COMPANY REGISTRATION NUMBER: 0803787 CHARITY REGISTRATION NUMBER: 312740 North London Charities Limited Company Limited by Guarantee Financial Statements 31 March 2024 GK Chartered accountants & statutory auditor Hallswelle House 1 Hallswelle Road London England NW11 ODH
North London Charities Limited Company Limited by Guarantee Financlal Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) Statement of financial position 10 Statement of cash flows 11 Notes to the financial statements 12 The following pages do not form part of the financlal statements Detailed statement of financial activities 22 Notes to the detailed statement of financial activities 23
North London Charities Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, vtho are also the directors for the purposes of company law. present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity name North London Charities Limited Charfty reglstration number 312740 Company reglstratlon number 0803787 Prlnclpal office and r•glstered Hallswelle House offlce 1 Hallswelle Road London NW11 ODH The trustees Mrs S Friedman Mrs D. Feldman Mr S. Feldman Company secretary Mrs D Feldman Auditor GK & Co. LLP Chartered accountants & statutory auditor Hallswelle House 1 Hallswelle Road London England NW11 ODH Structure. governance and management In light of current economic conditions the governors consider it prudent to continue their existing investment policy. such policy being the investment of surplus funds on the money market.
North London Charities Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Objectlves and activities The companys principal activity during the year continued to be the distribution of its income to charities. The principal activities of the companys subsidiary undertakings continues to be propety trading and management. The objects of the charity are to advance religion in accordance with Orthodox Jewish Faith and to support other charitable activities as are recognised by English law as charitable. In furtheran of its objects the charity continued to advance and donate money and support other charities wtth objects similar to those detailed above. The charity is organised so that the Governors meet regularly to manage its affairs. There are no paid employees and all administration work is carried out on a voluntary basis by the Governors. INVESTMENT POLICY The memorandum & articles authorise the governors to make and hold investments. In light of current economic conditions the governors consider it prudent to continue their existing investment policy. The governors Consider it prudent to retain sufficient free reserves to be able to meet any expenditure regarding future charitable commitments over the forthcoming year. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity. Achlevements and performance The results of these activities during the year are reflected in the attached accounts.
North London Charities Limited Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) (ct>ntinu•d) Year ended 31 March 2024 Financial review The financial position is as reflected in the attached Balance Sheet. The retained distributable reserves are in line with the level considered desirable by the Governors in accordance with their Reserve Policy. RISK MANAGEMENT The Govemors have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate such risks. PUBLIC BENEFIT The governors have considered the guidance published by the Charity Comnmission and believe that the charity in carrying out its objectives. fully complies with these requirements. In particular the provision of funding for education in accordance with the principles of traditional Judaism and the support of associaled communal charitable institutions such as sagOgueS and homes for the elderly and infirm automatically gives rise to a public benefit. Each year the governors review the objectives and activities of the charity to ensure that they continue to reflect these aims. In carrying out this review the governors have considered the Charity Commission's gener81 guidance on public benefit and in particular its supplementary public guidance on the advancement of religion for the public benefit. FUNDING The charity does not partake in external funding activities. Funds are derived on an annual basis from investment and from its subsidiary companies. Plans for future periods The governors, objectives for the future are to continue to carry out the activities as detsiled in their repjrt. Trustoes. responsibilities statemènt The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees. report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity truslees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure. for that period.
North London Charities Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {contlnued) Year ended 31 March 2024 In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistentl observe the methods and principles in the applicable Charities SORP.. make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Slandards have been follo%ved. subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitYs transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial ststemenls 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. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that: so far as they are aware. there is no relevant audit information of which the chariivs auditor is unaware" and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charitys auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. The trustees, annual report and the strategic report were approved on 21 January 2025 and signed on behalf of the board of trustees by: Mr S. Feldman Trustee Mrs D Feldman Charity Secretary
North London Charities Limited Company Llmitod by Guarante8 Independent Auditorfs Report to the Members of North London Charities Limited Year ended 31 March 2024 Opinion We have audited the financial statements of North London Charities Limited (Ihe 'charity) for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account). statement of financial position. statement of cash flows and the related notes, induding a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalements.. give a true and fair view of the state of the chariws affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilits'es 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 charity in accordan¢e 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 golng 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 signrficant doubt on the chariws ability to continue as a going conrn for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
North London Charities Limited Company Limited by Guarantee Independent Auditor's Report to the Members of North London Charlties Limited (MntlnUj Year ended 31 March 2024 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 are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed 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 ststements 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 there is a material misstatement in the financial statements or a material misstatement of the other information. Ef. based on the work we have performed. we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters pr•scrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consist8nt with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to roport by exception In the light of the knowtedge and understanding of the charity and its environment obtained in the course of the audit, we have not identrfied material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreemenl with the accounting records and returns" or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.
