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 2024
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 2024
| 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 2024
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 2024.
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. In 2023 the subsidiary undertaking disposed of its property portfolio and has not traded since that date. Gift aid distributions received from the subsidiary undertaking amounted to £nil (2023: £95,000) during the year.
The charity 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 £1,471,604 (2023: £1,260,003) during the year.
The charity also owns the entire issued share capital of six non-trading companies Continuum Securities Limited, Crevin Limited, Eagil Trust Co. Limited, Maribella Limited, 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.
OBJECTIVES AND ACTIVITIES
The charity’s main objectives and its principal activities are:
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the advancement of religion in accordance with the Orthodox Jewish Faith;
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the relief of poverty; and
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for such other purposes as are recognised by English Law as charitable and in furtherance of the aforementioned objects.
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.
Page 1
CLYDPRIDE LIMITED (BY GUARANTEE)
REPORT OF THE DIRECTORS AND TRUSTEES (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
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 £288,000 (2023: £177,167) were made to educational institutions.
In pursuance of its stated object of the relief of poverty, grants totalling £193,900 (2023: £147,717) were made to various other charitable organisations and £3,600 (2023: £2,430) were made to individuals.
£57,000 (2023: £29,916) 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 show a net surplus for the period of £914,580 (2023: net deficit £312,251) and as at 24 December 2024 the total reserves amounted to £48,909,655 (2023: £47,995,075).
Charitable grants and donations amounted to £542,500 (2023: £357,230).
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.
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.
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CLYDPRIDE LIMITED (BY GUARANTEE)
REPORT OF THE DIRECTORS AND TRUSTEES (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
PLANS FOR FUTURE PERIODS
The trustees expect the subsidiaries to continue to generate profits so that the charity will be able to maintain a reasonable level of grants to charitable institutions in furtherance of the charity’s objectives. However, our subsidiary, Anston Investments Limited, has a substantial estate, historically derived, at largely nil costs, of reversionary freeholds. The Government is introducing legislation in which, inter-alia, there will be removed the provision of ‘marriage value’ in calculating the cost of obtaining a lease extension. This element has been the main part of lease extension premiums and, therefore, the change in legislation may reduce grant making ability by Anston Investments to Clydpride. Of late, no requests for extensions have been made. Clearly, lessees are sitting on their hands awaiting the removal of marriage values, expected before the end of the year. The trustees continue to seek ways to maximise the charity’s and the group’s income from its investments and activities to enable it to maintain its charitable objectives.
The trustees are mindful of the challenging financial climate and its 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 process of rationalising the group in order to reduce its administrative burden is under way. The property assets of Ableworld Limited were transferred to a fellow group company in 2023. It is the intention of the trustees to put steps in place for Ableworld Limited and other redundant subsidiaries to be dissolved, as soon as practically possible.
Honorary Officers from the Etz Chayim Synagogue approached us advising that the freehold on which it has been occupying for some 80 years was being offered for sale. Despite that occupation, it was not under any tenancy agreement and a purchaser could require the Synagogue to surrender possession. That would have a disastrous consequence on the well-being and continuation of the Synagogue’s activities, with its many and various cultural activities, in addition to being a prayer house. At present the Synagogue is full, at prayer times, with, literally, only standing room being available. Marquees have been constructed in the rear garden in order to allow for needed extra space. This could only be a short-term provision. In February 2025 Clydpride gladly purchased the freehold interest in the property and granted the Synagogue a 50-year building lease, with a Peppercorn Rent. It is envisaged that the new Synagogue building will have room to increase attendance by, at least, two to three times, which would be adequate, for the foreseeable future.
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 (England and Wales)
Principal address:
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
Bankers:
Barclays Bank Plc, 1 Churchill Place, London E14 5HP
Solicitors
Gunnercooke LLP, 1 Cornhill, London, EC3V 3ND
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CLYDPRIDE LIMITED (BY GUARANTEE)
REPORT OF THE DIRECTORS AND TRUSTEES (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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;
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in exercise of their powers as charity trustees, they have had due regard to the published guidance from the Charity Commission on the operation of the public benefit requirements; and
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the aims of the charity are carried out for the public benefit.
