REGISTERED COMPANY NUMBER: 01828540 (England and Wales) REGISTERED CHARITY NUMBER: 298359
Report of the Trustees and
Financial Statements for the Year Ended 30 November 2024
for
Bourneheights Limited
Martin+Heller Chartered Accountants and Registered Auditor 5 North End Road London NW11 7RJ
Bourneheights Limited
Contents of the Financial Statements for the Year Ended 30 November 2024
| 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 |
| Detailed Statement of Financial Activities | 23 |
Bourneheights Limited
Report of the Trustees for the Year Ended 30 November 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
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 deficit of £1,011,834, this is after making total grants of £1,254,828, while the Charity's reserves stand at £8,422,691.
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 2024
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 2023 can be found in Note 21 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 2024
Trustees
Y Chersky C Rand S Rand
Company Secretary S Rand
Auditors Martin+Heller Chartered Accountants and Registered Auditor 5 North End Road London NW11 7RJ
Solicitors
Bude Storz 220 Stamford Hill London N16 6RA
BBS Law Ltd Ninth Floor, City Tower, 40 Basinghall Street, London EC2V 5DE
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.
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Bourneheights Limited
Report of the Trustees for the Year Ended 30 November 2024
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:
........................................................................ S Rand - Trustee
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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 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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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 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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.
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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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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 Chartered Accountants and Registered 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 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Other income 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 |
30.11.24 Unrestricted funds £ 138,195 786,908 33,543 958,646 283,553 1,254,228 10,600 1,548,381 (422,101) (1,011,836) 9,434,527 8,422,691 |
30.11.23 Total funds £ 597,038 816,792 - 1,413,830 297,118 2,159,565 8,000 2,464,683 - (1,050,853) 10,485,380 9,434,527 |
|---|---|---|
The notes form part of these financial statements
Page 9
Bourneheights Limited
Balance Sheet 30 November 2024
| Notes FIXED ASSETS Investments Investments 12 Investment property 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 19 Unrestricted funds TOTAL FUNDS |
30.11.24 Unrestricted funds £ 2,354 11,788,539 11,790,893 203,855 97,851 301,706 (559,814) (258,108) 11,532,785 (3,110,094) 8,422,691 8,422,691 8,422,691 |
30.11.23 Total funds £ 2,354 12,688,539 12,690,893 228,314 69,299 297,613 (353,731) (56,118) 12,634,775 (3,200,248) 9,434,527 9,434,527 9,434,527 |
|---|---|---|
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 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash used in operating activities Cash flows from investing activities Sale of investment property Interest received Net cash provided by 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 |
30.11.24 £ (175,278) (188,793) (364,071) 477,900 218 478,118 (85,495) (85,495) 28,552 69,299 97,851 |
30.11.23 £ 51,058 (193,661) (142,603) - 104 104 (80,833) (80,833) (223,332) 292,631 69,299 |
|---|---|---|
The notes form part of these financial statements
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Bourneheights Limited
Notes to the Cash Flow Statement for the Year Ended 30 November 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 30.11.24 | 30.11.23 | |
| £ | £ | |
| Net expenditure for the reporting period (as per the Statement of | ||
| Financial Activities) | (1,011,836) | (1,050,853) |
| Adjustments for: | ||
| Losses on investments | 422,101 | - |
| Interest received | (218) | (104) |
| Interest paid | 188,793 | 193,661 |
| Decrease in debtors | 24,459 | 924,866 |
| Increase/(decrease) in creditors | 201,423 | (16,512) |
| Net cash (used in)/provided by operations | (175,278) | 51,058 |
2. 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, |
1/12/23 Cash flow At 30/11/24 £ £ £ 69,299 28,552 97,851 69,299 28,552 97,851 (80,835) (4,660) (85,495) 200,248) 90,154 (3,110,094) 281,083) 85,494 (3,195,589) 211,784) 114,046 (3,097,738) |
