REGISTERED COMPANY NUMBER: 01828540 (England and Wales) REGISTERED CHARITY NUMBER: 298359
Report of the Trustees and Financial Statements for the Year Ended 30 November 2021
for
Bourneheights Limited
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Bourneheights Limited
Contents of the Financial Statements for the Year Ended 30 November 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 22 |
Bourneheights Limited
Report of the Trustees for the Year Ended 30 November 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was formed for the advancement of the education of persons expressing the orthodox Jewish faith, the advancement of the orthodox Jewish faith, and the relief of poverty in the orthodox Jewish community.
The charity is also actively involved in raising funds for general education, and relief of poverty, and to this end made substantial grants in the year under review.
Significant activities
There were no significant activities to report.
Public benefit
The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
Grantmaking
Bourneheights Limited has within its Articles of Association the ability to make donations.
Volunteers
During the year, the charity did not have any volunteers to help with the objective of the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from contributions received from donors.
The Statement of Financial Activities shows a a net gain of £1,653,395, although this is before taking into account a reduction in the revaluation of the Investment property portfolio owned by the charity which amounted to £2,512,185 and a gain on a disposal of one Investment property during the year totaling £246,700 this gives rise to a overall net deficit of £1,428,453, this is also after making total grants of £1,331,089 while the Charity's reserves stand at £10,177,575.
Investment performance
The trustees are currently satisfied with the investment performance of the assets. The Company has not expanded its activities during the current year, but is always looking at opportunities, the current investment property portfolio is producing good results which enhances its charitable activities.
Internal and external factors
The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Principal funding sources
Bourneheights is pleased and fortunate to receive donations from a number of organisations. Also through its investment policy the returns from the investments have produced good rental income.
Overall the charity has experienced a good year and hopes it will continue to do so next year.
Investment policy and objectives
Under the memorandum and articles of association, the charity has the power to make any investment, which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that investments in property meets their requirements to generate both income and capital growth.
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Bourneheights Limited
Report of the Trustees for the Year Ended 30 November 2021
FINANCIAL REVIEW
Reserves policy
The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.
FUTURE PLANS
There are no significant future developments to report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005. The company was formed on 28 June 1984. The charity is managed and controlled by the directors who are the trustees, who meet regularly.
Recruitment and appointment of new trustees
The trustees are appointed according to the Articles of Association.
Organisational structure
The Chief Executive of the charity is Mr S Rand, to whom day to day management of the charity has been delegated.
The Board of Trustees must, as per the governing document, have at least 3 trustees serving at anyone time.
The entire board meets on a regular basis, at least quarterly, or more if required.
Induction and training of new trustees
All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charities views of its progression.
New trustees undergo a briefing to ensure they are aware of both their legal and professional responsibilities under charity and company law.
Wider network
At present Bourneheights Limited does not consider itself part of a wider network.
Related parties
Full details of the Related Party Transactions during the year ended 30 November 2021 can be found in Note 22 of the Financial Statements.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01828540 (England and Wales)
Registered Charity number
298359
Registered office
10 Palm Court Queen Elizabeth's Walk London N16 5XA
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Bourneheights Limited
Report of the Trustees for the Year Ended 30 November 2021
Trustees Y Chersky C Rand S Rand
Company Secretary S Rand
Auditors Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Solicitors Bude Storz 220 Stamford Hill London N16 6RA Read Roper & Read Alberton House 30 St Mary's Parsonage Manchester M3 2WJ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Bourneheights Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Page 3
Bourneheights Limited
Report of the Trustees for the Year Ended 30 November 2021
........................................................................ S Rand - Trustee
Page 4
Report of the Independent Auditors to the Members of Bourneheights Limited
Opinion
We have audited the financial statements of Bourneheights Limited (the 'charitable company') for the year ended 30 November 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 November 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of Bourneheights Limited
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 6
Report of the Independent Auditors to the Members of Bourneheights Limited
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
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We assess compliance with applicable laws and regulations that could reasonably be expected to have a material effect on the financial statements. The key laws and regulations we have considered in this context included the Charities SORP (FRS 102). In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. We discussed with management the extent of compliance with those laws and regulations as part of our audit procedures.
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We address the risk of fraud through management override of controls, by obtaining an understanding of internal control and by designing audit procedures that are appropriate and sufficient. We evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and judgements made by management. We identified and assessed any significant transactions that are unusual or outside the normal course of business, and we incorporated testing of manual journal entries and corrections into our audit approach.
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Our audit procedures were designed to identify and assess risks of material misstatement in the financial statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, misrepresentations, or management override of controls. We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations.