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
19 September 2025
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 2024 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:
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give a true and fair view of the state of the group and the charitable company's affairs as at 24 December 2024 and of the group's incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 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.
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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:
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adequate and proper 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 parent charitable company 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.
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:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the group through discussions with the directors and other management, and from our commercial knowledge and experience of the sector they operate in;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, Charities Act 2011, Charities SORP, Charity Commission Regulations, Lettings legislation and safety regulation, anti-bribery, employment and GDPR regulations;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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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:
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the engagement partner ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, The Charity Commission and the group’s legal and professional advisors.
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 19 September 2025 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 2024
| Notes £ £ Income and endowments from: Other trading activities 3 1,037,330 Investments 4 2,251,338 Total 3,288,668 Expenditure on: Raising funds 5 1,723,675 Charitable activities 5 542,500 Total Net income before gains on investments 1,022,493 Gains/(losses) on investments Change in fair value of investment property 12 (63,259) Realised gains on disposal of investment 460,082 property 21 (518,936) Net losses on investments (122,113) Net income for the year before tax 900,380 Tax charge for the year 20 14,200 Net movement in group funds 914,580 Reconciliation of group funds: Total unrestricted group funds brought forward 47,995,075 Represented by: General Funds 21 31,705,767 Investment property reserve 21 10,644,420 Trading reserves retained by subsidiaries 21 6,559,468 48,909,655 Unrestricted funds (2,266,175) Total unrestricted group funds carried forward 21 2024 48,909,655 Revaluation surplus eliminated on disposal |
£ £ 1,557,664 2,079,779 3,637,443 1,704,275 989,200 943,968 (1,299,020) 607,879 (604,578) (1,295,719) (351,751) 39,500 (312,251) 7,126,843 29,655,817 11,212,415 47,995,075 47,995,075 2023 (2,693,475) Unrestricted funds 48,307,326 |
£ £ 1,557,664 2,079,779 3,637,443 1,704,275 989,200 943,968 (1,299,020) 607,879 (604,578) (1,295,719) (351,751) 39,500 (312,251) 7,126,843 29,655,817 11,212,415 47,995,075 47,995,075 2023 (2,693,475) Unrestricted funds 48,307,326 |
|---|---|---|
| (351,751) 39,500 |
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| (312,251) 48,307,326 |
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| 47,995,075 | ||
| 7,126,843 29,655,817 11,212,415 |
||
| 47,995,075 |
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 2024
| Notes £ £ Fixed assets: Goodwill 11 565,530 Tangible assets 12 2,243 Investments Investment property 12 Programme related investments 14 61,000 38,243,606 Current assets: Stock 10,019,063 Debtors 15 1,494,863 Cash at bank and in hand 1,911,608 13,425,534 Liabilities: 16 (447,738) Net current assets 12,977,796 Total assets less current liabilities 17 Provisions for liabilities Deferred tax 20 (898,700) Total Net Assets The funds of the group: Unrestricted Accumulated Funds: General Funds 21 Investment property reserve 21 10,644,420 Trading reserves retained by subsidiaries 21 6,559,468 Total unrestricted group funds Creditors: Amounts falling due within one year Creditors: Amounts falling due after more than one year 31,705,767 2024 48,909,655 37,614,833 51,221,402 (1,413,047) 48,909,655 |