North London Charities Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of North London Charities Llmited (continued) Year ended 31 March 2024 Responsibilities of trusteès As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial slatements 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 chariws 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 charity or to cease operations, or have no realistic alternative but to do so. Auditor's rosponslbllltles for the audit of tho financlal statements Our objectives are to obtain aSonable assurance about whether the financial ststements as a Ithole 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 misststement when it exists. Misstatements can arise from fraud or error and are considered material rf, 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 InStanS 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 prOdureS are capable of detecting irregularities, including fraud is detailed below- Procedures were in place to ensure the audit was capable of detecting irregularities, including fraud. As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
North London Charities Limited Company Llmited by Guarantee Independent Audltor's Report to the Members of North London Charities Limited (continued) Year ended 31 March 2024 Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or Conditions that may cast significant doubt on the charivs ability to continue as a going concern, If we Conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to modify our opinion. Our condusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going nCern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identrfy during our audit. Use of our report This report is made solely to the charity'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 stste to the charitys members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charity and the charivs members as a body, for our audit work, for this report. or for the opinions we have formed. Dr P.P.Smulovitch (Senior Statutory Auditor) For and on behalf of GK &Co. LLP Chartered accountants & statutory auditor Hallswelle House 1 Hallswelle Road London England NW11 ODH 21 January 2025
North London Charities Limited Company Limited by Guarantee Statement of Flnancial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Unrestricted funds Total funds Total funds 2023 Nota Income and endowments Donations and legacies Investment income 510.059 91.853 510,059 91,853 601,912 159,108 118,341 Total income 601.912 277,449 Expendlture Expenditure on charitable activities Total expenditure 94,564 94,564 94,S64 94,564 145,901 145,901 Net Income 507,348 507,348 131,548 Other recognlsed gains and losses Gains from revaluation of fixed assets 5,850 513,198 5,850 513,198 Net movement In funds 131,548 ReGonGiliation of funds Total funds brought forward Total funds carrled forward 464,705 977,903 464,705 333,157 464.705 977,903 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 12 to 20 form part of thaso Ilnanclal statements.
North London Charities Limited Company Limited by Guarantee Statement of Financlal Position 31 March 2024 2024 2023 Flxed assets Tangible fixed assets Investments 11 12 11,027,390 11,027,390 6,056 206 11.033.446 11.027,596 Current assets Debtors Cash at bank and in hand 13 351,326 163,199 350,962 104,128 514,525 455.090 Credttors: amounts falling du• wlthln one year Net current assets 14 32.560 30,473 481,965 424,617 11,515,411 11,452,213 Total assets less current liabilities Creditors: amounts falllng due after mora than one year 15 10,537,508 10,987.508 977.903 464.705 Net assets Funds of the charlty Unrestricted funds: Revaluation reserve Other unrestricted income funds 5,850 972,053 977,903 464,705 Total unrestricted funds 464,705 Total charity funds 16 977,903 464,705 These financial statements were approved by the board of trustees and authorised for issue on 21 January 2025, and are signed on behalf of the board by: Mr S. Feldman Trustee The notes on pages 12 to 20 form part of these financlal statements. 10-
North London Charities Limited Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activitlos Net income 507,348 131,548 Adjustments for.. Dividends, interest and rents from investments Other interest receivable and similar income Interest payable and similar charges (2,707) {2.578) (89,146) (115.763) 96 103 Changes in." Trade and other debtors Trade and other creditors (364) 2,087 417,314 (51.267) (15.605) (53,562) Cash generated from operations Interest paid Interest received (96) 89,146 506,364 (103) 115,763 Net cash from operating activities 62,098 Cash flows from investlng activities Dividends, interest and rents from investments Net cash from investing activities 2,707 2,707 2,578 2.578 Cash flows from financing activities Proceeds from loans from group undertakings Net cash used in financing activities (11.037.508) (11.037.508) Net Increasel(decrease) In cash and ¢a$h oqulvalents Cash and cash equivalents at beginning of year Cash and cash aqulvalents at end of year 509,071 (10,972,832) 104,128 89,452 613,199 (10.883,380) The not•8 on pages 12 to 20 form part of theso flnanclal 8tatemonts. 11
