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2023-12-24-accounts

Charity Registration No. 295393

Company Registration No. 01629802 (England and Wales)

CLYDPRIDE LIMITED (BY GUARANTEE)

TRUSTEES' ANNUAL REPORT & AUDITED GROUP FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 DECEMBER 2023

Tavistock House South Tavistock Square London WC1H 9LG

Rayner Essex LLP Chartered Accountants

CLYDPRIDE LIMITED (BY GUARANTEE)

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 24 DECEMBER 2023

Page
Directors' and Trustees' Report 1 - 4
Independent Auditor's Report 5 - 7
Consolidated Statement of Financial Activities 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated statement of cash flows 11
Notes to the Financial Statements 12 - 27

CLYDPRIDE LIMITED (BY GUARANTEE)

REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 24 DECEMBER 2023

The trustees are pleased to present their annual directors’ report together with the consolidated financial statements of the charity and its subsidiaries for the year ended 24 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Memorandum and Articles of Association, the Companies Act 2006 and “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).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Clydpride Limited is a charity company limited by guarantee, incorporated on 19 April 1982 and registered as a charity on 10 November 1986. The company was formed under a Memorandum of Association that established the objects and powers of the charity company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and appointment of trustees

The Board has powers to appoint additional trustees as it considers fit to do so in accordance with the Memorandum and Articles of Association. The trustees hold office until retirement. There is no maximum number of trustees that the company may have and there is no restriction on their length of office. The trustees do not have a formal recruitment policy for appointing trustees and currently the trustees do not consider it necessary to appoint further trustees.

Trustee induction and training

Due to the size of the company there are currently no formal systems in place in relation to trustees’ induction and training. These will be reviewed as and when the trustees decide to appoint new trustees.

Organisational structure

The charity is organised so that the trustees meet regularly to manage its affairs and to decide on the distribution of funds. Day to day responsibility for the charity’s activities has been delegated to trustee, Mr L Faust.

Related parties

The charity owns the entire issued share capital of Ableworld Limited, a property dealing company. Gift aid distributions received from the subsidiary undertaking amounted to £95,000 (2022: £555,000) during the year.

The charity also owns the entire issued share capital of Anston Investments Limited, a property dealing and investment company. It makes gift aid distributions to Clydpride Limited as trading results allow which amounted to £1,260,003 (2022: £385,000) during the year.

The charity also owns the entire issued share capital of seven non-trading companies Continuum Securities Limited, Crevin Limited, Eagil Trust Co. Limited, Inspired Holdings Limited, Maribella Limited (acquired on 19 October 2023), Newcom Limited and Ultraworth Limited.

Risk management policy

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to major risks accordingly. The trustees have always ensured that the charity holds a diverse property portfolio.

Page 1

CLYDPRIDE LIMITED (BY GUARANTEE)

REPORT OF THE DIRECTORS AND TRUSTEES (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

OBJECTIVES AND ACTIVITIES

The charity’s main objectives and its principal activities are:

The above objects are achieved by making grants to charitable institutions that the trustees may select as falling within the above criteria each year and the acquisition of programme related investments in furtherance of the charity's constitutional aims.

Public benefit

The trustees have had regard to the Charity Commission’s guidance on public benefit when preparing this statement. The charitable aims are set out in the objectives and activities paragraphs above. The trustees consider this satisfies the public benefit criteria in a manner that is not unduly restrictive geographically or by class of donee. There is no private benefit obtained as a result of the charity’s activities.

Grant policies

The charity considers all grant requests from organisations that fall within the criteria of the charity’s objects. The trustees’ policy is to award grants on the basis of educational, religious or charitable need, subject to the general objects of the charity and cash resources available.

ACHIEVEMENTS AND PERFORMANCE

During the year the charity continued to carry out its core activities.

In pursuance of its stated object of supporting the advancement of religion through education, grants totalling £177,167 (2022: £299,400) were made to educational institutions.

In pursuance of its stated object of the relief of poverty, grants totalling £147,717 (2022: £86,000) were made to various other charitable organisations and £2,430 (2022: £2,800) were made to individuals.

£29,916 (2022: £62,000) was also donated to institutions that benefit the Jewish community in other ways such as through medical facilities.

FINANCIAL REVIEW

The financial position of the charity and its subsidiaries was strong during the year. Assets available were sufficient to fulfil its obligations and permit the charity to continue in operation in the medium term.

The consolidated Statement of Financial Activities shows net deficit for the period of £312,251 (2022: net surplus £2,272,698) and as at 24 December 2023 the total reserves amounted to £47,995,075 (2022: £48,307,326).

The net deficit in 2023 has arisen due to a downward revaluation of £1,299,020 in the group's investment properties which is considered to be in line with market conditions.

Charitable grants and donations amounted to £357,230 (2022: £450,200).

The trustees consider that the performance of the charity and its subsidiaries during the period has been satisfactory and that the present level of funding is adequate to support the continuation of the objectives of the charity. There have been no changes in the activities or strategy of the charity.

Reserves policy

The charity’s policy is based upon the application within each period of a significant proportion of such unrestricted funds as are available whilst at the same time building up its income producing base. The intention is to strengthen the charity’s ability to sustain a high level of charitable distribution for the foreseeable future.

Principal funding sources

The main sources of income are gift aid distributions from subsidiary companies and rental income from property investments.