£ £ 607,597 2,638 61,000 35,412,464 10,045,909 294,820 5,297,813 15,638,542 (648,229) 14,990,313 (912,900) 11,212,415 7,126,843 47,995,075 29,655,817 2023 34,741,229 50,402,777 (1,494,802) 47,995,075 |
£ £ 607,597 2,638 61,000 35,412,464 10,045,909 294,820 5,297,813 15,638,542 (648,229) 14,990,313 (912,900) 11,212,415 7,126,843 47,995,075 29,655,817 2023 34,741,229 50,402,777 (1,494,802) 47,995,075 |
|---|---|---|
| (912,900) 50,402,777 (1,494,802) |
||
| 47,995,075 | ||
| 11,212,415 7,126,843 29,655,817 |
||
| 47,995,075 |
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 19 September 2025 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
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CLYDPRIDE LIMITED (BY GUARANTEE)
COMPANY BALANCE SHEET AS AT 24 DECEMBER 2024
| Notes £ £ Fixed assets: Investments Investment property 12 31,524,227 Investments 13 12,699,967 Programme related investments 14 61,000 Current assets: Debtors 15 1,704,752 Cash at bank and in hand 1,905,990 3,610,742 Liabilities: Creditors: Amounts falling due within one year 16 (670,653) Net current assets 2,940,089 Total Net Assets The funds of the charity: Unrestricted Accumulated Funds: General Funds 21 36,941,233 Investment property reserve 21 10,284,050 Total unrestricted charity funds 47,225,283 44,285,194 2024 47,225,283 |
£ £ 27,912,364 12,699,967 61,000 583,693 4,933,384 5,517,077 (657,452) 4,859,625 34,781,770 10,751,186 45,532,956 40,673,331 2023 45,532,956 |
£ £ 27,912,364 12,699,967 61,000 583,693 4,933,384 5,517,077 (657,452) 4,859,625 34,781,770 10,751,186 45,532,956 40,673,331 2023 45,532,956 |
|---|---|---|
| 45,532,956 | ||
| 34,781,770 10,751,186 |
||
| 45,532,956 |
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 19 September 2025 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 2024
| Notes £ £ Cash flows from operating activities: Net cash used in operating activities 25 (2,522,787) Cash flows from investing activities: Interest and rents from investments 2,211,551 Purchase of investment property 12 (3,850,425) Purchase of tangible fixed assets 12 - Proceeds on disposal of investment property 854,708 (784,166) Cash flows from financing activities: Repayments of bank loans (79,252) (79,252) (3,386,205) 5,297,813 1,911,608 Net cash (used in)/provided by investing activities Cash and cash equivalents at the beginning of the year Net cash used in financing activities 2024 Cash and cash equivalents at the end of the year Change in cash and cash equivalents in the year |
£ £ (446,500) 2,082,503 (3,104,891) (140) 1,209,551 187,023 (1,468,046) (1,468,046) (1,727,523) 7,025,336 5,297,813 2023 |
£ £ (446,500) 2,082,503 (3,104,891) (140) 1,209,551 187,023 (1,468,046) (1,468,046) (1,727,523) 7,025,336 5,297,813 2023 |
|---|---|---|
| (1,727,523) 7,025,336 |
||
| 5,297,813 |
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 2024
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 property, programme related investments 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 2024. 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 and revenue recognition
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.
Gross rental income from the group's investment properties is recognised on a straight-line basis over the term of the lease and is included in income from investments in the Statement of Financial Activities.
Income from the sale of development properties and lease extensions by subsidiary undertakings is recognised on the completion of the contract and is included in income from other trading activities in the Statement of Financial Activities.
Income from bank Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group; this is normally upon notification of the interest paid or payable by the bank and is included in income from investments in the Statement of Financial Activities.
