COMPANY REGISTRATION NUKBER: 01864314 CHAIUTY REGISTRATION NUMBER: 291647 ADENFIRST LIMrrED COMPANY LtMtTED BY GUARANTEE FINANCIAL STATEMENTS 31 DECEMBER 2023 COHEN ARNOLD Chartered A¢¢ountants & Siatutory Auditor New Burlington House 1075 Finchley Road LONDON Nwii OPU
ADENFIILST LtMITED COMPANY LIMITED BY GUA114NTEE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 PAGES siees, Annual Report Oncorporating ihe Director's Report) Independent Auditofs Report to the Members Staiement of Financial Activities (Including Income and Expenditure Account) Statement of Financial Position Notes to the Financial Sthtements Ito4 51010 li 12 13to19
ADENFIRST LIMITED COMPANY LIMtTED BY GUAIi4IYTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 DECEMBER 2023 The ttustees, who are also the directors for the purposes of company law. pr&sent their report ond the rinaneial statements of the charity for the year end 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Reglstsred charlty name Adenfirst Limiwd Charl¢y reglstratlon number 291647 Company registr#tlon number 01864314 Prln¢lpal offlce and reglstered 479 Holloway Road offlee London N7 6LB THE TRUSTEFS Mr C D Friedmann Mrs H F Bondi Mr L HBondi Mr M D CYmIan Mrs S Cymem)an Mr I J Heiincr Mrs S Heitner COMPANY SECRETARY AUDrroR Mrs H F Bondi Cohen Arnold Chartrred Accountant5 & Staiuiory Auditor New Burlin8ton House 1075 Fin¢hley Road LONt)ON Nwi I OPU RuURE, GOVERNANCE AND MANAGEMENT The charity is constituted as a Conyany limid by suantee. and is therefore governed by its Memorandum and Articles of Association. The tnreeS administer the day-to-day affairs of the churity. Non¢ of the ¢rustees have any beneficiAI interest in the charity. It is noi ¢utTently the intenlion of the trustees of the charity lo appoint new trusiees. Should the Sltuation change in the future, the trustees will apply suitable recrui¢m¢nt training and induction prwedures.
ADENFIRST LIMITED COMPANY LIMtTED BY GUARANTEE TRUSTEKS, ANNUAL REPORT ONCORPORATtNG THE DIRECTOR'S REPORT) YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND AcfiviTIES The charity is establishcd io further those pU0$eS recognised as charitable by English Law and in furtherance of the aforementioned objects. The charity receives income mainly from lis property investments and charitable receipts under gift aid, which 1¢ ulilises in the provision and distribution of grants and donations. The charity's principle activity throughout ihe year was the Provision and disiribution of donations and grants to organigaiions. and no change 15 envisaged in the imnrdiatc future. The trusre¢s confirm that ihey have referred to th¢ guidance contained in the Charity Commission s geT)eral guidaTbce on public IKnefit when reviewing the charity's al and objeciives and in planning future activities and setting the grant making policy for th¢ year. ACHIEVEMENfs AND PERFORMANCE During the year rhe charity coniinued its philanthropic activities in support of education. religion and other charitabl¢ institutions and aggregate donation5 were paid of £247,350 (2022.. £293,(M)01 The financial result.5 of the churiiy's activiiies for the yegr Lo 31 December 2023 are fully reflected in the attached financial statenrnts together with the noies theTeon. FINANCL4L REVIEW Reserve lIcY li is the policy of the charity to maintain unrestricted funds, at a level which the trusl¢es think appropriat¢ after considering the future Commitments of the charity and the likely costs of the charity for the nexl year. As at 31 Etcembcr 2023 the chariiy h&$ total funds of £5,918,469, all of which are unrestricied fund8. Grnnt maklng pollcy GrnnLS are made to charitable institutions and or8anisarions which accord with the objects of the charity. The trustees a approached for donations by & wide variety of ch8rilable instilutions operating all over England. The trus1 consider all requests which they receive and m¥ke donations based on the level of funds available. Inveslment powers and pollcy and objectlves Under rhe memornndum and articlcs of association, the charity the power to m¥e any investment, which the trustees see fit. The trustees regularly review the ¢harity's position and ne¢ds in reSt of the investment policy. PRINCIPAL RISKS AND UNCERTAINriLs Risk management The (rustees have identified and reviewed che major risks ¢0 which the ¢harity is exp)sed. in particul those related io the operations and finance of the charity, and are satisfied that systems are in place to manage thDs¢ risks.
