REGISTERED COMPANY NUMBER: 01864330 (England and Wales) REGISTERED CHARITY NUMBER: 292305
NEXTGRANT LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
NEXTGRANT LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Report of the Independent Auditors | 5 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Cash Flow Statement | 10 | ||
| Notes to the Cash Flow Statement | 11 | ||
| Notes to the Financial Statements | 12 | to | 20 |
NEXTGRANT LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2024
TRUSTEES
TRUSTEES Jacob Frankel M Freund O Low C L Klein COMPANY SECRETARY Jacob Frankel REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 01864330 (England and Wales) NUMBER REGISTERED CHARITY 292305 NUMBER AUDITORS Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
Page 1
NEXTGRANT LIMITED (REGISTERED NUMBER: 01864330)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 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 30 June 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).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are the advancement of religion in accordance with the orthodox Jewish faith and the relief of poverty. The charity makes grants and has purchased properties which are used for charitable purposes details of which are:-
School
No rent is charged but the school is responsible for all expenditure. The tenancy is otherwise unrestricted.
Synagogues
No rent is charged and all expenses are the responsibility of the synagogues. The charity owns a number of garages adjacent to one synagogue which is used by the attendees.
Cemetery
The charity owns a plot of land which is being used as a cemetery.
The trustees have considered the Charity Commission's general guidance on public benefit.
Grantmaking
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available. Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity is reliant on income from its subsidiary, companies connected with the trustees and voluntary income. During the year under review the charity continued its philanthropic activities and also purchased study books for the library.
FINANCIAL REVIEW
Financial position
In the year under review there was a reduction in both income and expenditure of about 15% even so there was a surplus for the year. The charity's subsidiary made a loss for the year.
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. At the year end unrestricted reserves were £6,915,852 (2023- £6,887,354).
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity is constituted a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 16 November 1984.
Page 2
NEXTGRANT LIMITED (REGISTERED NUMBER: 01864330)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The power to appoint new trustees is vested in the board. New trustees are appointed based on personal competence, specialist skills and experience They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees.The charity is run by trustees who are involved in the local Jewish community and are familiar with the charities using the properties.
Related parties
The charity has a wholly owned non-charitable subsidiary, Nextgrant Tottenham Limited, a property investment company. M Freund is also a director of Nextgrant Tottenham Limited. Related party transactions are shown in note 21 to the financial statements.
Risk management
The trustees meet regularly to review and identify any risks. Systems have been put in place to deal with such matters.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Nextgrant Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Page 3
NEXTGRANT LIMITED (REGISTERED NUMBER: 01864330)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 29 April 2025 and signed on its behalf by:
C L Klein - Trustee
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEXTGRANT LIMITED
Opinion
We have audited the financial statements of Nextgrant Limited (the 'charitable company') for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEXTGRANT LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF NEXTGRANT LIMITED
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.
We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.
We evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements
We concluded whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
E Meyer FCA BSc (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
29 April 2025
Page 7
NEXTGRANT LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Charititable activities Support Total NET INCOME Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 568,084 1,616 15,000 584,700 50,544 493,615 12,043 556,202 28,498 - 28,498 6,887,354 6,915,852 |
Restricted fund £ - - - - - - - - - - - - - |
2024 Total funds £ 568,084 1,616 15,000 584,700 50,544 493,615 12,043 556,202 28,498 - 28,498 6,887,354 6,915,852 |
2023 Total funds £ 663,192 2,747 15,000 |
|---|---|---|---|---|
| 680,939 | ||||
| 91,541 552,122 9,439 |
||||
| 653,102 | ||||
| 27,837 610,526 |
||||
| 638,363 6,248,991 |
||||
| 6,887,354 |
The notes form part of these financial statements
Page 8
NEXTGRANT LIMITED (REGISTERED NUMBER: 01864330)
BALANCE SHEET 30 JUNE 2024
| Notes FIXED ASSETS Tangible assets 11 Investments Investments 12 Investment property 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 20 Unrestricted funds: General fund TOTAL FUNDS |
2024 £ 5,580,537 340,100 1,498,241 7,418,878 167,661 2,340 170,001 (137,487) 32,514 7,451,392 (535,540) 6,915,852 6,915,852 6,915,852 |
2023 £ 5,570,434 340,100 1,498,241 7,408,775 166,625 1,167 167,792 (139,673) 28,119 7,436,894 (549,540) 6,887,354 6,887,354 6,887,354 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 April 2025 and were signed on its behalf by:
C L Klein - Trustee