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 2024
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 completion of the 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 property
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 2024
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 group 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 group's balance sheet when the group 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 group 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 group’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 2024
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 group 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 group 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 group’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 property
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 2024
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 2024 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 Loss on disposal of investments in subsidiaries Staff costs (note 8) |
2024 £ 799,000 238,330 1,037,330 2024 £ 2,045,962 200,992 4,384 2,251,338 2024 £ 419,293 761,093 501,222 42,067 1,723,675 542,500 - - 542,500 2,266,175 2024 £ 47,500 59,142 19,958 56,543 1,185 64,127 395 858 2 251,512 501,222 |
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 |
Page 16
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
| 7 ANALYSIS OF GRANTS Grants to Grants to 2024 Analysis Institutions Individuals Total £ £ £ Advancement of religion through education 288,000 - 288,000 Relief of poverty 193,900 3,600 197,500 Benefit of the Jewish community 57,000 - 57,000 Total 538,900 3,600 542,500 Total grants paid is comprised as follows: 2024 £ 105,000 - 60,000 25,000 1,000 45,000 306,500 542,500 Other grants less than £25,000 Ateres Beis Yaakov (UK Charity Registration No. 1189564) Friends of Dr Adlers Surgery (UK Charity Registration No. 1191581) Tomchei Yotzei Anglia (UK Charity Registration No. 1111333) Ezras Achim (UK Charity Registration No. 1204163) British Friends of Mishan L'choleh (UK Charity Registration No. 1112558) North London Welfare & Educational Foundation (UK Charity Registration No. 1155103) |
2023 Total £ 177,167 150,147 29,916 |
|---|---|
| 357,230 | |
| 2023 £ - 25,000 - 10,000 27,000 45,000 250,230 |
|
| 357,230 |
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 Wages and salaries Trustees remuneration Social security costs Staff pension costs The average number of employees during the year was 3 (2023: 3). b) TRUSTEES REMUNERATION AND BENEFITS Amounts earned by trustees for the year: Aggregate emoluments |
2024 £ 121,772 106,375 21,615 1,750 251,512 2024 £ 106,375 |
2023 £ 112,752 98,496 23,007 1,634 |
|---|---|---|
| 235,889 | ||
| 2023 £ 98,496 |
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 2024 nor for the year ended 24 December 2023.
Page 17
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
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 2024 nor for the year ended 24 December 2023 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 £1,692,237 (2023: £123,691). The surplus includes gift aid distributions received from subsidiaries of £1,471,604 (2023: £1,355,003).
11 INTANGIBLE FIXED ASSETS
| Group Cost: At 25 December 2023 and at 24 December 2024 Amortisation: At 25 December 2023 Amortisation At 24 December 2024 Carrying amount: At 24 December 2024 At 24 December 2023 |
Goodwill £ 2,658,797 |
|---|---|
| 2,051,200 42,067 |
|
| 2,093,267 | |
| 565,530 | |
| 607,597 |
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 prior 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 amount of goodwill was reviewed at the year end date and no impairment was identified.
Page 18
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
| 12 TANGIBLE FIXED ASSETS Group Cost or fair value: At 25 December 2023 Additions Disposals Revaluation At 24 December 2024 Depreciation and impairment: At 25 December 2023 Charge in year At 24 December 2024 Carrying amount: At 24 December 2024 At 25 December 2023 |
Investment property £ 3,850,425 (913,562) (63,259) - - - 37,614,833 34,741,229 37,614,833 34,741,229 |
Plant & Fixtures Total machinery fittings & tangible equipment assets £ £ £ 3,817 11,412 15,229 - - - - - - - - - |
|---|---|---|
| 3,817 11,412 15,229 |
||
| 1,574 11,017 12,125 336 59 395 |
||
| 1,910 11,076 12,520 |
||
| 1,907 336 2,243 |
||
| 2,243 395 2,638 |
The investment properties were valued by the directors on 24 December 2024 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 Fair value: At 25 December 2023 Additions Transfer from subsidiary undertaking as gift aid donation Disposals At 24 December 2024 Carrying amount: At 24 December 2024 At 24 December 2023 |
2024 £ 26,019,913 |
2023 £ 22,615,914 |
|---|---|---|
| Investment property £ 3,850,425 675,000 (913,562) 27,912,364 |
||
| 31,524,227 | ||
| 31,524,227 | ||
| 27,912,364 |
Page 19
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
12 TANGIBLE FIXED ASSETS (CONTINUED)
Company (continued)
The investment properties were valued by the directors on 24 December 2024 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 2023 & 2024 |
2024 £ Group £ - 21,240,177 |
2023 £ 17,161,178 |
|---|---|---|
| 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 Maribella Limited Newcom Limited Ultraworth Limited |
Principal activity Non-trading Property dealing & investment Non-trading Non-trading Non-trading Non-trading Investment holding company Investment holding company |
Class of shares Ordinary Ordinary Ordinary Ordinary Ordinary and preference Ordinary Ordinary Ordinary |
Holding |
|---|---|---|---|
| 100% 100% 100% 100% 100% 100% 100% 100% |
- Indirect holding
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 2023 Impairment At 24 December 2024 Carrying amount: At 24 December 2024 At 24 December 2023 |
Land and buildings £ 61,000 - |
|---|---|
| 61,000 | |
| 61,000 | |
| 61,000 |
Page 20
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
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.