ADENFIRST LIMITED COMPANY LIMITED BY GUARANTEE TRUSTELS, ANNUAL REPORT (INCORPORATING THE DIREcfoR'S REPORT) YEAR ENDED 31 DECEMBER 2023 PLANS FOR FUTURE PEIUODS The trustees plan to continue io make dis(ribuuons in accordance with their 8rant making policy and lo etlsure that an appropriate level of reserves are mainiained. TRUSTELS, RESPONSIBILITILS STATEMENT The trustees, who are also directors for the purposes of company law, are responsible for preparing lh¢ tnistees, repon and the financial sialements in accordance with applicable law and United Kingdom Aecounting Standards (United Kingdom Generally Accepted Accouniing Practice). Company law requires the charity tnjstees to prepare financial ststements for each year which give a true and fair view of the state of affairs of ihe charitable company and the incomin8 resources and application of resources, including the income and exp¢nditure, for that period. In preparing these financial siwements, the trustees are required to: selecl Sulble a¢¢ountin8 plicies and then apply them consistently; observe the methods and prirtciples in the applicable Charities SORP; make judgments and accouniing estimat that are ronable and pruden¢: prepare the financial staternents on the 8oin8 concern basis unless it is inappropriaie to presun that the charity will continue in business. The Inistees are responsible for keeping adequate accounting records that are sufficienr to show and explain the ehariiy's transacuons and disclose with reasonable accuracy at eny ume the financial position of the charity and enable them to ensure tha¢ lh¢ financial statcmenr8 comply with the Companies Act 2006. They are also responsible for safeguarding ihe gssets of the churiiy and hence for tsking reRsonable steps for the prevention and dcteciion of frnud and oth¢r irregulariiies. AUDITOR Each of the per¥ons who ig a trustee at the dale of approval of this report confim)s that.. so far as they are aware, there is no relevant audil inforniation of which the charity'5 auditor is unaware. and they have taken all steps th81 they ought to have taken as a trustee lo make themselves aware of any relevant audit infomiation and to establish that the charity's auditor 15 aware of ihai information. SMALL COMPANY PROVISIONS This report has been prepared ID accordance with the provisions appIlble to ¢ompani¢s entitled io Ihe small companies exemption.
Sèp 26 ?4, 03..09p DENYIRST LIMITFD COMPANY LMTED Y GUARANTEE TRUSTEES, ANNUAL REPORT (INCORF RATING THE DIBicfoR'S REPORT) YEAR ENDFM 31 DECEMBER 2023 The ttU5L¢es' reTrf approyed OD 18 Sep tnJst¢es by., mber 2024 Ind ugoej ON behaLf of the b0d of Mr L HBoDdi TNstec
ADENFIILST LIMITED COMPANY LIMITED BY GUAIL4NTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ADENFtRST LIMITED YEAR ENDED 31 DECEMBER 2023 OPINION We have audited the financia] statements of Adenfirst Limited (the '¢harityJ for the year ended 31 tkcember 2023 which comprise the siatement of financial aetiviiies (including income and expenditur¢ account). statenrnt of financial position and the rtlated notes. including a summary of sisnificmnt a¢¢ounting polici¢s. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The FiDancial Reporting Standard applicable in ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of ils incoming resources and applicaiion of r&8ources, including its income and expenditure, for the year then end¢d; have been properly ptEpared in a¢cordan¢e with United Kingdom Genera]ly Accepted Accounting Practi¢¢' have been prepared in accordance with the requirements of the Companies Aci 21X)6. BASJS FOR OPINION We conducted our audit in ardance wilh Internaiional Standards on Auditing (UK) (ISAS {UK)) and applicablc law. Our responsibililies under those sLandards are further describcd in the auditor's responsibilities for th¢ audit of the finuncilll %tatements secLion of our report. Wc are independent of Ihe chwity in uccordance with the ethical requiremcnis that are relevant to our audit of the financial sthrennts in the UK, including the FRC'S Ethical Srandard, and we have fulfilled our other ethi¢al responsibilities in accordance with these requirements. We believe that lh¢ lludit evidence we have obtained is sufficieni and appropria1¢ to provid¢ a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In audiling the financial siat¢ments, we have concluded that the ttustees, use of the going concern basis of accounting in the preparation of the financial statemenis is appropriate. Based on the work we have perfom)ed, we have not identified any material uncertainties relating to evenls or conditions thai, individually or colleciively, may wt significani doubt on the charity's ability to continue &8 a going ¢oncem for a period of at least twelve months from when th¢ financial sia(enYnts ure authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are d¢scribed in the relevant section5 of (his report.