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There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. Our responsibility is to conclude whether the financial statements represent the underlying financial position and activities of the charity and to ensure that the overall content and presentation of the financial statements gives a fair view.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Members of Bourneheights Limited
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr A Heller (Senior Statutory Auditor) for and on behalf of Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ Date: .............................................
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Bourneheights Limited
Statement of Financial Activities for the Year Ended 30 November 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Donations to Institutions Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.11.21 Unrestricted funds £ 1,778,321 712,106 2,490,427 315,306 1,331,089 7,000 1,653,395 (2,265,485) (1,428,453) 11,606,028 10,177,575 |
30.11.20 Total funds £ 1,914,875 769,943 |
|---|---|---|
| 2,684,818 | ||
| 277,856 1,603,020 7,000 |
||
| 1,887,876 | ||
| - | ||
| 796,942 10,809,086 |
||
| 11,606,028 |
The notes form part of these financial statements
Page 9
Bourneheights Limited
Balance Sheet 30 November 2021
| Notes FIXED ASSETS Investments Investments 13 Investment property 14 CURRENT ASSETS Debtors 15 Cash at bank CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 17 NET ASSETS FUNDS 20 Unrestricted funds TOTAL FUNDS |
30.11.21 Unrestricted funds £ 2,354 12,630,000 12,632,354 1,812,658 5,175 1,817,833 (910,002) 907,831 13,540,185 (3,362,610) 10,177,575 10,177,575 10,177,575 |
30.11.20 Total funds £ 2,354 15,554,038 15,556,392 1,800,687 3,775 1,804,462 (2,316,480) (512,018) 15,044,374 (3,438,346) 11,606,028 11,606,028 11,606,028 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. S Rand - Trustee
The notes form part of these financial statements
Page 10
Bourneheights Limited
Cash Flow Statement for the Year Ended 30 November 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of investment property Sale of investment property Dividends received Net cash provided by/(used in) investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
30.11.21 £ (382,700) (202,247) (584,947) (354,647) 1,013,200 65 658,618 (72,271) (72,271) 1,400 3,775 5,175 |
30.11.20 £ 862,092 (206,218) 655,874 (588,410) - - (588,410) (68,334) (68,334) (870) 4,645 3,775 |
|---|---|---|
The notes form part of these financial statements
Page 11
Bourneheights Limited
Notes to the Cash Flow Statement for the Year Ended 30 November 2021
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses on investments Interest paid Dividends received (Increase)/decrease in debtors Decrease in creditors Net cash (used in)/provided by operations |
30.11.21 £ (1,428,453) 2,265,485 202,247 (65) (11,971) (1,409,943) (382,700) |
30.11.20 £ 796,942 - 206,218 - 1,036 (142,104) 862,092 |
|---|---|---|
- ANALYSIS OF CHANGES IN NET DEBT
| At Net cash Cash at bank Debt Debts falling due within 1 year Debts falling due after 1 year (3, (3, Total (3, |
1/12/20 Cash flow At 30/11/21 £ £ £ 3,775 1,400 5,175 3,775 1,400 5,175 (72,271) (3,465) (75,736) 438,346) 75,736 (3,362,610) 510,617) 72,271 (3,438,346) 506,842) 73,671 (3,433,171) |
|---|---|
The notes form part of these financial statements
Page 12
Bourneheights Limited
Notes to the Financial Statements for the Year Ended 30 November 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
During the year, all costs incurred were in general nature and were expended from unrestricted fund.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 50% on cost
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Legal status
The company is limited by guarantee and does not have a share capital. The liabilty of every member is limited to £1 in the event of winding up.
continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Rents received Dilapidations received & lease extensions Other fixed asset invest - FII 4. RAISING FUNDS Investment management costs Legal and professional fees Commission & letting fees paid Repairs to property Rent, rates, insurance and services Postage, stationery and advertising Bank charges Cleaning Exchange differences Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Donations to Institutions |
30.11.21 £ 1,778,321 30.11.21 £ 698,110 13,931 65 712,106 30.11.21 £ 14,643 21,647 22,898 50,794 648 1,128 1,375 (74) 202,247 315,306 |
30.11.21 £ 1,778,321 30.11.21 £ 698,110 13,931 65 712,106 30.11.21 £ 14,643 21,647 22,898 50,794 648 1,128 1,375 (74) 202,247 315,306 |
30.11.20 £ 1,914,875 30.11.20 £ 712,643 57,300 - 769,943 30.11.20 £ 13,447 3,612 14,514 37,991 - 998 1,052 24 206,218 277,856 Grant funding of activities (see note 6) £ 1,331,089 |
|---|---|---|---|
| 30.11.21 £ 14,643 21,647 22,898 50,794 648 1,128 1,375 (74) 202,247 315,306 |
continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
| 6. GRANTS PAYABLE Donations to Institutions The total grants paid to institutions during the year was as follows: British Friends of Mosdos Tchernobel Chevras Mo'oz Ladol Cosmon (Belz) Limited Ezra Umarpeh Limited The Gevurath Ari Torah Academy Trust Hatzola Trust Limited Mercaz Torah Vechesed Ltd Moreshet Hatorah Ltd Tchabe Kollel Limited The Telz Talmudical Academy and Talmud Torah Trust United Talmudical Associates Limited Belz Foundation Ltd Chasdei Aharon Limited Chasdei Sholom Trust CMZ Ltd Clapton Support and Advice Dover Sholem Community Trust Yeshivo Horomo Talmudical College Keren Hatzolas Doros Alei Siach Kollel Iyun Mosdos Chernobil Start Upright Tchernobel Foundation Limited UK Friends of Ahavas Chesed Yesamach Levav Yeshivat Geon Yaakov Total Donations to Institutions less than £10,000 Friends of Eidah Chareidis Orthodox Council of Jerusalem Beis Aharon Trust Ltd British Friends of Rinat Aharon College for Higher Rabbinical Studies Congregation Sharei Sholom Tchabe Limited Kollel Tchernobel Trust Notzar Chesed Tomchei Yotzei Anglia Vishnitz Girls School Limited Mosdos Chaidut Chernobil Ltd Adnei Kakodesh The Gertner Charitable Trust The Happy and Healthy Trust |
30.11.21 £ 1,331,089 30.11.21 £ 10,000 - 12,805 - 45,000 87,000 - 42,000 80,000 40,000 17,000 32,000 130,720 30,000 10,950 - 47,200 - - 76,250 146,581 70,000 - - 50,735 120,092 145,014 - - - 30,000 - - - - - 25,000 22,742 50,000 10,000 1,331,089 |
30.11.20 £ 1,603,020 30.11.20 £ - 127,429 - 10,000 30,000 14,000 16,265 61,000 100,000 80,000 - 35,700 50,000 - - 15,250 27,300 11,000 10,072 91,476 138,108 122,495 35,749 18,375 62,945 10,000 254,221 10,000 15,260 15,000 50,000 67,000 25,071 18,100 32,471 10,000 38,733 - - - 1,603,020 |
|---|---|---|
continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
7. SUPPORT COSTS
| 7. | SUPPORT COSTS | ||
|---|---|---|---|
| Governance | |||
| costs | |||
| £ | |||
| Other resources expended | 7,000 | ||
| 8. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 30.11.21 | 30.11.20 | ||
| £ | £ | ||
| Auditors' remuneration | 7,000 | 7,000 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2021 nor for the year ended 30 November 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2021 nor for the year ended 30 November 2020.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Donations to Institutions Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted funds £ 1,914,875 769,943 2,684,818 277,856 1,603,020 7,000 1,887,876 796,942 10,809,086 |
|---|---|
continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 11. NET GAINS/(LOSSES) ON INVESTMENTS Net gains/(losses) on investments is split as follows 30.11.21 £ Deficit on revaluation of investment properties (2,512,185) Net gain on disposal of investment property 246,700 ------------------ (2,265,485) ========= |
Unrestricted funds £ 11,606,028 30.11.20 £ - - -------- - ==== |
|---|---|
| 12. | TANGIBLE FIXED ASSETS | |
|---|---|---|
| Fixtures | ||
| and | ||
| fittings | ||
| £ | ||
| COST | ||
| At 1 December 2020 and 30 November 2021 | 359 | |
| DEPRECIATION | ||
| At 1 December 2020 and 30 November 2021 | 359 | |
| NET BOOK VALUE | ||
| At 30 November 2021 | - | |
| At 30 November 2020 | - | |
| 13. | FIXED ASSET INVESTMENTS | |
| Unlisted | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| At 1 December 2020 and 30 November 2021 | 2,354 | |
| NET BOOK VALUE | ||
| At 30 November 2021 | 2,354 | |
| At 30 November 2020 | 2,354 |
There were no investment assets outside the UK.
The trustees revalued the Investment on a Open Market valuation.
continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
13. FIXED ASSET INVESTMENTS - continued
The Fixed Asset Investment is a shareholding in Overture Investments Limited a company incorporated in England & Wales. Mr C Rand and Mr S Rand are directors of the Company.