The property was professionally valued on an open market basis at 24 December 2024 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 |
2024 2023 £ £ 52,885 99,428 - - 1,204,194 57,917 237,784 137,475 1,494,863 294,820 Group |
2024 2023 £ £ 15,768 41,636 392,020 400,454 1,120,000 55,212 176,964 86,391 Company |
|---|---|---|
| 1,704,752 583,693 |
16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2024 2023 £ £ Bank loans and overdrafts (note 18) 66,306 63,803 Trade creditors 40,134 18,960 Amounts owed to group undertakings - - Other taxation and social security - 3,996 Other creditors 191,422 430,218 Accruals and deferred income 149,876 131,252 447,738 648,229 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 £ £ Bank loans (note 18) 1,413,047 1,494,802 Group Group |
2024 2023 £ £ - - - - 548,222 548,222 - - 48,450 54,569 73,981 54,661 Company |
|---|---|
| 670,653 657,452 |
|
| 2024 2023 £ £ - - Company |
17 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Page 21
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
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) |
2024 2023 £ £ 1,479,353 1,558,605 2024 2023 £ £ 1,249,632 1,288,800 229,721 269,805 1,479,353 1,558,605 (66,306) (63,803) 1,413,047 1,494,802 Group Group |
2024 2023 £ £ - - Company |
|---|---|---|
| 2024 2023 £ £ - - - - Company |
||
| - - - - |
||
| - - |
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 | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Bank loans and overdrafts | 1,479,353 | 1,558,605 | - | - |
Group
The group bank loans and overdrafts are secured on certain investment and trading properties of the group.
Debentures with Lloyds Bank PLC have a fixed and floating charge over group undertakings and on certain property and assets of the group, present and future.
Page 22
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
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 Movements in the year: Liability/(Asset) at 25 December 2023 (Credit)/charge to Statement of Financial Activities Liability/(Asset) as at 24 December 2024 Group |
Liabilities Liabilities 2024 2023 £ £ 898,700 912,900 |
Assets Assets 2024 2023 £ £ - - - - Liability Asset Total £ £ £ 912,900 - 912,900 (14,200) - (14,200) |
Assets Assets 2024 2023 £ £ - - |
|---|---|---|---|
| 898,700 912,900 |
- - |
||
| 898,700 - 898,700 |
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 2023 Net group income before gains/(losses) on investments Change in fair value of investment property Loss on disposal of investment property Transfer of realised gain on disposal of investment property |
Investment Trading Unrestricted Total property reserves general reserve retained by funds subsidiaries £ £ £ £ 11,212,415 7,126,843 29,655,817 47,995,075 (567,375) 1,589,868 1,022,493 (63,259) (63,259) (58,854) (58,854) (518,936) 518,936 - |
|---|---|
| Deferred tax credit on unrealised gains | 14,200 14,200 |
| Balance at 24 December 2024 | |
| 10,644,420 6,559,468 31,705,767 48,909,655 |
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 2024
21 RECONCILIATION OF MOVEMENT IN FUNDS (CONTINUED)
| Company Balance at 25 December 2023 Net income before gains/(losses) on investments Loss on disposal of investment property Balance at 24 December 2024 Transfer of realised gains on disposal of investment property |
Investment Unrestricted Total property general reserve funds £ £ £ 10,751,186 34,781,770 45,532,956 - 1,751,181 1,751,181 - (58,854) (58,854) (467,136) 467,136 - |
|---|---|
| 10,284,050 36,941,233 47,225,283 |
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 February 2026. 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.