ADENFIRST LIMITED CONIPANY LIMtTED BY GUARANTEE INDEPELYDENT AUDITOR'S REPORT TO THE MEMBERS OF ADENFIRST LJMITED (coMiD¥rd) YEAR EDED 31 DECEMBER 2023 OTHER INFORMATION Th¢ other inf0mtIOn comprises the infomjation included in the annual report. other than the financial s¢atements and our auditor's report thereon. The frusiees are responsible for rhe other inforMlon. Our opinion on ihe financial siatements docs not cover the oiher information and. excepr to the extent otherwise explicitly stated in our report. we do not express any forni of &8surance ¢onclusion thcreon. In connection with our audit of the financial siaQments, our responsibility is to read the other infonnation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial staleTnents or our knowledge obtained in the audit or otherwise appears to be materially Mited. If we identify such nthterial inconsisien¢ies or apparent material misstatemenis. we are required to detemiine whether there is & material misstatement in the financial staiements or a material misstatement of ihe other infomation. If, based on the work we have perfomied, we ctsn¢lude thai therc is A material missiai¢ment of this other information, we are required to rcport that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRfBED BY THE COMPANIES ACT 21J)6 In our opinion, b&sed on the work undertaken in the course of the audit.. the infomution given in the trustees, report for the financial year for which the financial slal¢ments are prepared is eonsisienr with the financial statemenis; and the trustees. report been prepared in accordance with applicable legal requirements. mAERs ON IVHICH WE ARE REQUIRED TO REPORT BY EXCEFfioN In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have noi identified material misstatements in the trusiees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2(Kk5 requires us io report to you if, in our opinion.. adcquate accounting records have not been kept. or returns adequate for our audit have not FKen received from branches not visiled by us., or the fin8neial statements are nor in agreement wilh the accouniing recordy and returns. or certain disclosures of trustees, remuneration specified by law axe nol made: or we have not received all the infomiation and explanations we require for our audit; or the trustees wer¢ not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small cornpani¢s' exempiions in preparing th¢ directors, report and from th¢ requiremLDt to prepare a strategic report.
ADENFIRST LtMtTED COMPANY LIMtTED BY GUARANTEE INDEPENDENf AUDITOR'S REPORT TO THE MEMBEILS OF ADENFIRST LIllTED l¢vTliMkedl YEAR ENDED 31 DECEMBER 2023 RFSPONSIBILITILS OF TRUSTEES As explained more fully in the Irustees, responsibilities statement, (he trustees (who are also the directors for the purposes of company lawl are responsible for the preparation of th¢ financial sta*ments and for being satisfied that they give a (rue and fair view, and for such iniernal ¢ontrol ps the tNstees detern)ine is necessary to enable the ppaOn of finan¢i81 statcments ihat are free from material missiatemenL whether due to frdud or etTOr. In Preparing the financial staieinents, the trustxs are r¢sponsible for &ssessing the chariiys ability to continue as a going ¢oneern. disclosing. as applicabl< Inatt¢rs relaied to going concern and using the going concem b&%is of ae¢ounting unl&%s the trustees eiiher intend to liquidate the Charity or to cease 0ratiOnS, or hllve no realistic alternative but to do so.