The notes form part of these financial statements
Page 9
NEXTGRANT LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
2024 £ 66,364 (39,645) 26,719 (13,020) (13,020) 2,881 (14,000) (11,119) 2,580 (68,027) (65,447) |
2023 £ 114,376 (28,791) 85,585 (102,145) (102,145) (1,080) (14,000) (15,080) (31,640) (36,387) (68,027) |
|---|---|---|
The notes form part of these financial statements
Page 10
NEXTGRANT LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Net income for the reporting period (as per the Statement of | |||||
| Financial Activities) | 28,498 | 27,837 | |||
| Adjustments for: | |||||
| Depreciation charges | - | 3,269 | |||
| Interest paid | 39,645 | 28,791 | |||
| (Increase)/decrease in debtors | (1,000) | 3,700 | |||
| (Decrease)/increase in creditors | (779) | 50,779 | |||
| Net cash provided by operations | 66,364 | 114,376 | |||
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Notice deposits (less than 3 months) | 2,340 | 1,167 | |||
| Overdrafts included in bank loans and overdrafts falling due within one | |||||
| year | (67,787) | (69,194) | |||
| Total cash and cash equivalents | (65,447) | (68,027) | |||
| 3. | ANALYSIS OF CHANGES IN NET DEBT | ||||
| At | 1.7.23 | Cash flow | At 30.6.24 | ||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank | 1,167 | 1,173 | 2,340 | ||
| Bank overdrafts | (69,194) | 1,407 | (67,787) | ||
| (68,027) | 2,580 | (65,447) | |||
| Debt | |||||
| Debts falling due within 1 year | (14,000) | - | (14,000) | ||
| Debts falling due after 1 year | (549,540) | 14,000 | (535,540) | ||
| (563,540) | 14,000 | (549,540) | |||
| Total | (631,567) | 16,580 | (614,987) |
The notes form part of these financial statements
Page 11
NEXTGRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 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, as modified by the revaluation of certain assets.
Preparation of consolidated financial statements
The company and its subsidiary comprise a small group. The company has taken advantage of the exemption provide by section 399(2A) of the Companies Act 2006 and the Charities Act 2011 not to prepare group accounts. The financial statements therefore present information about the company as an individual undertaking and not about its group.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
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 in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Raising funds comprise investment management costs relating to the investment properties.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - not provided |
|---|---|
| Long leasehold | - not provided |
| Plant and machinery | - 25% on reducing balance |
| Fixtures and fittings | - 25% on reducing balance and 10% on reducing balance |
| Library | - not provided |
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Page 12
NEXTGRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024
1. ACCOUNTING POLICIES - continued
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
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.
Going concern
There are no material uncertainties about the charity's ability to continue.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| Other income | 1,616 | - | 1,616 | 2,747 |
| INVESTMENT INCOME | ||||
| 2024 | 2023 | |||
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| Other investment income | 15,000 | - | 15,000 | 15,000 |
3. INVESTMENT INCOME
4. RAISING FUNDS
Raising donations and legacies
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| Functions expenses | 8,256 | - | 8,256 | 8,793 |
Page 13
NEXTGRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024
4. RAISING FUNDS - continued
Investment management costs
| Unrestricted Restricted funds funds £ £ Rates 870 - Property repairs 1,773 - Interest payable and similar charges 39,645 - 42,288 - Aggregate amounts 50,544 - CHARITABLE ACTIVITIES COSTS Grant funding of activities Direct (see note Costs 6) £ £ Charititable activities 48,860 444,755 Support - - 48,860 444,755 GRANTS PAYABLE Charititable activities The total grants paid to institutions during the year was as follows: Advancement of religion Relief of poverty Social Welfare |
2024 Total funds £ 870 1,773 39,645 42,288 50,544 Support costs (see note 7) £ - 12,043 12,043 2024 £ 444,755 2024 £ 358,710 71,600 13,150 443,460 357,710 57,000 10,350 18,400 443,460 |
2023 Total funds £ 14,241 39,716 28,791 82,748 91,541 Totals £ 493,615 12,043 |
2023 Total funds £ 14,241 39,716 28,791 |
|---|---|---|---|
| 82,748 | |||
| 91,541 | |||
| 505,658 | |||
| 2023 £ 490,023 |
|||
| 2023 £ 304,913 156,440 26,550 |
|||
| 487,903 | |||
| Congregation Yetev Lev | |||
| Revach Vehazola Trust | |||
| Chasdei Aharon Ltd | |||
| Others under £8,500 | |||
5. CHARITABLE ACTIVITIES COSTS
6. GRANTS PAYABLE
Page 14
NEXTGRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024
6. GRANTS PAYABLE - continued
The total grants paid to individuals during the year was as follows:
| Advancement of religion Social Welfare 7. SUPPORT COSTS Support Support costs, included in the above, are as follows: Finance Bank charges Governance costs Auditors' remuneration Auditors' remuneration for non audit work General expenses Fees waived 8. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Auditors' remuneration for non audit work Depreciation - owned assets |
2024 2023 £ £ 1,295 - - 2,120 1,295 2,120 Governance Finance costs Totals £ £ £ 6,612 5,431 12,043 2024 2023 Total Support activities £ £ 6,612 2,448 2024 2023 Total Support activities £ £ 3,000 3,000 2,700 3,480 511 511 (780) - 5,431 6,991 2024 2023 £ £ 3,000 3,000 2,700 3,480 2,917 3,269 |
|---|---|
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NEXTGRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.
10. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2023 - Nil)
11. TANGIBLE FIXED ASSETS
| COST At 1 July 2023 Additions At 30 June 2024 DEPRECIATION At 1 July 2023 Charge for year At 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 COST At 1 July 2023 Additions At 30 June 2024 DEPRECIATION At 1 July 2023 Charge for year At 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 |
Freehold property £ 5,110,936 - 5,110,936 - - - 5,110,936 5,110,936 Fixtures and fittings £ 106,978 - 106,978 106,978 - 106,978 - - |
Long leasehold £ 43,000 - 43,000 - - - 43,000 43,000 Library £ 388,753 13,020 401,773 - - - 401,773 388,753 |
Plant and machinery £ 191,364 - 191,364 163,619 2,917 166,536 24,828 27,745 Totals £ 5,841,031 13,020 5,854,051 270,597 2,917 273,514 5,580,537 5,570,434 |
|---|---|---|---|
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NEXTGRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024
12. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in group Unlisted undertakings investments £ £ MARKET VALUE At 1 July 2023 and 30 June 2024 100 340,000 NET BOOK VALUE At 30 June 2024 100 340,000 At 30 June 2023 100 340,000 |
Totals £ 340,100 |
| 340,100 | |
| 340,100 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Nextgrant Tottenham Limited
Registered office: First Floor 94 Stamford Hill London N16 6XS Nature of business: Property investments
13.
| % Class of share: holding Ordinary 100 Aggregate capital and reserves Loss for the year INVESTMENT PROPERTY FAIR VALUE At 1 July 2023 and 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 |
30.6.24 £ (14,740) (3,348) |
30.6.23 £ (11,392) (10,802) £ 1,498,241 1,498,241 1,498,241 |
|---|---|---|
The investments property was valued by the trustees taking into account a property of this nature in the same or similar location.
.
Page 17
NEXTGRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024
| 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts owed by group undertakings Prepayments and accrued income 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 17) Other creditors Accruals and deferred income 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 17) 17. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts Bank loans Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 18. SECURED DEBTS The following secured debts are included within creditors: Bank loans |
2024 £ 164,861 2,800 167,661 2024 £ 81,787 50,000 5,700 137,487 2024 £ 535,540 2024 £ 67,787 14,000 81,787 346,000 189,540 2024 £ 549,540 |
2023 £ 164,825 1,800 166,625 2023 £ 83,194 50,000 6,479 |
|---|---|---|
| 139,673 | ||
| 2023 £ 549,540 |
||
| 2023 £ 69,194 14,000 |
||
| 83,194 | ||
| 346,000 | ||
| 203,540 2023 £ 563,540 |
The bank loans are secured by legal charges over the charity's investment properties
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NEXTGRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024
19. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted Restricted fund fund £ £ Fixed assets 5,580,537 - Investments 1,838,341 - Current assets 170,001 - Current liabilities (137,487) - Long term liabilities (535,540) - 6,915,852 - MOVEMENT IN FUNDS At 1.7.23 £ Unrestricted funds General fund 6,887,354 TOTAL FUNDS 6,887,354 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 584,700 TOTAL FUNDS 584,700 Comparatives for movement in funds At 1.7.22 £ Unrestricted funds General fund 6,248,991 TOTAL FUNDS 6,248,991 |
2024 Total funds £ 5,580,537 1,838,341 170,001 (137,487) (535,540) 6,915,852 Net movement in funds £ 28,498 28,498 Resources expended £ (556,202) (556,202) Net movement in funds £ 638,363 638,363 |
2023 Total funds £ 5,570,434 1,838,341 167,792 (139,673) (549,540) 6,887,354 At 30.6.24 £ 6,915,852 6,915,852 Movement in funds £ 28,498 28,498 At 30.6.23 £ 6,887,354 6,887,354 |
|---|---|---|
20. MOVEMENT IN FUNDS
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NEXTGRANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024
20. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 680,939 680,939 |
Resources expended £ (653,102) (653,102) |
Gains and Movement losses in funds £ £ 610,526 638,363 610,526 638,363 |
|---|---|---|---|
21. RELATED PARTY DISCLOSURES
The charity received interest and donations from its subsidiary of £22,500 (2023 - £21,700) the amount owed by Nextgrant Tottenham Ltd at the balance sheet date was £164,861 (2023 - £164,825). The charity received £180,775 (2023 - £353,475) unrestricted donations from entities in which various trustees have an interest.
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