North London Charities Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the registered office is HaIlSvlIe House. 1 Hallswelle Road, London. NW11 ODH. ststement of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland.. the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng policies Basis of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial ststements are prepared in sterling, which is the functional currency of the entty. Golng concern There are no material uncertainties about the charitys ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to Tnake judgements, estimates and assumptions that affect the amounts reported. These estitnates and judgements are continually reviewed and are based on experien and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the chariws purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure dedared by the donor or through the terms of an appeal. and fall into one of two sub-classes: restricted income funds or endowment funds. 12-
North London Charities Limited Company Limited by Guarantee Notes to the Financlal Statements (contlnuod) Year ended 31 March 2024 Accountlng policies {contlniMd) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the economic benefits associated with the transaction will flow to the charty and the amount can be reliably measured. The following specrfic policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seniices is recognised with the delivery of the contracted servi. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expend Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classrfied under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events. non- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the govemance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the Charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistsnt basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently ststed at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent auMUlated depreciation and subsequent accumulated impairment losses. 13-
North London Charities Limited Company Llmited by Guarantee Notes to the Financlal Statements {¢ontinued) Year ended 31 March 2024 Accounting pollcies (contlnued) Tanglble assets {continued) An increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an assel as a result of revaluation. is recognised in other recognised gains and losses, except to which il offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Investments Unlisted equity investments are initially rewrded at cost. and subsequenlly measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with Changes in fair value being recognised in income or expenditure. Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction pri. At each reporting date, the investments are measured at fair value. with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions reiVed from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments In joint venturès Investments in jointly controlled entities accounted for in accordance wilh the cost model are recorded at cost less any accumulated impairment losses. Investtnents in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are CogniSed as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impairment of flxed assots A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where Such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 14-
North London Charities Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accountlng policies (continued) Impairnient of fixed assets (continued) For the purposes of impaimient testing, when it is not possible to estimate the recoverable amount of an individual asset, an eslimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash infiows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charÈty are assigned to Ihose units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount re1vable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publidy traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond nomal business terms or financed at a rate of interest that is not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value. with any changes recognised in the statement of financial activities, with the exptIOn of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 15-
North London Charities Limited Company Limited by Guarantee Notes to the Financlal Statements (continu8dJ Year ended 31 March 2024 Limited by guarantee The charity is a limited company, limrted by guarantee and accordingly has no share capital. Donations and legaci•s Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Donations Donations received 510,059 510,059 159,108 159,108 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from listed investments Rents receivable & seniice charge income 2.707 2.707 2,578 2,578 89.146 89,146 91.853 115,763 115.763 91.853 118.341 118,341 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations made Property outgoings Support costs 51.480 33,930 9,154 51,480 33,930 9.154 97,440 35,800 12,661 145,901 97.440 35.800 12.661 94,564 145.901 Expenditure on charitable actrvities by actlvSty type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Donations made Propety outgoings Governance costs 51,480 33,930 51.480 33,930 9,154 94.564 97,440 35,800 12,661 145,901 9,154 9,154 85,410 Net income Net income is stated after chargingl(crediting): 2024 2023 Fees payable for the audit of the financial statements 7,800 9,000 16-