ADENFIILST LlllllTED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AiiDITOR'S REPORT TO THE MEMBE OF ADENFIRST
LtMITED(¢ontiirued)
YEAR ENDED 31 DECEMBER 2023
AUDITOR'S RESPOLYSIBILITIFS FOR THE AUDIT OF THE FINANCiAL STATEMENTS
Our objective5 are to obiain re&sonable assui'ance about wheiher the financial statemcnts as a whole
are free from material miss(a(emeni. whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarante¢
Ihat an audit conducted in accordance willi ISAS (UK) will always deteci a material misstatemeni
when it exis(s. Missi
ADENFIRST LIMITED COMPANY LIKtTED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ADENFIRST LIfflTED YEAR ENDED 31 DECEMBER 2023 As part of an audit in ac¢ordane¢ with ISAS (UK), we exercise professional jUdg[t and mainiain professional scepiicism throughout the audit. We also.. Ede13tify llnd assess the risk5 of material mis5tniement of the financial statements, whether due to fTaud or error, design and perfomi audit procedures responsive to ihose risks. and obiain audit evidence that is sufficient and appropria to provide a basis for our opinion. The risk of not detecting a Marial missthtcmeni nsulting from fraud 15 higher than for one resul¢ing from error. as fraud may involve collusion, forgery, int¢ntional omissions, misrepr¢sentaiions. or the override of internal CODtrol. Obtain an understllnding of intemal control relevant to the oudit in order to design audit procedures ihat are appropriate in the circumstances, but not for ihe purpose of expressing an opinion on the effectiveness of the internal conirol. Evaluate the appropria¢¢ness of accounting policies used and the reasonableness of &ccouniing e&timal¢s and r¢lated disclosures made by the truste¢s. Conclude on the appropriateness of the truste¢s' use of the going ¢oncern basis of ac¢ounting nd, based on the audit evidence obif4ined, whether a material uncertainly exists related to events or conditions ihai mdy c&si significant doubl on the charily's ability io coniinue as ll 80ing concem. If we Conclude ihat u matcrial uncertainty exist5, we are required to druw att¢ntioi) in Qui. audiror's report to ihe related dis¢losures in the finuncial S¢¢mnIS or, if such disclosures are inadequate. to modify our opinion. Our ¢onclusions are based on the audit eviden obiained up to ihe dare of our uditor'S report. However. future events or conditions muy cause ihe charity io cease to con(inu¢ as a 80ing conM. Evaluate the overall pre5entstion, strncture and content of the financial statements, including the disclosures, and whether the fLnanci&l ststements represent the underlying tr&nsactions and events in a manner thai achi¢v¢s fair pSentatiOn.
