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There were no investment assets outside the UK.
The original cost of the investments was £100 (2023 - £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
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|---|---|---|
|%|
|Class of share:|holding|
|Ordinary|100|
|31.3.24|31.3.23|
|£|£|
|Aggregate capital and reserves|358,132|369,528|
|(Loss)/profit for the year|(11,396)|3,159|
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The above figures are stated after charitable donations of £257,000 (2023 - £262,000) to Lakechance Limited
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
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10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Amounts owed by subsidiary 180,211 173,280
Other debtors 10,100 10,100
190,311 183,380
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Other creditors 250 460
Accrued expenses 1,200 2,400
1,450 2,860
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
31.3.24 31.3.23
Unrestricted Restricted Total Total
fund fund funds funds
£ £ £ £
Investments 100 - 100 100
Current assets 353,784 322,000 675,784 938,266
Current liabilities (1,450) - (1,450) (2,860)
352,434 322,000 674,434 935,506
13. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£ £ £
Unrestricted funds
General fund 613,506 (261,072) 352,434
Restricted funds
-
Expendable Endowents 322,000 322,000
TOTAL FUNDS 935,506 (261,072) 674,434
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 330,349 (591,421) (261,072)
TOTAL FUNDS 330,349 (591,421) (261,072)
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
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|||||
|---|---|---|---|
|Net|
|movement|At|
|At 1.4.22|in funds|31.3.23|
|£|£|£|
|Unrestricted funds|
|General fund|475,901|137,605|613,506|
|Restricted funds|
|-|
|Expendable Endowents|322,000|322,000|
|TOTAL FUNDS|797,901|137,605|935,506|
|Comparative net movement in funds, included in the above are as follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted funds|
|General fund|1,280,551|(1,142,946)|137,605|
|TOTAL FUNDS|1,280,551|(1,142,946)|137,605|
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14. RELATED PARTY DISCLOSURES
Included in the financial statements are the following transactions with Kendleville Limited a wholly owned subsidiary:
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31.3.24 31.3.23
£ £
Donations received 257,000 262,000
Interest received 6,931 6,665
Balance due from subsidiary 180,211 173,280
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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:
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|---|---|---|
|31.3.24|31.3.23|
|£|£|
|Donations received|317,000|1,272,000|
|Other debtors|100|100|
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LAKECHANCE LIMITED (A COMPANY LIMITED BY GUARANTEE)
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 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 Audit fees Accountancy and legal fees Total resources expended Net (expenditure)/income |
31.3.24 £ 317,460 12,889 330,349 588,675 250 535 761 1,296 - 1,200 1,200 591,421 (261,072) |
31.3.23 £ 1,272,000 8,551 1,280,551 1,142,850 250 360 (2,914) (2,554) 1,200 1,200 2,400 1,142,946 137,605 |
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This page does not form part of the statutory financial statements
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