North London Charities Limited Company Limited by Guarantee Notes to the Financial Statements (condnu•d) Year ended 31 March 2024 10. Trustee ramuneratlon and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 11. Tanglble flxed assets Investm•nt Proporty Cost At 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 11,027,390 11.027.390 At 31 March 2023 11,027,390 12. Investments Listed Snvestm•nts Cost or valuation At 1 April 2023 Additions Revaluations 206 5,850 6,056 At 31 March 2024 Impairment At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 6,056 206 At 31 March 2023 All investments shown above are held at valuation. Flnancial assets held at falr value The listed investments of the company are shown at a fair value as given by the charitys trustees. 17-
North London Charities Limited Company Limited by Guarantee Notes to the Financial Statements (contsnued) Year ended 31 March 2024 12. Investments (continued) UK group undertaking Vitalina Igerville Lld England Housefresh Ltd Ltd Country of incorporatlon England England Class and number of shares heldordinary Ordinary 100£1 Ordinary 4£1 100£1 Proportion of shares held Cost of shares £100 £4 Capital and resorvos £85,758 £7,511 £(704) Net profit for the year before payment to NLC £25,844 £24,215 £(708) Deed of Covenant payment to NLC £25,844 £24,215 13. Debtors 2024 2023 Other debtors 351,326 350.962 14. Creditors: amounts falling due within one year 2024 2023 Other creditors 32,560 30.473 15. Craditors: amounts falling due after more than one year 2024 2023 Amounts owed to undertakings in which the charity has a participating interest 10,537.508 10,987,508 18-
North London Charities Limited Company Limited by Guarantee Notes to the Financial Statements {¢ontlnu•d) Year ended 31 March 2024 16. Analysls of charitable funds Unrestricted funds At Gains and31 March 202 losses At 1 April 2023 Income Expenditure Income and expenditure account Revaluation reserve 464.705 601.912 (94,564) 972,053 5,850 5.850 464,705 601.912 (94,564) 5.850 977,903 At Gains and 31 March 202 losses At 1 April 2022 Income Expenditure Income and expenditure account Revaluation reserve 333.157 277.449 {145.g01) 464,705 333,157 277.449 (145,901) 464,705 17. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 11,027,390 11.027,390 6.056 6,056 514.525 514,525 {10,570,068) (10,570,068) 977,903 977,903 Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assèts 11,027,390 11,027,390 206 206 455,090 455,090 (11,017,981) (11,017,981) 464,705 464,705 19-
North London Charities Limited Company Limited by Guarantee Notes to the Financial Statements (contlnuodj Year ended 31 March 2024 18. Analysls of changos in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Debt due after one year 104,128 (10.987,508) (10.883,380) 59.071 163,199 450.000 {10,537,508) 509.071 {10,374,309) 19. Related partie8 Grants to institutions include the following donations to charities where the Truslees are family members with the Trustees in this charity: Entwood Charities Ltd £O{2023: £5,000), Ahavath Chesed Charitable Association Ltd £0 (2023: £20,000). YHF Trust £6.000 (2023: £3,000)Millbrook Charities £12,000 (2023 .' £0). Included in Other debtors, is £295,176 (2023: £206,394) due from charity subsidiary companies under control of the trustees andlor their families. These loans are interest free and repayable on demand. Also included in other debtors are concessionary loans of £33.000 (2023: £33.000) due from Ahavath Chesed Charitable Association Ltd, a charity who Trustees andlor families are connected with the Trustees of this charity. Included in credÉtors falling due within one year, indude loans of £10,537,508 (2023: £10.987,508) due to a company under the control of the Trustees andlor their families. These loans are interest free and repayable on demand. -20-
North London Charities Limited Company Limited by Guarantee Management Infonnatlon Year endod 31 March 2024 The following pages do not forni part of the financial statements. 21
North London Charities Limited Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Donations recetved 510,059 159.108 Investment Income Income from listed investments Rents re1vable & service charge income 2,707 89,146 91,853 2.578 115.763 118,341 Total income 601,912 277,449 Expenditure Expenditure on charltable activities Donations Light and heat Insurance Legal and professional fees Other interest payable and similar charges 51,480 14,478 19,452 9,058 96 97,440 16,769 19,031 12,558 103 94,564 145,901 Total expenditure 94,564 145,901 Net income 507.348 131,548 -22-
North London Charities Limited Company Limited by Guarantee Notes to the Detailed Statement of Financial Actlvities Year ended 31 March 2024 2024 2023 Expenditure on charitable actlvities Donations made Activities undertaken dlre¢ty Donations and grants Activity type 2 Activities undertaken direcdy Light & heat Insurance 51,480 97,440 14,478 19,452 16,769 19,031 35,800 33,930 Governance costs Govemance Costs - audtt fees Governance costs - legal and other professional fees Insurance Governance costs - other finance costs 7,800 1,198 60 96 9,000 3.498 103 9,154 12,661 Expenditure on charitable activltles 94,564 145.901 -23-