ADENFIILST LI[[TED COMPANY LIMITED BY GUARANTEE JNDEPENDENT AUDITOR'S REPORT TO THE MEMBER5 OF ADENFIRST LIMITED l¢onllrtudJ YEAR ENDED 31 DECEMBER 2023 We communicaie wilh those ¢harged with governwice regarding, ainong other matters, the planned scope and liming of the audit and significant audit findings, in¢ludin8 any significant deficiencies in iniernal control th81 we identify during our audit. USE OF OUR REPORT This report is mude solely to the charity's n*mbers, as a body, in a¢cordance with Chapier 3 of Part 16 of th¢ Companies Aci 2006. Our audit work has been undertaken so that we might state to Ihe chari¢y'S mcmbers those mailers w¢ are T¢quired io state ro them in an auditols report and for no othcr pury)ose. To the fullest exient pemiitted by law. we do not a¢¢ept or aSSUff responsibility to anyone other (han the ¢hai'ity and the charity's members as a body. for our lludit work, for ihis report. or for the opinions we have fonMI. Barry Ixigh FCA (Senior Sratutory Audiior) For and on behalf of Cohen Arnold Chartered Accouniants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON Nwi I OPU 18 September 2024 -io-
ADENFIRST LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FLNANCIAL AcfiviTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2023 2023 Unrestricted funds Total funds Totsl funds 2022 Not Ineome knd endownents Invesmlll income 350.031 3511031 350,031 31M).864 300,864 Tot#1 Income 350,031 Expendlture Expendiiure on r8ising funds.. IDvestnni managemeni costs Expenditure on charitable aciivities Totsl expendlture 1148.751) (14&751) 190.031) (265,412) (265,412) {311.157) (414,163) {414,163} (401,188) 575,1)IM) (1,089) 70 Ner gainsl(losses) on investmenis li 573,000 Iyet Incomel(expenditure) And net movement In fun 510,868 Slo68 (101,413) ReconelllAtlon of funds Toial funds brought forward Total funds carrled forwArd The statement of finuncial activities include5 all gains and losses recognised in the year. All inconr and expenditure derive from continuin8 activiti. 5,407,601 5,918,469 5A07,601 5918,469 5,509,014 5,407,fJll Tre not on page5 13 to 19 forni part olthe8e nnautl8] statenx li
Sgp 26 24. 03'.08p ADENFIRST Li IMtTED COMPANY LThIITED Y GUAK4NIEE STATEMENT OF FINANCIAL POSITiON JI DECRNIP R 2023 21)23 Not¢ FIXED ASSETS Tattgible fixed ets CURRENT ASSBr3 16 s26 5)51,101 1,668,261 116.413 l.784ffj74 Dcbtot CAJb Atbink •nd ill hand 17 17 8.131 CREDJTQRS: dtte wlthlo y¢Ar YET CURRENT ASSETS TDTAL ASSEf3 LESS CURRENr LIABILmrs NET ASS5 (1.728,174) L8 (5&305) (7J57} 56JOO SJ18N69 $918,469 5,4(n,601 3.407,601 FUYDS OF THE CHAky 3.91&469 40 5.407,601 SA07.601 Unr¢suicttrJ funds These (injncinl SillenniS hllvc been prepmd I comprthi¢s subjeci io th¢ ST511 ¢ompaThie5' Thest fiollnci8] 51kterll¢riL5 W¢K 4>provc41 by the ord of Wuth0n for Ille Ott 18 Sepwmb¢r 21)24. #rtd ore g18Ded Dn behalf of th¢ knld br. gc¢otdanLY wlth the PrnVi5iDrrs appll¢qbJe to L H BgNdi Tnjstee CompatLy Rt¥istr£tion Nwnl*r'.01864314 Chthty R¢8i¥trJtion Nurnber.291647 39fono
ADENFIRST LIMtTED COMPANY LIMITED BY GUARANTEE NOTLS TO THE FINANCIAL STATEMENIS YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION The charity is & public benefil eniity and a privaie company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of th¢ registered office is 479 Holloway Road. London. N7 OLE STATEMENT OF COMPLIANCE Th&8¢ financial statement5 have been prtpared in compliance wilh FRS 102. Th¢ Financial Reporting Standard llpplicable in ihe UK and Ihe Republic ot Ireland,, Ihe Stui¢ment of Recommended Practice applicable lo charities preparing (heir a¢coun¢s in accordlln¢¢ with rhe Financial Reth)ning Srandard dpplicable in the UK and Republic of Ireland IFRS 102) (Charities SORP (FRS 102)) and the Companies Aet 20(kn. ACCOUNTING POLIC Basls of prep#ratlon The financial statements have been prqiared on the historical cost b&sis. modified by the revaluation of certain financial asseis and liabilities and investment properties m¢a5ured at fair value through income or expenditure, The financial statements are prepared in sterling, which ig the fuftctional curtncy of the entity. Thc charity meets the definition of a public benefit enlity under FRS 102. Golng Concern There are no maierial uncertainfies about (he charity'9 abilily to continu¢, Judgements and key sources of estlmallon uncertainty In the application of the charily'$ accounting policies. the trustees are required to m#ke judgements, estimate8 and assumptions about the carrying ainounls of se¢S and liabilities iliat are noi readily appareni from other sources. These estinleS and associated llssumplions are based on historical experience and other factors thai are considered to bc relevant. Actual rs$ults may differ from these estimates. The estima¢es And underlying assumpiions are vieWed on an ongoing basis. Revisions to accountin8 estimates are recognised in the period in which thc estima1¢ is revised if the revision affecis only (hat period. or in the period of the reyi5ion and future periujs if ihc rcvision affects both CUTrcnr and future periods. The trnSeS do not consider there are any criti¢al judgements or sources of estimation UD¢ertainty requiring disclosure beyond the accounting policies listed below.