|---|---|
The notes form part of these financial statements
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Bourneheights Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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 2024
| 2. DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Rents received Deposit account interest 4. RAISING FUNDS Investment management costs Legal and professional fees Commission & letting fees paid Repairs to property Bad debts Rent, rates, insurance and services Postage, stationery and advertising Bank charges Exchange differences Sundry expenses Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Donations to Institutions |
30.11.24 30.11.23 £ £ 138,195 597,038 30.11.24 30.11.23 £ £ 786,690 816,688 218 104 786,908 816,792 30.11.24 30.11.23 £ £ 19,182 13,000 17,040 16,733 5,618 31,000 12,825 701 36,982 37,839 - 1,530 1,402 1,425 13 38 1,698 1,191 188,793 193,661 283,553 297,118 Grant funding of activities (see note 6) £ 1,254,228 |
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continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
6. GRANTS PAYABLE
| Donations to Institutions The total grants paid to institutions during the year was as follows: Belz Synagogue Cosmon (Belz) Limited The Gevurath Ari Torah Academy Trust Mercaz Torah Vechesed Ltd Moreshet Hatorah Ltd Tchabe Kollel Limited Friends of Gaon Yaakov College for Higher Rabbinical Studies The Telz Talmudical Academy and Talmud Torah Trust The Talmud Torah Machzikei Hadass Trust Belz Foundation Ltd Chasdei Sholom CMZ Ltd Clapton Support and Advice Dover Sholem Community Trust Kollel Iyun Low Cost Living Limited Mosdos Chernobil Start Upright Yesamach Levav Yeshivat Geon Yaakov Total Donations to Institutions less than £10,000 Congregation Sharei Sholom Tchabe Limited Belz Israel Charitable Trust Bikur Cholim Limited Keren Habinyan Limited Mifal Tzedoko V'chesed Limited Success Stories Yeshiva Machzikei Hadas USA A Spark in the Dark Ltd Acheinu Cancer Support Bait Limud Vchesed Sows Charity PPC Trust Yeshusos Shabbos Youth Space |
30.11.24 £ 1,254,228 30.11.24 £ - - - 16,001 308,800 - - - - - 29,500 - 12,440 - - 76,100 10,000 115,162 - 57,234 307,000 146,091 - 15,500 - - 40,000 - - 10,000 10,000 35,000 27,150 10,000 13,250 15,000 1,254,228 |
30.11.23 £ 2,159,565 30.11.23 £ 11,279 23,600 36,000 - 603,510 20,000 99,300 32,000 36,000 289,000 27,110 48,000 - 10,800 220,000 66,600 - 141,705 15,000 61,060 171,000 134,662 30,000 20,000 12,800 20,000 10,000 10,000 10,139 - - - - - - - 2,159,565 |
|---|---|---|
continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
7. SUPPORT COSTS
| Governance | |||
|---|---|---|---|
| costs | |||
| £ | |||
| Other resources expended | 10,600 | ||
| 8. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 30.11.24 | 30.11.23 | ||
| £ | £ | ||
| Auditors' remuneration | 10,600 | 8,000 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2024 nor for the year ended 30 November 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2024 nor for the year ended 30 November 2023.
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/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted funds £ 597,038 816,792 1,413,830 297,118 2,159,565 8,000 2,464,683 (1,050,853) 10,485,380 |
|---|---|
continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 December 2023 and 30 November 2024 DEPRECIATION At 1 December 2023 and 30 November 2024 NET BOOK VALUE At 30 November 2024 At 30 November 2023 12. FIXED ASSET INVESTMENTS MARKET VALUE At 1 December 2023 and 30 November 2024 NET BOOK VALUE At 30 November 2024 At 30 November 2023 |
Unrestricted funds £ 9,434,527 Fixtures and fittings £ 359 359 - - Unlisted investments £ 2,354 2,354 2,354 |
|---|---|
There were no investment assets outside the UK.
The trustees revalued the Investment on a Open Market valuation.
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.
continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
13. INVESTMENT PROPERTY
| FAIR VALUE At 1 December 2023 Disposals At 30 November 2024 NET BOOK VALUE At 30 November 2024 At 30 November 2023 Fair value at 30 November 2024 is represented by: Valuation in 2020 Valuation in 2021 Valuation in 2024 Cost |
£ 12,688,539 (900,000) 11,788,539 11,788,539 12,688,539 £ 2,485,944 (3,236,185) 795,694 11,743,086 11,788,539 |
|---|---|
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.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments and accrued income |
30.11.24 £ 25,568 168,417 9,870 203,855 |
30.11.23 £ 25,845 176,340 26,129 228,314 |
|---|---|---|
continued...