| 2024 2023 £ - - - - 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 Amounts owed by group undertakings (note 15) Amounts owed to group undertakings (note 16) Group Recharge of rental income net of property expenses (due to)/from subsidiary undertakings |
2024 2023 £ £ 392,020 400,454 Company |
|---|---|
| (548,222) (548,222) |
|
| 2024 2023 £ £ (5,883) (11,330) (2,551) (15,557) - (48,000) |
Other transactions
Group
In a prior year a subsidiary undertaking of Clydpride Limited sold its freehold property used by the group as its principal place of business. The freehold property was sold at market value to a company whose ultimate beneficial owner is a trust of which close family members of a trustee of the charity are beneficiaries of. The subsidiary undertaking granted a 10 year lease on the ground floor of the freehold property to Clydpride Limited with effect from 29 September 2019 with the option for a further 10 year rent free term until 2039 which will enable the group to occupy the premises for the foreseeable future. The rental charge is one peppercorn.
Page 24
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
24 TRANSACTIONS WITH TRUSTEES
Advances were made from/(to) a trustee of the charity to/(by) subsidiary undertakings of Clydpride Limited as follows:
| Opening | Amounts | Interest | Amounts | Closing | ||
|---|---|---|---|---|---|---|
| balances | advanced | charged | repaid | balance | ||
| £ | £ | £ | £ | £ | ||
| Advance from/(to) trustee | 231,865 | - | - | (237,542) | (5,677) | |
| The year end balance is included in other debtors, note 15. | ||||||
| **25 ** | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | ||||
| Group | 2024 | 2023 | ||||
| £ | £ | |||||
| Net group income/(deficit) for the year (as per the consolidated | 914,580 | (312,251) | ||||
| statement of financial activities) | ||||||
| Adjustments for: | ||||||
| Taxation charged | (14,200) | (39,500) | ||||
| Interest and rents from investments | (2,211,551) | (2,082,503) | ||||
| Impairment of programme related investments | - | 489,000 | ||||
| Depreciation of tangible fixed assets | 395 | 466 | ||||
| Amortisation of goodwill | 42,067 | 66,070 | ||||
| Impairment of goodwill | - | 142,970 | ||||
| Loss on disposal of investment in subsidiary undertakings | 2 | |||||
| Acquisition of subsidiary assets for £nil consideration | - | (142,972) | ||||
| Decrease in fair value of investment property | 63,259 | 1,299,020 | ||||
| Losses/(gains) on disposal of investment property | 58,854 | (3,301) | ||||
| Decrease/(increase) in stocks | 26,846 | (123,202) | ||||
| Increase in debtors | (1,200,045) | (43,868) | ||||
| (Decrease)/increase in creditors | (202,994) | 303,571 | ||||
| Net cash used in operating activities | (2,522,787) | (446,500) | ||||
| **26 ** | ANALYSIS OF CASH AND CASH EQUIVALENTS | |||||
| Group | 2024 | 2023 | ||||
| £ | £ | |||||
| Cash at bank and in hand | 1,911,608 | 5,297,813 | ||||
| Overdraft facility repayable on demand | - | - | ||||
| Total cash and cash equivalents | 1,911,608 | 5,297,813 | ||||
| **27 ** | ANALYSIS OF CHANGES IN NET DEBT | |||||
| Group | At start of | Cash | At end of | |||