ADENFIRST LIMITED COMPANY LIMtTED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (tdAth¥dl YEAR ENDED 31 DECEMBER 2023 ACCOUNfiNG POLIC Ico#frKu6d) Investment Properties Investmeni properties are properties which are held either to earn rerbt21 income or for capital appreciation or for both. Investment prop¢nies are recognised iniiially at cost. Subsequent to initial recognition.. Investment properties are held at fair value. Any gains or Ioss¢8 arising from changes in the fair value are recognised IT) the prof51 and loss accouni in the period that they arise: &nd No dcprecialion is provided in resp¢¢i of investment properties applying the fair value n¥)del. Investrneni property fair value is determined by the trusiees b&sed on their understanding of property market conditions and ihe specific propeity concerned, usin8 a 5al¢s valuation appro#ch, derived fron) recent comparable transactionb on ihe markei. adjusted by upplying di8¢ounts to reflec¢ staius of occupaiion Jnd condiLlOn. A¢qulsltlons And dLsposals of propertles Acquisitions and disposllls of properties are considered to lake place at the legal complerion and are included in the financilll statements accordingly. Trade debtors Thc Injstees use details of the age of trade debtor% and the statu8 of any disputes together with external evidence of the cr¢dit sia¢us of the countejparty in making jud8ements concerning any need to impair the currying values. Tax8tlon Th¢ charily is noi liable io direci taxation on its income or gains, wheiher reulised or not, as il falls within the vai'ious L¥xeinptions lic2bl¢ io registered ¢har5ties. Accordingly. Ihe charity does not recognise any dcf¢rred tax liubiliiy on property revaliiaiions as no tax would be due in tlie event of n disposul as the charity would benefit from th¢ relevant exemplions, 8S it will apply ull funds for qualifying charitsble purySes. Fund accountlng General unrestrictd funds comprise the accumulated SUTpIu8 or deficit on income and expenditure account. They are available for use ¢lt the discretion of ihe trnstees in furtherance of the general objectiv¢s of the charity. Restricted funds are funds subject to specific re5trie(¢d conditions imposed by donors. There no re5trieted funds as at the balance sheei date. De5ignaied funds are funds which have been set aside at th¢ discr¢iion of ihe trustees for specific purposes. There are no designated fund5 at the balance sheet dai¢. Incoming resources All income is included in the statement of financial activities whcn entitlement has passed to the charity, it is probable that the economic benefits associared with (he transaction will flow to the charity and ihe amount ean be reliably measured. 14-
ADENFIRST LLMtTED COMPANY LINllTED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Incomlng resources IcoJttlnu¢dJ Income fvom donalions or grants is recognised when there is evidence of entitlement to ihe gif receipt is probable and lis amount can be measured reliably. Resources expended Exnd1(re is Charged on an a¢¢rual b&8is and alloCad to the appropriate headings in the accounts. Thc Inajority of cost% are directly attribuiable to specifi¢ activities. Costs incurred in respect of th¢ charitable activi¢i¢s include attribuiable support costs where applicable. Depredatlon Depr¢¢iaiion is calculated so as lo write off the ¢ost of an asset. less its estimai¢d residual value, over the useful economic life of that asset as follows.. Fixtures & Fittin8S - 25% reducin8 balance Grants payable Thes¢ are only recogni5ed in the accounts when a commitment h&s been made and there are no condilions lo be mei relatiJl8 lo the 8rani which remain in the control of the Chily. Financlal instruments A financial asset or a financial liability ig reCOls¢d only when the ¢ntity becomes a party to the contractual provisions of the instrumeni. Basic finAn¢ial instruments