Page 2

CLYDPRIDE LIMITED (BY GUARANTEE)

REPORT OF THE DIRECTORS AND TRUSTEES (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

Investment policy and powers

The charity is authorised to invest in property and other investments as stated in the Memorandum and Articles of Association. The policy is to maximise income and capital growth whilst maintaining a relatively low risk strategy.

PLANS FOR FUTURE PERIODS

The trustees expect the subsidiaries to continue to generate profits at a satisfactory level such that the charity will be able to maintain a reasonable level of grants to charitable institutions in furtherance of the charity’s objects. The trustees also continue to seek ways to maximise the charity’s and the group’s income from its investments and activities to enable it to continue its charitable objectives.

The charity purchased freehold land and buildings with a total cost value of £2,135,090 on 13 November 2019. The property represents a mixed motive investment on the basis that it has elements of both financial investment and programme related investment. The cost value attributable to the programme related investment was £1,662,265 and the cost value attributable to investment property was £472,825. The charity let part of the programme related investment property to a separate UK registered charity for an initial period of 2 years for it to undertake religious activities which contributes to the charity’s charitable purposes. In July 2023 a new lease was signed with this charity tenant and the lease is for 50 years with a principal rent of one peppercorn. In March 2024 the charity entered into a lease with another UK registered charity for the remaining part of the programme related investment property. The property is now fully let. The lease term is 20 years with a rental charge of one peppercorn.

As at 24 December 2023 the charity held considerable cash reserves in anticipation of proceeding with a further programme related investment and to fund the purchase of suitable investment properties for long-term income and appreciation purposes. The charity is currently in the process of purchasing a freehold property in North London which is currently occupied by a synagogue. It is anticipated this purchase should be completed by the end of 2024 and the intention is that this property will be let to the occupying synagogue on a long-term lease.

The trustees are mindful of the challenging financial climate and the potential impact upon the charitable sector. Accordingly, the trustees are retaining sufficient liquid funds to be able to respond to requests for support from charitable institutions.

The trustees are also currently in the process of rationalising the group in order to reduce its administrative burden. It is the intention of the trustees for the assets and trade of its non-trading subsidiaries and Ableworld Limited to be transferred to fellow group companies and for these companies to then be liquidated as soon as practically possible.

REFERENCE AND ADMINISTRATIVE DETAILS

Directors and Trustees:

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr L Faust Mr A Faust Mr J Weinstein Mr J Halpern

Secretary:

Mrs T Faust

Charity name: Clydpride Limited

Company registration number: 01629802 (England and Wales)

Charity registration number: 295393

Principal office:

2 Gloucester Gardens, London NW11 9AB

Registered office:

Tavistock House South, Tavistock Square, London WC1H 9LG

Auditors:

Rayner Essex LLP, Tavistock House South, Tavistock Square, London WC1H 9LG

Page 3

CLYDPRIDE LIMITED (BY GUARANTEE)

REPORT OF THE DIRECTORS AND TRUSTEES (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS (CONTINUED)

Bankers:

Barclays Bank Plc, 1 Churchill Place, London E14 5HP

Solicitors

Gunnercooke LLP, 1 Cornhill, London, EC3V 3ND

Statement of directors' and trustees' responsibilities

The trustees (who are also directors of Clydpride Limited for the purpose of company law) are responsible for preparing the trustees report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity company and the group and of the incoming resources and application of resources including the income and expenditure, of the charity company and the group for the period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the net movement in funds for that period. In preparing these accounts the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s and group’s transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In addition, Trustees confirm that;

Disclosure of information to auditors

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

Auditors

In accordance with charity’s articles, a resolution proposing that Rayner Essex LLP be reappointed as auditors of the company will be put to the Annual General Meeting.

Approved

The trustees' report was approved by the Board of Trustees And Directors and signed on its behalf by

Mr J Weinstein Director and Trustee

23 September 2024

Page 4

CLYDPRIDE LIMITED (BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLYDPRIDE LIMITED (BY GUARANTEE)

Opinion

We have audited the group and charitable parent company financial statements of Clydpride Limited (By Guarantee) (the ‘charity’) for the year ended 24 December 2023 which comprise consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and the 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's or the charity’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 and directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees and directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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 course of 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.

Page 5

CLYDPRIDE LIMITED (BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF CLYDPRIDE LIMITED (BY GUARANTEE)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' and trustees' report .

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees and directors

As explained more fully in the statement of directors' and trustees' responsibilities, the trustees, who are also the directors of the company for the purpose 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 and directors 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 and directors are responsible for assessing the charity’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 and directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

Page 6

CLYDPRIDE LIMITED (BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF CLYDPRIDE LIMITED (BY GUARANTEE)

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Darren Hill FCA (Senior Statutory Auditor) For and on behalf of Rayner Essex LLP 23 September 2024 Chartered Accountants Tavistock House South Statutory Auditor Tavistock Square London WC1H 9LG

Rayner Essex LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

Page 7

CLYDPRIDE LIMITED (BY GUARANTEE)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including consolidated Income and Expenditure account) FOR THE YEAR ENDED 24 DECEMBER 2023

