COMPANY REGISTRATION NUMBER: 1540970 CHARITY REGISTRATION NUMBER: 511374
Beauland Limited Company Limited by Guarantee Financial Statements 5 April 2021
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Beauland Limited
Company Limited by Guarantee
Financial Statements
Year ended 5 April 2021
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 4 |
| Independent auditor's report to the members | 5 to 10 |
| Statement of financial activities (including income and | |
| expenditure account) | 11 |
| Statement of financial position | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 to 22 |
Beauland Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 5 April 2021
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 5 April 2021.
Reference and administrative details
| Registered charity name | Beauland Limited |
|---|---|
| Charity registration number | 511374 |
| Company registration number | 1540970 |
| Principal office and registered | 309 Bury New Road |
| office | Salford |
| Manchester | |
| M7 2YN | |
| The trustees | |
| M Neumann | |
| H Neumann | |
| M Freidlander | |
| H Roseman | |
| J Bleier | |
| R de Lange | |
| P Neumann | |
| E Neumann | |
| E Henry | |
| Auditor | Haffner Hoff Ltd |
| Accountants & statutory auditor | |
| 2nd Floor - Parkgates | |
| Bury New Road | |
| Prestwich | |
| Manchester | |
| M25 0TL |
1
Beauland Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 5 April 2021
Structure, governance and management
Beauland Limited is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 23 January 1981 as a company and the company number is 1540970. It was registered as a charity on 18 May 1981 with a charity number 511374.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Group structure and relationships
The charity has the following wholly owned non-charitable subsidiaries;
Alcombe Limited (Company number 01549298) Citeglen Properties Limited (Company number 00702369) Edlo Investments Limited (Company number 00709975)
The subsidiaries are property trading and investment companies incorporated in England and Wales.
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.
Objectives and activities
The charity's objects are;
a) To foster, assist and promote the charitable activities of any institutions professing and teaching the principles of traditional Judaism. b) To advance religion in accordance with the Orthodox Jewish Faith. c) To give aid to and support needy persons in general.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant-Making Policy
The Charity receives many applications for grants, both by mail and verbally. Each application is considered against the criteria established by the Charity is well known within its community and there are many requests for grants. Feedback received is used to monitor the quality of grants.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
During the year the charity made grants totalling £349,100 in furtherance of its objectives.
2
Beauland Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 5 April 2021
Financial review
As at 5 April 2021 the charity held unrestricted free reserves of £116,187 (2020:£5,305).
Reserves Policy
It is the policy of the Charity to hold reserves sufficient to maintain regular grants at previous years levels. As the charity is presently largely reliant on donations received from trading companies where profits levels are variable, the Trustees feel it would be prudent to maintain reserves at such a level that would enable the charity to generate its own income to meet this aim.
Investment Policy
The policy of the charity is to make charitable distributions at a level that ensures a sufficient capital base to generate future income and thereby enable the charity to continue making substantial distributions.
The governors are satisfied that property investment is the optimum method of raising funds in the current market, and this has been well borne out over time, with a highly satisfactory return on investments. During the year the charity's investments produced a return of almost 6%, this is significantly higher than rates on bank deposits. However, again, this policy is always open to review, should there be a change in market conditions. The governors expertise is in property investment, and whilst concentrating on this, they at all times strictly adhere to a policy minimising risks.
Coronavirus
The long-term effect of the coronavirus pandemic on the charity's investments is not yet clear. As of the date of the signing of these accounts the tenants have by and large maintained payments as per leases, furnishing confidence in the ongoing viability of the charity's investments.
Plans for future periods
The charity has adequate resources to continue distributing funds to other charities in accordance with its objects.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees 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.
3
Beauland Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 5 April 2021
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
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 Standards have been followed, 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 charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 charity's 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 charity's auditor is aware of that information.
-
The trustees' annual report and the strategic report were approved on 4 February 2022 and signed on behalf of the board of trustees by:
M Neumann Trustee
4
Beauland Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Beauland Limited
Year ended 5 April 2021
Opinion
We have audited the financial statements of Beauland Limited (the 'charity') for the year ended 5 April 2021 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2021 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.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
5
Beauland Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Beauland Limited (continued)
Year ended 5 April 2021
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 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:
-
the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified 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
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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
-
we have not received all the information and explanations we require for our audit.