are initially recognised ai the amouni receivable or payabl¢ including any related transaction cosis. unless the arrangemeni consiitutes a financing Iransaclion, where it is recogniscd ai the present Yalu¢ of the future paymenis discounted at a markei rate of interesr for a similar debr instrument. Current &sseis and current liabilities are subsequ¢nily measured ai the cash or oth¢r consideration expected to be paid or received and not discounted. Deb¢ instrnments are subsequently measured at amortised cost. Financial asscts that ar¢ Aavd at cosi or dmortised cost are VieWed for objective evidence of impaim)ent at the end of each reporting dale. If there is obje¢tive eviden¢¢ of impainTMI, an impaimient loss is reeognised under lh¢ appropriate heading in ihe sratemeni of financial activities in which the initial gain w&$ recognised. Any reversals of impaii'incnt are recognised immediately, to the extent that the reversal does not result in a carrying amount of ihe financial asset Ihat ex¢¢eds what the carrying amounr would have been had the impaim)ent not previously been recognised. LIMITED BY GUAK4NTEE The charity is a COTnpany limi¢ed by guaraniee and has no share capital. The liabiliiy of each Member in the event of winding up is limitcd to £1. 15-
ADENFIRST LNITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS I YEAR ENDED 31 DECEMBER 2023 INVLSTMENT INCOME Unrestricted Total Funds Unrestricted Total Funds Funds Funds 2022 Rent and charg&% r¢ceivable Other interest receivable 273,569 76,462 350.031 273569 76,462 350,031 252,189 48,675 252.189 48,675 3,864 3(M),864 INVESTMENT MANAGEMENf COSTS Unresiricted TotB] Funds Unrestricted Total Funds Funds 2023 Funds 2022 Property expenses Inier¢st payable and similar charges 53,471 95,280 148,751 53,471 95,280 148,751 39,378 50,653 90,031 39.378 50.653 90,031 EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Total Funds Unrestri¢ted Total Funds Funds 2023 Funds 2022 Donarions paid Support cos 247,350 18.062 265.412 247,350 IS,2 265,412 293,000 18,157 311.157 293,1JK) 18,157 311.157 EXPENDITURE ON CHARITABLE ACTIVITW BY ACTtVlTY TYPE Grant funding Total funds of activities Support Costs 2013 Total fund 2022 Donaiions paid Governanc¢ costs 247,350 247,3SO 18,Ih52 265,412 303,717 7,440 311,157 18,062 18,062 247,350 ANALYSIS OF suppoirr COSTS Support costs Total 2023 Total 2022 10,142 10,142 10,717 7,920 7920 7,440 Is.(2 IS,2 18.157 General office Governance costs 16.
ADENFIILST LIMtTED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS(cOlltlftued) YEAR ENDED 31 DECEMBER 2023 10. ANALYSIS OF GRANtS All grants and donations We paid to charithble institutions for the purEX)ses of either the advancemeni of education, th¢ relief of poverty or the advancement of health. The composition of donations is shown below. Arnud Hatzdokoh Trust The M D & S Clwitable Trusi Russian Immigrant Aid Fund Limited Achisoma¢h Aid Company Limitrd Bayis Lepleit05 Yesama¢h Levav Friends of Bels Chinuch Lebonos Kolyom Trust Suppoflwise Yeshivas Lev Simcha Limited Sundry donations less than £8,(KK) 34,750 31,(X)O 25,IXIO 20.IK)O 18.Th)0 14,(Y)O 10.(K)O 10,(x)o lo,0 66,d)O 247,350 11. NET GAINSI(LOSSES) ON INVEsfMENrs Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Gainsl(108ses) on investment property 575.000 575,0(K) 11,089) (1,089) 12, NET INCOMFJ(EXPENDITURE) Net incomel(expenditure) is staled after Chargin(CreditIng)'. 20LI 2022 Depreciation of t&n8ible fixed assets 11 AUDITOIIS REMUNERATION 275 367 2023 2022 Fees payable for the audit of the financial 8taternents 14. STAFF COSI3 The avernge head count of employees during the year was nil. (2022.. nil). 15. TRUSTEE REMUNERATION AND EXPENSES No salarie5 or wages have been paid to trustees. during the year. The charity did nol meet any individual expenses incurred by the tnte¢S fi)r services providcd ro the chaJi¢y. 7920 17.