| year | flows | year | ||||
| £ | £ | £ | ||||
| Cash at bank and in hand | 5,297,813 | (3,386,205) | 1,911,608 | |||
| Overdraft facility repayable on demand | - | - | - | |||
| Total cash and cash equivalents (note 26) | 5,297,813 | (3,386,205) | 1,911,608 | |||
| Loans falling due within one year (note 16) | (63,803) | (2,503) | (66,306) | |||
| Loans falling due after more than one year (note 17) | (1,494,802) | 81,755 | (1,413,047) | |||
| 3,739,208 | (3,306,953) | 432,255 |
Page 25
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
28. SUBSIDIARIES
| 28. SUBSIDIARIES | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INCOME STATEMENT Sale of development properties Lease extensions Rental income Bank and other interest receivable Gain on disposal of investment properties Property expenses Cost of sale - development properties Administrative expenses Bank loan interest Depreciation Amounts written off investments |
2024 Ableworld Limited £ - - - - - - - - (6,790) - - - (6,790) |
2024 Anston Investments Limited £ 799,000 238,330 960,939 3,984 51,800 2,054,053 (369,732) (351,848) (364,403) (56,543) (395) - (1,142,921) |
2024 Continuum Securities Limited £ - - - - - - - - (112) - - - (112) |
2024 Crevin Limited £ - - - - - - - - - - - - - |
2024 Eagil Trust Co. Limited £ - - - - - - - - - - - - - |
2024 Maribella Limited £ - - - - - - - - - - - - - |
2024 Newcom Limited £ - - - - - - - - - - - (1) (1) |
2024 Ultraworth Limited £ - - - - - - - - - - - - - |
2024 Aggregate Total £ 799,000 238,330 960,939 3,984 51,800 2,054,053 (369,732) (351,848) (371,305) (56,543) (395) (1) (1,149,824) |
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) |
Page 26
CLYDPRIDE LIMITED (BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 24 DECEMBER 2024
28. SUBSIDIARIES (continued)
| Net surplus Investment property reserve realisation Deferred tax charge on tax losses Gift Aid distributions Retained in subsidiaries |
2024 Ableworld Limited £ (6,790) - - - (6,790) |
2024 Anston Investments Limited £ 911,132 - (1,471,604) (560,472) |
2024 Continuum Securities Limited £ (112) - - - (112) |
2024 Crevin Limited £ - - - - - |
2024 Eagil Trust Co. Limited £ - - - - - |
2024 Maribella Limited £ - - - - - |
2024 Newcom Limited £ (1) - - - (1) |
2024 Ultraworth Limited £ - - - - - |
2024 Aggregate Total £ 904,229 - - (1,471,604) (567,375) |
2023 Aggregate Total £ 1,451,482 - (30,000) (1,355,003) |
|---|---|---|---|---|---|---|---|---|---|---|
| 66,479 |
An aggregate of the subsidiaries’ assets and liabilities is as follows:
| Assets Liabilities Net Assets / (Liabilities) |
2024 Ableworld Limited £ 1,586,479 (1,163,381) 423,098 |
2024 Anston Investments Limited £ 14,277,115 (6,704,501) 7,572,614 |
2024 Continuum Securities Limited £ 2,398,902 (964,070) 1,434,832 |
2024 Crevin Limited £ 229,736 (229,734) 2 |
2024 Eagil Trust Co. Limited £ 171,117 - 171,117 |
2024 Maribella Limited £ 1 (142,972) (142,971) |
2024 Newcom Limited £ 2 (912) (910) |
2024 Ultraworth Limited £ 2,334,962 - 2,334,962 |
2024 Aggregate Total £ 20,998,314 (9,205,570) 11,792,744 |
2023 Aggregate Total £ 21,857,771 (9,396,791) |
|---|---|---|---|---|---|---|---|---|---|---|
| 12,460,980 |
Page 27