Notes
£
£
Income and endowments from:
Other trading activities
3
1,557,664
Investments
4
2,079,779
Total
3,637,443
Expenditure on:
Raising funds
5
1,704,275
Charitable activities
5
989,200
Total
Net income before gains on investments
943,968
Gains on investments
Change in fair value of investment property
12
(1,299,020)
Realised gains on disposal of investment
607,879
property
21
(604,578)
Net gains on investments
(1,295,719)
Net income for the year before tax
(351,751)
Tax charge for the year
20
39,500
Net movement in group funds
(312,251)
Reconciliation of group funds:
Total unrestricted group funds brought forward
Represented by:
General Funds
21
Investment property reserve
21
Trading reserves retained by subsidiaries
21
29,655,817
7,126,843
11,212,415
Total unrestricted group funds carried forward
21
2023
47,995,075
47,995,075
Revaluation surplus eliminated on disposal
48,307,326
(2,693,475)
Unrestricted funds		 £
£
2,464,475
1,727,130
4,191,605
1,996,412
1,406,475
788,718
1,605,984
501,771
(486,050)
1,621,705
2,410,423
(137,725)
2,272,698
7,060,364
13,046,513
48,307,326
28,200,449
48,307,326
46,034,628
2022
(3,402,887)
Unrestricted funds		 £
£
2,464,475
1,727,130
4,191,605
1,996,412
1,406,475
788,718
1,605,984
501,771
(486,050)
1,621,705
2,410,423
(137,725)
2,272,698
7,060,364
13,046,513
48,307,326
28,200,449
48,307,326
46,034,628
2022
(3,402,887)
Unrestricted funds
2,410,423
(137,725)
2,272,698
46,034,628
48,307,326
7,060,364
13,046,513
28,200,449
48,307,326

Continuing operations

All income and expenditure derive from continuing activities.

Total recognised gains and losses

The consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 12 to 27 form part of these Financial Statements

Page 8

CLYDPRIDE LIMITED (BY GUARANTEE)

CONSOLIDATED BALANCE SHEET AS AT 24 DECEMBER 2023

Notes
£
£
Fixed assets:
Goodwill
11
607,597
Tangible assets
12
2,638
Investments
Investment properties
12
Programme related investments
14
61,000
35,412,464
Current assets:
Stock
10,045,909
Debtors
15
294,820
Cash at bank and in hand
5,297,813
15,638,542
Liabilities:
16
(648,229)
Net current assets
14,990,313
Total assets less current liabilities
17
Provisions for liabilities
Deferred tax
20
(912,900)
Total Net Assets
The funds of the group:
Unrestricted Accumulated Funds:
General Funds
21
Investment property reserve
21
11,212,415
Trading reserves retained by subsidiaries
21
7,126,843
Total unrestricted group funds
Creditors: Amounts falling due within one year
Creditors: Amounts falling due after more than one
year
29,655,817
2023
47,995,075
50,402,777
(1,494,802)
47,995,075
34,741,229		 £
£
673,666
2,964
550,000
35,368,237
9,922,707
280,952
7,025,336
17,228,995
(1,699,771)
15,529,224
(982,400)
13,046,513
7,060,364
48,307,326
28,200,449
2022
50,897,461
(1,607,735)
48,307,326
34,141,607		 £
£
673,666
2,964
550,000
35,368,237
9,922,707
280,952
7,025,336
17,228,995
(1,699,771)
15,529,224
(982,400)
13,046,513
7,060,364
48,307,326
28,200,449
2022
50,897,461
(1,607,735)
48,307,326
34,141,607
(982,400)
50,897,461
(1,607,735)
48,307,326
13,046,513
7,060,364
28,200,449
48,307,326

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved by the Board of directors and trustees on 23 September 2024 and signed on its behalf by

Mr J Weinstein Director and Trustee

Company Registration No. 01629802

The notes on pages 12 to 27 form part of these Financial Statements

Page 9

CLYDPRIDE LIMITED (BY GUARANTEE)

COMPANY BALANCE SHEET AS AT 24 DECEMBER 2023

Notes
£
£
Fixed assets:
Investments
Investment properties
12
27,912,364
Investments
13
12,699,967
Programme related investments
14
61,000
Current assets:
Debtors
15
583,693
Cash at bank and in hand
4,933,384
5,517,077
Liabilities:
Creditors: Amounts falling due within one year
16
(657,452)
Net current assets
4,859,625
Total Net Assets
The funds of the charity:
Unrestricted Accumulated Funds:
General Funds
21
34,781,770
Investment property reserve
21
10,751,186
Total unrestricted charity funds
45,532,956
40,673,331
45,532,956
2023		 £
£
27,034,150
12,699,967
550,000
344,195
6,560,112
6,904,307
(1,779,159)
5,125,148
33,033,081
12,376,184
45,409,265
40,284,117
45,409,265
2022		 £
£
27,034,150
12,699,967
550,000
344,195
6,560,112
6,904,307
(1,779,159)
5,125,148
33,033,081
12,376,184
45,409,265
40,284,117
45,409,265
2022
45,409,265
33,033,081
12,376,184
45,409,265

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements were approved by the Board of directors and trustees on 23 September 2024 and signed on its behalf by

Mr J Weinstein

Director and Trustee

Company Registration No. 01629802

The notes on pages 12 to 27 form part of these Financial Statements

Page 10

CLYDPRIDE LIMITED (BY GUARANTEE)

CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 24 DECEMBER 2023

Notes
£
£
Cash flows from operating activities:
Net cash (used in)/provided by operating
25
(446,500)
activities
Cash flows from investing activities:
Interest and rents from investments
2,082,503
Purchase of investment property
12
(3,104,891)
Purchase of tangible fixed assets
12
(140)
Proceeds on disposal of freehold property
-
Proceeds on disposal of investment property
1,209,551
187,023
Cash flows from financing activities:
Proceeds of new loans
-
Repayments of loans
(1,468,046)
(1,468,046)
Change in cash and cash equivalents
(1,727,523)
in the year
Cash and cash equivalents at the beginning
7,025,336
of the year
5,297,813
Net cash provided by investing activities
Net cash used in financing activities
2023
Cash and cash equivalents at the end of the year		 £
£
233,851
1,765,705
(687,571)
(1,866)
-
978,521
2,054,789
600,000
(633,628)
(33,628)
2,255,012
4,770,324
7,025,336
2022		 £
£
233,851
1,765,705
(687,571)
(1,866)
-
978,521
2,054,789
600,000
(633,628)
(33,628)
2,255,012
4,770,324
7,025,336
2022
2,255,012
4,770,324
7,025,336

The notes on pages 12 to 27 form part of these Financial Statements

Page 11

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 24 DECEMBER 2023

1 Accounting policies

Charity information

Clydpride Limited (By Guarantee) is a private company limited by guarantee incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG, United Kingdom and the principal place of business is 2 Gloucester Gardens, London, NW11 9AB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The charity has taken advantage of the exemption in FRS 102 from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flow included in these financial statements includes the cash flows of the charity.

1.2 Group financial statements

The group financial statements consolidate the accounts of Clydpride Limited (By Guarantee) and all its subsidiary undertakings made up to 24 December 2023. The group statement of financial activities includes the results of subsidiary undertakings for the period from the date of acquisition and up to the date of disposal. A separate Statement of Financial Activities for the charity has not been presented because the company has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

1.3 Going concern

At the time of approving the financial statements, the trustees and directors have a reasonable expectation that the charity and its subsidiaries has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees and directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

1.5 Income

Income is recognised and included in the statement of financial activities when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably.

The group's principal income is derived from income from its investment properties. Gross rental income is shown in the Statement of Financial Activities.

The group's other sources of income are derived from the sale of development properties and lease extensions and interest on bank deposit funds held. These are shown as investment income in the Statement of Financial Activities.

Rental income is recognised on a straight-line basis over the term of the lease and is included in investment income.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measure reliably.

Grants payable are payments made to charitable institutions in the furtherance of the charitable objects of the charity.

Page 12

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

1 Accounting policies (continued)

1.7 Goodwill

Goodwill represents the excess of the cost of acquisition of non-charitable subsidiaries over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill arising on the acquisition of Newcom Limited is amortised when the underlying assets to which the Goodwill is attributed are realised.

1.8 Fixed asset investments

Fixed asset investments in subsidiary undertakings are stated at cost and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the Statement of Financial Activities.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investments held for investment purposes are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the Statement of Financial Activities. Transaction costs are expensed as incurred.

1.9 Stock

Stock represents properties held for development and/or for resale and is valued at the lower of cost and net realisable value, being the estimated selling price less all estimated costs to complete and sell. Cost comprises the purchase cost of land and buildings and development expenditure. No interest is capitalised in respect of properties held in stock.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the Income Statement. Reversals of impairment losses are also recognised in the Income Statement.

Revenue from the sale of trading properties is included in income from other trading activities and taken into account on the exchange of contract.

1.10 Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less depreciation. All fixed assets are capitalised. No depreciation is provided on investment properties.

Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery 15% reducing balance Fixtures, fittings & equipment 15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Statement of Financial Activities in the period of the disposal.

1.11 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

Gains or losses arising from the sale of investment properties are recognised on the completion of the contract and are calculated by reference to book value at the end of the previous year, adjusted for subsequent capital expenditure, and included in gains or losses on investments.

Page 13

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

1 Accounting policies (continued)

1.12 Programme related investments

Programme related investments relate to property which is specifically held by the charity to enable a separate registered UK charity to undertake religious studies in furtherance of this charity’s constitutional aims. Programme related investments are initially measured at cost and subsequently at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities. Programme related investments are assessed for impairment at each reporting end date and any impairment loss is recognised as a cost within “expenditure on charitable activities” in the Statement of Financial Activities. Any gain on disposal is recognised as “other income” in the Statement of Financial Activities.

1.13 Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14 Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Page 14

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

1 Accounting policies (continued)

1.15 Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Financial Activities because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.15 Taxation (continued)

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Statement of Financial Activities, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties

A key area of judgement and source of estimation uncertainty is the valuation of investment properties. The trustees exercise a significant amount of judgement when valuing the investment properties annually and use their extensive knowledge of the property market and trends in this area to do so.

Page 15

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

2 Judgements and key sources of estimation uncertainty (continued)

Programme related investments

A key area of judgement and source of estimation uncertainty is the valuation of programme related investments. The trustees exercise a significant amount of judgement when valuing these investments annually and use their extensive knowledge of the property market, review of the underlying assumptions used in the professional valuation carried out at December 2023 and consider the leases in place at the year end date.