COMPANY LIMED BY GUARANTEE NOTLS TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 I& TANGIBLE FIXED ASSETS Investment Fixtures and properti&q fittings Totsl Cost At l January 2023 Revalualions 5,350,( 575,0(K 5,925.IXYJ 26.241 5J76,2AI 575,000 5951,241 At 31 December 2023 26,241 Deprecla¢ion At l January 2023 Charge for the year At JI December 21)23 25.140 275 25,140 275 25,415 25.415 Carrying amount At 31 December 2023 At 31 December 2022 S,925.(0 5,350.CKX) 826 5,925,826 5,351,101 The historical cost of the propertie8 is £559.043 {2022.. £559,ts13). The ¢harity has provided its investment properties as security for a bank loan (o Itzehok Meyer Cymcrman Trust Limited, a charity wilh a common trustee. The chJriiy has charged 2 securiiy fee for this (sec Note 21). The outsianding bank loan balance of the Itzchok Meyer Cyinermon Trust Limited at 31 December 2023 w&5 £14.1 million and is also secur¢d &gains1 ils investment properties that were professionally v&lued at £24 million. 17. DEBTORS 20 21n2 Trade debtors Prepayments and accrued incon Other debtors 17,273 2A56 23,088 41817 26,474 2,456 1,639,331 1.668,261 18. CREDfroRS: Amounts falling due MrythlD one yeAr 20LI 2022 Bank loans and overdrafts Accruals and defcrred income Other creditors 1,675,IXK) 27,624 25,550 1,728.174 26J15 31,990 58J)5 18-
ADENFIRST LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS 1¢ontino) YEAR ENDED 31 DECEMBER 2023 19. ANALYSIS OF CHAIUTABLE FUNDS Unrnstrlcted funds At l January 202 At Gains and 31 Deetmber losscs 2023 Income Expendilure General funds 5,407.601 350,031 (414,163) 575,(KK) 5,918,469 At l January 202 At Gains and 31 tkcember losses Income Expenditure General funds 5,509,014 31M),864 (401,188) (1,0891 5,407,601 20. ANALYSIS OF NEf ASSE15 BETWEEN FUNDS Unre8iriCted Total Funds Fund8 2023 Investments Current &sseis Creditor5 less ihan l yeAr 5,925.826 30,948 158,305> 5,918.469 5925,826 50,948 (58J05) 5918,469 Net ossets Unrestricted Total Funds Funds 2022 InvestnKnts Current assets Cr¢ditor5 less than l year 5,351,101 5,351,101 ,784,674 1.784,674 (1,728,174) <1,728,174) 5,407,fA)I 5,407,601 Net Assets 21. RELATED PARTtLs i) Other debiors includ¢ amounis of £23.088 due from lizchok Meyer Cymern)an Trust Limiied. chJriiy wilh trustees in common wilh this charity. Finic nce and interest charges 88gregating £76.462 were receivable in Ihe year from ihe aforementioned charity. li} During the year, the following donations were made to charities which have trnstees in comfflon with the trustres of thi5 charity,. £25,(K)O io Russian Immigrani Aid Fund Limited, £1,800 to Colel Polen Kupath Ramban Limited, £31,(KK) to The M D & S Churilable Trusl and £5.(K>O to D¢ncoTTunon Limited. iii) During the ye, property related expenditure of £11,257 and £1.995 were paid to Nessfield Limited and Mayrose LiTnited respectivcly. companies which have directors who also tNstee5 of the chariiy. 19-