14. INVESTMENT PROPERTY
| FAIR VALUE At 1 December 2020 Additions Disposals Revaluation At 30 November 2021 NET BOOK VALUE At 30 November 2021 At 30 November 2020 Fair value at 30 November 2021 is represented by: Valuation in 2020 Valuation in 2021 Cost |
£ 15,554,038 354,647 (766,500) (2,512,185) 12,630,000 12,630,000 15,554,038 £ 2,485,944 (3,236,185) 13,380,241 12,630,000 |
|---|---|
The trustees who are very experienced in the property sector revalued the Investment Properties Portfolio on a Open Market valuation.
Property valuations are inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions.
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments and accrued income |
30.11.21 £ 107,388 1,668,055 37,215 1,812,658 |
30.11.20 £ 61,421 1,709,989 29,277 1,800,687 |
|---|---|---|
continued...
Page 18
Bourneheights Limited
Notes to the Financial Statements - continued
for the Year Ended 30 November 2021
| 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.11.21 £ Bank loans and overdrafts (see note 18) 75,736 Trade creditors 11,335 Social security and other taxes 16,995 Other creditors 634,376 Accruals and deferred income 171,560 910,002 17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.11.21 £ Bank loans (see note 18) 3,362,610 18. LOANS An analysis of the maturity of loans is given below: 30.11.21 £ Amounts falling due within one year on demand: Bank loans 75,736 Amounts falling between one and two years: Bank loans - 1-2 years 80,103 Amounts falling due between two and five years: Bank loans - 2-5 years 269,122 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 3,013,385 19. SECURED DEBTS The following secured debts are included within creditors: 30.11.21 £ Bank loans 3,438,346 |
30.11.21 £ 75,736 11,335 16,995 634,376 171,560 910,002 |
30.11.20 £ 72,271 45,854 9,312 2,042,420 146,623 2,316,480 30.11.20 £ 3,438,346 30.11.20 £ 72,271 76,433 256,663 3,105,250 30.11.20 £ 3,510,617 |
|---|---|---|
All bank loans are secured on specific investment properties owned by Bourneheights Limited.
continued...
Page 19
Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
20. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 2,490,427 TOTAL FUNDS 2,490,427 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are Unrestricted funds General fund TOTAL FUNDS |
At 1/12/20 £ 11,606,028 11,606,028 Resources expended £ (1,653,395) (1,653,395) At 1/12/19 £ 10,809,086 10,809,086 s follows: Incoming resources £ 2,684,818 2,684,818 |
Net movement in funds £ (1,428,453) (1,428,453) Gains and losses £ (2,265,485) (2,265,485) Net movement in funds £ 796,942 796,942 Resources expended £ (1,887,876) (1,887,876) |
At 30/11/21 £ 10,177,575 10,177,575 Movement in funds £ (1,428,453) (1,428,453) At 30/11/20 £ 11,606,028 11,606,028 Movement in funds £ 796,942 796,942 |
|||
|---|---|---|---|---|---|---|
| a |
continued...
Page 20
Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
20. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/12/19 £ 10,809,086 10,809,086 |
Net movement in funds £ (631,511) (631,511) |
At 30/11/21 £ 10,177,575 |
|---|---|---|---|
| 10,177,575 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 5,175,245 TOTAL FUNDS 5,175,245 CAPITAL COMMITMENTS Contracted but not provided for in the financial statements |
Resources expended £ (3,541,271) (3,541,271) |
Gains and losses £ (2,265,485) (2,265,485) 30.11.21 £ - |
Movement in funds £ (631,511) (631,511) 30.11.20 £ - |
|---|---|---|---|
21. CAPITAL COMMITMENTS
22. RELATED PARTY DISCLOSURES
During the year, transactions took place with related organizations, where some of the trustees of this charity also act as trustees/directors of the related organizations. These were as follows:
Donations received:
2021 £ Redbrick Investments Limited 1,685,500 (C.Rand & S.Rand) Donations paid: 2021 £ Belz Foundation Ltd 32,000 (S.Rand) Cosmon (Belz) Limited 12,805 (S.Rand) Clapton Common Boys Club 3,650 (S Rand)
Included in other debtors and other creditors are loan balances where some of the trustees of this charity also act as trustees/directors of the related organizations. These were as follows:
continued...
Page 21
Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2021
22. RELATED PARTY DISCLOSURES - continued
Other debtors:
2021
£
Cosmos (Belz) Limited 23,600 (UK Registered Charity) Ranbell Ltd 172,517 (UK Registered Charity)
Other creditors:
2021 £
Thornmead Securities Ltd 546,662 (C.Rand & S.Rand)
Page 22