6
Beauland Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Beauland Limited (continued)
Year ended 5 April 2021
Responsibilities of trustees
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 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
7
Beauland Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Beauland Limited (continued)
Year ended 5 April 2021
Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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:
Auditor's approach to assessing the risks of material misstatement due to irregularities, including fraud Detail the auditor's approach to assessing the risks of material misstatement due to fraud and NOCLAR.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to including:-
Charity Act 2011 - as this entity is a charity;
AML provisions - inherent with all organisations.
FRS 102 reporting framework.
HMRC regulations for charities and gift aid reclaim
Data protection
The following particular considerations in respect of fraud were assessed. We assessed the risks of material misstatement in respect of fraud as follows:
Reviewed unusual or large transactions; Complex transactions if applicable; Analytical procedures; One off transactions.
We made fraud enquiries of during the audit from:-
Management;
8
Beauland Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Beauland Limited (continued)
Year ended 5 April 2021
those charged with governance;
other analytical procedures to identify any unusual or unexpected relationships;
the audit team discussions to identify particular areas to misstatement or fraud;
the audit team attempted to identify any fraud risk factors in its discussion of related party relationships and transactions (ISA (UK) 550;
legal counsel as applicable;
Audit procedures designed to respond to the risks of NOCLAR.
Based on the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above.
Reviewing the entity's policies and procedures for compliance with those laws and regulations based on our knowledge of the client and the regulations.
Follow up of all suspected non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud that will be fully documented
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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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.
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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 internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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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 charity's 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, if such disclosures are inadequate, to modify our opinion. Our conclusions 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 concern.
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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.
9
Beauland Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Beauland Limited (continued)
Year ended 5 April 2021
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 identify 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 state to the charity's 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 responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Dov Schwarz FCCA (Senior Statutory Auditor)
For and on behalf of Haffner Hoff Ltd Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
4 February 2022
10
Beauland Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 5 April 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 127,311 | 127,311 | 232,353 |
| Investment income | 6 | 734,600 | 734,600 | 733,382 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 861,911 | 861,911 | 965,735 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 7 | 99,845 | 99,845 | 97,863 |
| Expenditure on charitable activities | 8,9 | 357,672 | 357,672 | 264,820 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 457,517 | 457,517 | 362,683 | |
| ================================ | ================================ | ================================ | ||
| Unrealised gains on revaluation of investment | ||||
| property | 11 | – | – | 1,189,256 |
| -------------------------------- | -------------------------------- | ----------------------------------------- | ||
| Net income and net movement in funds | 404,394 | 404,394 | 1,792,308 | |
| ================================ | ================================ | ========================================= | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 11,209,384 | 11,209,384 | 9,417,076 | |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| Total funds carried forward | 11,613,778 | 11,613,778 | 11,209,384 | |
| ============================================== | ============================================== | ============================================== |
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 14 to 22 form part of these financial statements.
11
Beauland Limited
Company Limited by Guarantee
Statement of Financial Position
5 April 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 15 | 12,846,341 | 12,627,829 |
| Current assets | |||
| Debtors | 17 | 353,027 | 405,280 |
| Cash at bank and in hand | 133,659 | 177,582 | |
| -------------------------------- | -------------------------------- | ||
| 486,686 | 582,862 | ||
| Creditors: amounts falling due within one year | 18 | 370,499 | 577,557 |
| -------------------------------- | -------------------------------- | ||
| Net current assets | 116,187 | 5,305 | |
| ---------------------------------------------- | ---------------------------------------------- | ||
| Total assets less current liabilities | 12,962,528 | 12,633,134 | |
| Creditors: amounts falling due after more than one year | 19 | (1,348,750) | (1,423,750) |
| ---------------------------------------------- | ---------------------------------------------- | ||
| Net assets | 11,613,778 | 11,209,384 | |
| ============================================== | ============================================== | ||
| Funds of the charity | |||
| Unrestricted funds | 11,613,778 | 11,209,384 | |
| ---------------------------------------------- | ---------------------------------------------- | ||
| Total charity funds | 20 | 11,613,778 | 11,209,384 |
| ============================================== | ============================================== |
These financial statements were approved by the board of trustees and authorised for issue on 4 February 2022, and are signed on behalf of the board by:
M Neumann Trustee
The notes on pages 14 to 22 form part of these financial statements.