3 OTHER TRADING ACTIVITIES
Sale of development properties
Lease extensions
4 INVESTMENT INCOME
Rents receivable
Bank interest
Other income
5 EXPENDITURE
Cost of raising funds
Cost of sales - development properties
Other property costs
Support costs (note 6)
Amortisation of goodwill (note 11)
Expenditure on charitable activities
Grants payable (note 7)
Impairment of goodwill (note 11)
Impairment of programme related investments (note 14)
Total resources expended
6 ALLOCATION OF SUPPORT COSTS
Auditors’ remuneration
Accountancy, secretarial and bookkeeping
Professional fees
Bank loan interest
Bank charges and loan arrangement fees
Office costs
Depreciation (note 12)
Sundry expenses
Staff costs (note 8)		 2023
£
829,968
727,696
1,557,664
2023
£
1,845,420
233,247
1,112
2,079,779
2023
£
388,638
719,799
529,768
66,070
1,704,275
357,230
142,970
489,000
989,200
2,693,475
2023
£
47,500
45,848
26,536
113,078
1,003
57,957
466
1,491
235,889
529,768		 2022
£
2,386,000
78,475
2,464,475
2022
£
1,615,510
61,981
49,639
1,727,130
2022
£
877,862
559,045
540,350
19,155
1,996,412
450,200
-
956,275
1,406,475
3,402,887
2022
£
47,500
44,553
32,440
137,645
3,809
56,509
523
1,620
215,751
540,350

Page 16

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

7 ANALYSIS OF GRANTS
Grants to
Grants to
2023
Analysis
Institutions
Individuals
Total
£
£
£
Advancement of religion
through education
177,167
-
177,167
Relief of poverty
147,717
2,430
150,147
Benefit of the Jewish community
29,916
-
29,916
Total
354,800
2,430
357,230
Total grants paid is comprised as follows:
2023
£
25,000
20,000
10,000
27,000
5,000
45,000
20,000
205,230
357,230
Side by Side (Children) Limited (UK Charity Registration No. 1135723)
Tomchei Yotzei Anglia (UK Charity Registration No. 1111333)
Torah Vodaas Limited (UK Charity Registration No. 1092266)
Friends of Dr Adlers Surgery (UK Charity Registration No. 1191581)
Brongate Ltd (UK Charity Registration No. 285062)
Other grants less than £20,000
British Friends of Mishan L'choleh (UK Charity Registration No. 1112558)
North London Welfare & Educational Foundation (UK Charity Registration No.
1155103)		 2022
Total
£
299,400
88,800
62,000
450,200
2022
£
25,000
-
25,000
10,000
50,000
25,000
25,000
290,200
450,200

In addition to the grants shown above the charity has a programme related investment, shown in note 14 below, which is let to separate UK registered charities to undertake religious activities which contribute to this charity’s charitable purposes.

8 STAFF COSTS

a) EMPLOYMENT COSTS

a) EMPLOYMENT COSTS
Wages and salaries
Trustees remuneration
Social security costs
Staff pension costs		 2023
£
112,752
98,496
23,007
1,634
235,889		 2022
£
104,400
91,200
18,617
1,534
215,751

The average number of employees during the year was 3 (2022: 3).

Page 17

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

**8 ** STAFF COSTS (continued)
b) TRUSTEES REMUNERATION AND BENEFITS 2023 2022
£ £
Amounts earned by trustees for the year:
Aggregate emoluments 98,496 91,200

Remuneration has been paid to a trustee under an employment contract with subsidiary undertaking Anston Investments Limited which was in place at the time of acquisition of Anston Investments Limited in 2011.

Trustees' expenses

There were no trustees' expenses paid for the year ended 24 December 2023 nor for the year ended 24 December 2022.

9 TAXATION

Clydpride, as a charity, is exempt from taxation of income and gains falling within Section 478 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent they are applied to its charitable objects. No corporation tax charge arose in any of the subsidiary entities included in the group accounts in the year ended 24 December 2023 nor for the year ended 24 December 2022 due to their policy of gifting all taxable profits to Clydpride each year. Under FRS 102 a deferred tax provision has been provided on investment properties in the trading subsidiary entities where potential gains arise. No deferred tax provision has been provided on investment properties in Clydpride as a result of it being exempt from taxation of gains as noted above.

10 PROFIT OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the statement of financial activities of the parent company is not presented as part of these financial statements. The parent company’s net movement in funds for the year was £123,691 (2022: £1,275,645). The surplus includes gift aid distributions received from subsidiaries of £1,355,003 (2022: £940,000).

11 INTANGIBLE FIXED ASSETS

Group
Cost
At 25 December 2022
Additions
At 24 December 2023
Amortisation
At 25 December 2022
Amortisation
Impairment
At 24 December 2023
Net book value
At 24 December 2023
At 24 December 2022		 Goodwill
£
2,515,826
142,971
2,658,797
1,842,160
66,070
142,970
2,051,200
607,597
673,666

Goodwill at cost of £2,515,826 arose on the acquisition of the Newcom Limited group of companies by Clydpride Limited on 25 March 2011. Goodwill acquired in the year at cost of £142,971 arose on the acquisition of 100% of the ordinary share capital of Maribella Limited by subsidiary undertaking Anston Investments Limited on 19 October 2023. The carrying value of goodwill was reviewed at the year end date and the impairment provision reflected above.

Page 18

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

12 TANGIBLE FIXED ASSETS

Group
COST OR FAIR VALUE
At 25 December 2022
Additions
Disposals
Revaluation
At 24 December 2023
DEPRECIATION:
At 25 December 2022
Charge in year
At 24 December 2023
NET BOOK VALUE:
At 24 December 2023
At 25 December 2022		 Investment
properties
£
3,104,892
(1,206,250)
(1,299,020)
-
-
-
34,741,229
34,141,607
34,741,229
34,141,607		 Plant &
Fixtures
Total
machinery
fittings &
tangible
equipment
assets
£
£
£
3,817
11,272
15,089
-
140
140
-
-
-
-
-
-
3,817
11,412
15,229
1,178
10,947
12,125
396
70
466
1,574
11,017
12,591
2,243
395
2,638
2,639
325
2,964

The investment properties were valued by the directors on 24 December 2023 at fair value. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Any gain or loss arising from a change in fair value is recognised in the Statement of Financial Activities.