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Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
| 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.11.24 £ Bank loans and overdrafts (see note 17) 85,495 Trade creditors - Social security and other taxes 53,932 Other creditors 267,334 Accruals and deferred income 153,053 559,814 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.11.24 £ Bank loans (see note 17) 3,110,094 17. LOANS An analysis of the maturity of loans is given below: 30.11.24 £ Amounts falling due within one year on demand: Bank loans 85,495 Amounts falling between one and two years: Bank loans - 1-2 years 85,495 Amounts falling due between two and five years: Bank loans - 2-5 years 3,024,599 18. SECURED DEBTS The following secured debts are included within creditors: 30.11.24 £ Bank loans 3,195,589 |
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.11.24 £ Bank loans and overdrafts (see note 17) 85,495 Trade creditors - Social security and other taxes 53,932 Other creditors 267,334 Accruals and deferred income 153,053 559,814 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.11.24 £ Bank loans (see note 17) 3,110,094 17. LOANS An analysis of the maturity of loans is given below: 30.11.24 £ Amounts falling due within one year on demand: Bank loans 85,495 Amounts falling between one and two years: Bank loans - 1-2 years 85,495 Amounts falling due between two and five years: Bank loans - 2-5 years 3,024,599 18. SECURED DEBTS The following secured debts are included within creditors: 30.11.24 £ Bank loans 3,195,589 |
30.11.23 £ 80,835 1,500 17,318 101,300 152,778 353,731 30.11.23 £ 3,200,248 30.11.23 £ 80,835 80,835 3,119,413 30.11.23 £ 3,281,083 |
|---|---|---|
| 30.11.24 £ 85,495 85,495 3,024,599 |
||
| 30.11.24 £ 3,195,589 |
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 2024
19. 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 958,646 TOTAL FUNDS 958,646 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 1/12/23 £ 9,434,527 9,434,527 Resources expended £ (1,548,381) (1,548,381) At 1/12/22 £ 10,485,380 10,485,380 s follows: Incoming resources £ 1,413,830 1,413,830 |
Net movement in funds £ (1,011,836) (1,011,836) Gains and losses £ (422,101) (422,101) Net movement in funds £ (1,050,853) (1,050,853) Resources expended £ (2,464,683) (2,464,683) |
At 30/11/24 £ 8,422,691 8,422,691 Movement in funds £ (1,011,836) (1,011,836) At 30/11/23 £ 9,434,527 9,434,527 Movement in funds £ (1,050,853) (1,050,853) |
|||
|---|---|---|---|---|---|---|
| a |
continued...
Page 20
Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
19. 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 1/12/22 £ 10,485,380 10,485,380 |
Net movement in funds £ (2,062,689) (2,062,689) |
At 30/11/24 £ 8,422,691 8,422,691 |
|---|---|---|---|
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 2,372,476 TOTAL FUNDS 2,372,476 20. CAPITAL COMMITMENTS Contracted but not provided for in the financial statements |
Resources expended £ (4,013,064) (4,013,064) |
Gains and losses £ (422,101) (422,101) 30.11.24 £ - |
Movement in funds £ (2,062,689) (2,062,689) 30.11.23 £ - |
|---|---|---|---|
21. RELATED PARTY DISCLOSURES
In addition to the matters set out elsewhere in these Financial Statements, the following related party transactions should be noted.
(a) Donations received:
Donations received by the charity include the following amounts which were received from companies whose Directors are also Trustees of Bourneheights Limited, as follows:
2024 £ Redbrick Investments Limited 86,000 Thornmead Securities Limited 30,000 Fordgreen Properties Ltd 20,000
(b) Donations paid:
Donations made by the charity include the following amounts which were donated to charities, which have trustees of which are also Trustees of Bourneheights Limited, as follows:
continued...
Page 21
Bourneheights Limited
Notes to the Financial Statements - continued for the Year Ended 30 November 2024
21. RELATED PARTY DISCLOSURES - continued
2024 £ Belz Foundation Ltd 29,500
(c) Other debtors:
Other debtors include the following loans due from UK registered charities which have trustees and directors in common with Bourneheights Limited, as follows:
2024 £ Ranbell Ltd 167,517
(d) Other creditors:
Other creditors include the following loans due to UK registered companies which have trustees and directors in common with Bourneheights Limited, as follows:
2024 £ Thornmead Securities Ltd 145,209 Ravenscourt Securities Ltd 67,475 Rovergrange Ltd 35,000
Page 22
Bourneheights Limited
Detailed Statement of Financial Activities for the Year Ended 30 November 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Deposit account interest Other income Dilapidations received Total incoming resources EXPENDITURE Investment management costs Legal and professional fees Commission & letting fees paid Repairs to property Bad debts Rent, rates, insurance and services Postage, stationery and advertising Bank charges Exchange differences Sundry expenses Mortgage interest Charitable activities Grants to institutions Support costs Governance costs Auditors' remuneration Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on investment property Net expenditure |
30.11.24 £ 138,195 786,690 218 786,908 33,543 958,646 19,182 17,040 5,618 12,825 36,982 - 1,402 13 1,698 188,793 283,553 1,254,228 10,600 1,548,381 (589,735) (422,101) (1,011,836) |
30.11.23 £ 597,038 816,688 104 816,792 - 1,413,830 13,000 16,733 31,000 701 37,839 1,530 1,425 38 1,191 193,661 297,118 2,159,565 8,000 2,464,683 (1,050,853) - (1,050,853) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 23