12
Beauland Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 5 April 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 404,394 | 1,792,308 |
| Adjustments for: | ||
| Unrealised gains on revaluation of investment property | – | (1,189,256) |
| Dividends, interest and rents from investments | (727,683) | (725,602) |
| Other interest receivable and similar income | (6,917) | (7,780) |
| Accrued (income)/expenses | (21,385) | 34,943 |
| Changes in: | ||
| Trade and other debtors | 52,253 | (41,328) |
| Trade and other creditors | (203,357) | 109,235 |
| -------------------------------- | ----------------------------------------- | |
| Cash generated from operations | (502,695) | (27,480) |
| Interest paid | (2,379) | 10,068 |
| Interest received | 6,917 | 7,780 |
| -------------------------------- | ---------------------------- | |
| Net cash used in operating activities | (498,157) | (9,632) |
| ================================ | ============================ | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 727,683 | 725,602 |
| Purchases of other investments | (59,400) | (386,449) |
| Movements on other investments | 159,112 | 1,360,816 |
| -------------------------------- | ----------------------------------------- | |
| Net cash from investing activities | 827,395 | 1,699,969 |
| ================================ | ========================================= | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | (75,000) | (75,000) |
| Proceeds from loans from group undertakings | 20,063 | (30,316) |
| -------------------------------- | ----------------------------------------- | |
| Net cash used in financing activities | (54,937) | (105,316) |
| ================================ | ========================================= | |
| Net increase in cash and cash equivalents | (43,923) | 52,645 |
| Cash and cash equivalents at beginning of year | 177,582 | 124,937 |
| -------------------------------- | ----------------------------------------- | |
| Cash and cash equivalents at end of year | 133,659 | 177,582 |
| ================================ | ========================================= |
The notes on pages 14 to 22 form part of these financial statements.
13
Beauland Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 5 April 2021
1. 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 309 Bury New Road, Salford, Manchester, M7 2YN.
2. Statement 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.
3. Accounting policies
Basis of preparation
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 statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's 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 declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
14
Beauland Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 5 April 2021
3. Accounting policies (continued)
Incoming resources
All income is 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 charity and the amount can be reliably measured. The following specific 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.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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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 governance of the charity apportioned to charitable activities.
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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 consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently 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.
15
Beauland Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 5 April 2021
3. Accounting policies (continued)
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments in joint property syndicates
This represents capital introduced by the company into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
Some of the syndicates in which the company is a participator have borrowings which are secured on the syndicate properties.
The company accounts for its syndicate investments under the 'equity accounting' basis and thus the company's share of such borrowings are not included in these
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Limited by guarantee
The company is limited by guarantee, in case of winding up the liability of the members is limited to a nominal amount.
5. Donations and legacies
| Unrestricted | Total Funds | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 127,311 | 127,311 | 232,353 | 232,353 | |
| ================================ | ================================ | ================================ | ================================ |
16
Beauland Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 5 April 2021
6. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Syndicate surplus | 437,649 | 437,649 | 416,069 | 416,069 |
| Rent | 290,034 | 290,034 | 309,533 | 309,533 |
| Bank interest receivable | 31 | 31 | 64 | 64 |
| Other interest receivable | 6,886 | 6,886 | 7,716 | 7,716 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 734,600 | 734,600 | 733,382 | 733,382 | |
| ================================ | ================================ | ================================ | ================================ |
7. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Finance costs | – | – | 17,925 | 17,925 |
| Agents commission | 5,438 | 5,438 | 5,923 | 5,923 |
| Insurance | 51,945 | 51,945 | 16,410 | 16,410 |
| Professional charges | 925 | 925 | 20,555 | 20,555 |
| Bank loan interest | 41,537 | 41,537 | 37,050 | 37,050 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 99,845 | 99,845 | 97,863 | 97,863 | |