If investment properties had not been revalued they would have been included at the following historical cost:

Cost
Company
COST OR VALUATION:
At 25 December 2022
Additions
Disposals
Revaluation
At 24 December 2023
NET BOOK VALUE:
At 24 December 2023
At 24 December 2022		 2023
£
22,615,914		 2022
£
20,112,694
Investment
properties
£
3,104,884
(1,206,250)
(1,020,420)
27,034,150
27,912,364
27,912,364
27,034,150

Page 19

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

12 TANGIBLE FIXED ASSETS (CONTINUED)

Company (continued)

The investment properties were valued by the directors on 24 December 2023 at fair value. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Any gain or loss arising from a change in fair value is recognised in the Statement of Financial Activities.

If investment properties had not been revalued they would have been included at the following historical cost:

Cost
13 FIXED ASSETS INVESTMENTS
Shares in subsidiaries
Cost as at 24 December 2022 & 2023		 2023
£
Group
£
-
17,161,178		 2022
£
14,657,966
Company
£
12,699,967

The subsidiary undertakings, all of which are wholly owned and registered in England, are as follows:

Company
Ableworld Limited
Anston Investments Limited
Continuum Securities Limited
Crevin Limited
Eagil Trust Co. Limited
Inspired Holdings Limited
Maribella Limited*
Newcom Limited
Ultraworth Limited		 Principal activity
Property dealing
Property dealing & investment
Non-trading
Non-trading
Non-trading
Dormant
Non-trading
Investment holding company
Investment holding company		 Class of shares
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary and preference
Ordinary
Ordinary
Ordinary
Ordinary		 Holding
100%
100%
100%
100%
100%
100%
100%
100%
100%

On 19 October 2023 Anston Investments Limited acquired 100% of the ordinary share capital of Maribella Limited and the company became a wholly owned subsidiary of Clydpride Limited on that date.

The results and financial position of the subsidiary companies are shown in note 28 page 26.

14 PROGRAMME RELATED INVESTMENTS

Group and company
FAIR VALUE
At 25 December 2022
Impairment
At 24 December 2023
CARRYING AMOUNT:
At 24 December 2023
At 24 December 2022		 Land and
buildings
£
550,000
(489,000)
61,000
61,000
550,000

Page 20

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

14 PROGRAMME RELATED INVESTMENTS (continued)

The charity purchased freehold land and buildings with a total cost value of £2,135,090 on 13 November 2019. The property represents a mixed motive investment on the basis that it has elements of both financial investment and programme related investment. The cost value attributable to the programme related investment was £1,662,265 and the cost value attributable to investment property was £472,825. The charity subsequently let part of the programme related investment property to a separate UK registered charity to undertake religious activities which contributes to the charity’s charitable purposes.

The principal rent was a peppercorn and the lease expired on 30 October 2021. On 14 July 2023 a new lease was entered into with the same charity for certain parts of the programme related investment property. The lease term is 50 years with a rental charge of one peppercorn.

In March 2024 the charity entered into a lease with another UK registered charity for the remaining part of the programme related investment property. The property is now fully let out. The lease term is 20 years with a rental charge of one peppercorn. As this lease was substantially agreed by December 2023 it has been factored into the fair value of the property at 24 December 2023.

The property was professionally valued on an open market basis at 24 December 2023 by a RICS regulated Chartered Surveyor.

15 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Deferred tax asset (note 20)		 2023
2022
£
£
99,428
70,719
-
-
57,917
5,096
137,475
175,137
-
30,000
294,820
280,952
Group		 2023
2022
£
£
41,636
26,050
400,454
229,318
55,212
-
86,391
88,827
-
-
Company
583,693
344,195

16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (note 18)
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
2022
£
£
63,803
1,418,916
18,960
25,744
-
-
3,996
6,935
430,218
89,067
131,252
159,109
648,229
1,699,771
Group		 2023
2022
£
£
-
1,357,392
-
-
548,222
302,197
-
-
54,569
39,697
54,661
79,873
Company
657,452
1,779,159

17 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans (note 18) 1,494,802 1,607,735 - -

Page 21

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

18 LOANS AND OVERDRAFTS

Bank loans
Analysis of bank loans and overdrafts
Not wholly repayable within five years
by instalments
Wholly repayable within five years
Included in current liabilities (note 16 above)
Included in creditors due after more than one
year (note 17 above)		 2023
2022
£
£
1,558,605
3,026,651
2023
2022
£
£
-
-
1,558,605
3,026,651
1,558,605
3,026,651
(63,803)
(1,418,916)
1,494,802
1,607,735
Group
Group		 2023
2022
£
£
-
1,357,392
Company
2023
2022
£
£
-
-
-
1,357,392
Company
-
1,357,392
-
-
-
1,357,392

The bank loans are repayable by monthly instalments and bear interest at commercial rates and the bank overdrafts are repayable on demand.

19 SECURED DEBTS

The following secured debts are included within creditors:

Group Group Company Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts 1,558,605 3,026,651 - 1,357,392

Group

The group bank loans and overdrafts are secured on certain investment and trading properties of the group.

Debentures with Barclays Bank PLC and Lloyds Bank PLC have a fixed and floating charge over group undertakings and on certain property and assets of the group, present and future.

Company

The company bank loans are secured on certain investment properties of the company and were fully repaid in the year .

A debenture with Barclays Bank PLC was registered in December 2012 with a fixed and floating charge over the undertaking and all property and assets, present and future. The company repaid all loans due to Barclays Bank PLC during the year.

Page 22

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

20 DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the group and company and movements thereon:

Balances:
Investment property
Tax losses
Movements in the year:
Liability/(Asset) at 25 December 2022
(Credit)/charge to Statement of Financial Activities
Liability/(Asset) as at 24 December 2023
Group		 Liabilities
Liabilities
2023
2022
£
£
912,900
982,400
-
-		 Assets
Assets
2023
2022
£
£
-
-
-
30,000
-
30,000
Liability
Asset
Total
£
£
£
982,400
(30,000)
952,400
(69,500)
30,000
(39,500)		 Assets
Assets
2023
2022
£
£
-
-
-
30,000
912,900
982,400		 -
30,000
912,900
-
912,900

The deferred tax liability on investment property has been calculated using the tax rates and allowances that have been enacted or substantively enacted by the balance sheet date.

21 RECONCILIATION OF MOVEMENT IN FUNDS

Group
Balance at 25 December 2022
Net group income before gains/(losses) on investments
Change in fair value of investment property
Gain on disposal of investment property
Transfer of realised gain on disposal of investment property
Deferred tax charge on tax losses
Deferred tax credit on unrealised gains
Balance at 24 December 2023		 Investment
Trading
Unrestricted
Total
property
reserves
general
reserve
retained by
funds
subsidiaries
£
£
£
£
13,046,513
7,060,364
28,200,449
48,307,326
96,479
847,489
943,968
(1,299,020)
(1,299,020)
3,301
3,301
(604,578)
604,578
-
(30,000)
(30,000)
69,500
69,500
11,212,415
7,126,843
29,655,817
47,995,075

The trading reserves retained by the subsidiary companies are available for making gift aid distributions to the parent company. The investment property reserve includes all current year and prior years revaluation gains and losses on investment properties net of deferred taxation which wholly relates to the parent company's subsidiary undertakings.

Page 23

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

21 RECONCILIATION OF MOVEMENT IN FUNDS (CONTINUED)

Company
Balance at 25 December 2022
Net income before gains/(losses) on investments
Change in fair value of investment property
Gain on disposal of investment property
Balance at 24 December 2023
Transfer of realised gains/(losses) on disposal of
investment property		 Investment
Unrestricted
Total
property
general
reserve
funds
£
£
£
12,376,184
33,033,081
45,409,265
-
1,140,810
1,140,810
(1,020,420)
-
(1,020,420)
-
3,301
3,301
(604,578)
604,578
-
10,751,186
34,781,770
45,532,956

22 FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

Group

On 14 May 2021 HMRC wrote to a subsidiary undertaking of the charity to inform it that they would be carrying out a compliance check on its company tax return for the year ended 24 December 2019. The check into the subsidiary undertaking’s 2019 corporation tax return was closed without amendments being required to the submitted return. In September 2022, as a result of this compliance check, HMRC raised an assessment on the subsidiary undertaking for an additional corporation tax liability due to be paid by the subsidiary undertaking in respect of the year ended 24 December 2018. A further assessment was made by HMRC on 19 December 2022 in respect of the year ended 24 December 2016 and year ended 24 December 2017. The subsidiary undertaking has sought specialist tax advice and Counsel’s opinion throughout the process and the case is expected to be heard at the First Tier Tribunal in 2025. In accordance with the advice and opinions which have been obtained, the group does not consider it necessary to include any further liability in its accounts in respect of any corporation tax payable.

23 RELATED PARTY TRANSACTIONS

Transactions with group undertakings

At the balance sheet date, the following balances were owed from/(to) subsidiary undertakings.

2023
2022
£
-
-
-
-
During the year the following transactions took place with group undertakings.
Expenses settled on the parent company's behalf
Cash transfers and repayments of intercompany loans (from)/to subsidiary undertakings
Group
Amounts owed by group undertakings (note 15)
Amounts owed to group undertakings (note 16)
Recharge of rental income net of property expenses (due to)/from subsidiary undertakings		 2023
2022
£
£
400,454
229,318
Company
(548,222)
(302,197)
2023
2022
£
£
(11,330)
(10,767)
(15,557)
15,079
(48,000)
451,582

Page 24

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

24 TRANSACTIONS WITH TRUSTEES

Advances were made from a trustee of the charity to subsidiary undertakings of Clydpride Limited as follows:

Opening Amounts Interest Amounts Closing
balances advanced charged repaid balance
£ £ £ £ £
Advance from trustee 36,260 200,000 - (4,395) 231,865
The year end balance is included in other creditors, note 16.
**25 ** RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Group 2023 2022
£ £
Net group (deficit)/ income for the year (as per the consolidated (312,251) 2,272,698
statement of financial activities)
Adjustments for:
Taxation charged (39,500) 137,725
Interest and rents from investments (2,082,503) (1,765,705)
Impairment of programme related investments 489,000 956,275
Depreciation of tangible fixed assets 466 523
Amortisation of goodwill 66,070 19,155
Impairment of goodwill 142,970 -
Acquisition of subsidiary assets for £nil consideration (142,972) -
Increase in fair value of investment property 1,299,020 (1,605,984)
Gain on disposal of investment property (3,301) (15,721)
(Increase)/decrease in stocks (123,202) 202,914
(Decrease)/increase in debtors (43,868) 46,528
Increase/(decrease) in creditors 303,571 (14,557)
Net cash (used in)/provided by operating activities (446,500) 233,851
**26 ** ANALYSIS OF CASH AND CASH EQUIVALENTS
Group 2023 2022
£ £
Cash at bank and in hand 5,297,813 7,025,336
Overdraft facility repayable on demand - -
Total cash and cash equivalents 5,297,813 7,025,336
**27 ** ANALYSIS OF CHANGES IN NET DEBT
Group At start of Cash At end of
year flows year
£ £ £
Cash at bank and in hand 7,025,336 (1,727,523) 5,297,813
Overdraft facility repayable on demand - - -
Total cash and cash equivalents (note 26) 7,025,336 (1,727,523) 5,297,813
Loans falling due within one year (note 16) (1,418,916) 1,355,113 (63,803)
Loans falling due after more than one year (note 17) (1,607,735) 112,933 (1,494,802)
3,998,685 (259,477) 3,739,208

Page 25

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

28. SUBSIDIARIES

INCOME STATEMENT
Sale of development properties
Lease extensions
Rental income
Bank and other interest
receivable
Gain on sale of freehold
property
Loss on disposal of investment
properties
Property expenses
Cost of sale -
development properties
Administrative
expenses
Bank loan interest
Depreciation		 2023
Ableworld
Limited
£
304,968
-
46,626
-
-
(1,258)		 2023
Anston
Investments
Limited
£
525,000
727,696
895,884
-
-
-		 2023
Continuum
Securities
Limited
£
-
-
-
-
-
-		 2023
Crevin
Limited
£
-
-
-
-
-
-		 2023
Eagil
Trust Co.
Limited
£
-
-
-
-
-
-		 2023
Inspired
Holdings
Limited
£
-
-
-
-
-
-		 2023
Maribella
Limited
£
-
-
-
-
-
-		 2023
Newcom
Limited
£
-
-
-
-
-
-		 2023
Ultraworth
Limited
£
-
-
-
-
-
-		 2023
Aggregate
Total
£
829,968
727,696
942,510
-
-
(1,258)
2,498,916
(327,019)
(304,357)
(356,599)
(58,993)
(466)
(1,047,434)		 2022
Aggregate
Total
£
2,386,000
78,475
842,081
42,098
-
-
350,336 2,148,580 - - - - - - - 3,348,654
(13,227)
(218,597)
(17,822)
-
-		 (313,792)
(85,760)
(338,690)
(58,993)
(466)		 -
-
(87)
-
-		 -
-
-
-
-		 -
-
-
-
-		 -
-
-
-
-		 -
-
-
-
-		 -
-
-
-
-		 -
-
-
-
-		 (278,005)
(639,597)
(345,204)
(62,127)
(523)
(249,646) (797,701) (87) - - - - - - (1,325,456)

Page 26

CLYDPRIDE LIMITED (BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2023

28. SUBSIDIARIES (continued)

28. SUBSIDIARIES (continued)
Net surplus
Investment property reserve
realisation
Deferred tax charge on tax losses
Gift Aid distributions
Retained in subsidiaries		 2023
Ableworld
Limited
£
100,690
-
(30,000)
(95,000)		 2023
Anston
Investments
Limited
£
1,350,879
-
(1,260,003)		 2023
Continuum
Securities
Limited
£
(87)
-
-
-		 2023
Crevin
Limited
£
-
-
-
-		 2023
Eagil
Trust Co.
Limited
£
-
-
-
-		 2023
Inspired
Holdings
Limited
£
-
-
-		 2023
Maribella
Limited
£
-
-
-
-		 2023
Newcom
Limited
£
-
-
-
-		 2023
Ultraworth
Limited
£
-
-
-
-		 2023
Aggregate
Total
£
1,451,482
-
(30,000)
(1,355,003)
66,479		 2022
Aggregate
Total
£
2,023,198
-
(63,225)
(940,000)
(24,310) 90,876 (87) - - - - - - 1,019,973

An aggregate of the subsidiaries’ assets and liabilities is as follows:

Assets
Liabilities
Net Assets / (Liabilities)		 2023
Ableworld
Limited
£
1,633,329
(1,203,441)		 2023
Anston
Investments
Limited
£
15,088,795
(6,854,850)		 2023
Continuum
Securities
Limited
£
2,399,014
(964,070)		 2023
Crevin
Limited
£
229,736
(229,734)		 2023
Eagil
Trust Co.
Limited
£
171,117
-		 2023
Inspired
Holdings
Limited
£
2
-		 2023
Maribella
Limited
£
813
(143,784)		 2023
Newcom
Limited
£
3
(912)		 2023
Ultraworth
Limited
£
2,334,962
-		 2023
Aggregate
Total
£
21,857,771
(9,396,791)
12,460,980		 2022
Aggregate
Total
£
21,131,914
(8,385,342)
429,888 8,233,945 1,434,944 2 171,117 2 (142,971) (909) 2,334,962 12,746,572

Page 27