| ============================ | ============================ | ============================ | ============================ |
8. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Charitable activities | 349,100 | 349,100 | 256,695 | 256,695 |
| Support costs | 8,572 | 8,572 | 8,125 | 8,125 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 357,672 | 357,672 | 264,820 | 264,820 | |
| ================================ | ================================ | ================================ | ================================ |
9. Expenditure on charitable activities by activity type
| Grant funding | Support | Total funds | Total fund | |
|---|---|---|---|---|
| of activities | costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Charitable activities | 349,100 | – | 349,100 | 256,695 |
| Governance costs | – | 8,572 | 8,572 | 8,125 |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | |
| 349,100 | 8,572 | 357,672 | 264,820 | |
| ================================ | ======================= | ================================ | ================================ |
17
Beauland Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 5 April 2021
10. Analysis of grants
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Grants to institutions | ||
| Asser Bishvil Foundation | – | 4,650 |
| Beenstock Home | 13,000 | 11,500 |
| Chai Institute | 1,000 | 10,000 |
| Choimel Dalim | 500 | 25,500 |
| Chortkov Trust | – | 30,000 |
| Rosecare Foundation | 15,000 | 18,550 |
| TTT | 3,000 | 18,500 |
| Yesoiday Hatorah School | – | 300 |
| TTMH Trust | – | 100,000 |
| United Talmudical Associates Ltd | 110,000 | – |
| Yesamach Levav | 70,000 | – |
| Kehal Charedim Trust | 50,000 | – |
| Beis Aharon Trust | 30,000 | – |
| Chesed Charity Trust | 20,000 | – |
| Keren Charity | 10,000 | – |
| Further grants < £10k | 26,600 | 37,695 |
| -------------------------------- | -------------------------------- | |
| 349,100 | 256,695 | |
| -------------------------------- | -------------------------------- | |
| Total grants | 349,100 | 256,695 |
| ================================ | ================================ |
The above grants were made to institutions and went towards the following purposes; the relief of poverty, relief of those in need by reason of ill health or disability, the advancement of Jewish religion and the advancement of Jewish religious education.
11. Unrealised gains on revaluation of investment property
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gains on revaluation of investment | |||||
| property | – | – | 1,189,256 | 1,189,256 | |
| ============== | ============== | ========================================= | ========================================= | ||
| 12. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | 5,500 | 5,500 | |||
| ======================= | ======================= |
13. Staff costs
Nil
Nil
18
Beauland Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 5 April 2021
13. Staff costs (continued)
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Investments
| Shares in | ||||
|---|---|---|---|---|
| Investment | group | Other | ||
| properties | undertakings | investments | Total | |
| £ | £ | £ | £ | |
| Cost or valuation | ||||
| At 6 April 2020 | 4,410,000 | 206 | 8,217,624 | 12,627,830 |
| Additions | – | – | 59,400 | 59,400 |
| Fair value movements | – | – | 437,649 | 437,649 |
| Other movements | – | – | (278,538) | (278,538) |
| ----------------------------------------- | -------------- | ----------------------------------------- | ---------------------------------------------- | |
| At 5 April 2021 | 4,410,000 | 206 | 8,436,135 | 12,846,341 |
| ========================================= | ============== | ========================================= | ============================================== | |
| Impairment | ||||
| At 6 April 2020 and 5 April 2021 | – | – | – | |
| ============== | ========================================= | ============================================== | ||
| Carrying amount | ||||
| At 5 April 2021 | 4,410,000 | 206 | 8,436,135 | 12,846,341 |
| ========================================= | ============== | ========================================= | ============================================== | |
| At 5 April 2020 | 4,410,000 | 206 | 8,217,624 | 12,627,830 |
| ========================================= | ============== | ========================================= | ============================================== |
All investments shown above are held at valuation.
Investment properties
The investment properties are stated at market value as per the trustees valuation at the year end.
Investments in joint property syndicates
Other Investments are joint property syndicates. This is comprised of capital introduced by the charity into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
Included in other investments is £5 representing a shareholding in Erbilon Ltd.
19
Beauland Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 5 April 2021
16. Investment entities
Subsidiaries and other investments
| Percentage | |||||
|---|---|---|---|---|---|
| Class of | of shares | ||||
| Registered office | share | held | |||
| Subsidiary undertakings | |||||
| Alcombe Limited | 309 Bury New Road | Ordinary | 100 | ||
| Salford | |||||
| Manchester | |||||
| M7 2YN | |||||
| Citeglen Properties Limited | 309 Bury New Road | Ordinary | 100 | ||
| Salford | |||||
| Manchester | |||||
| M7 2YN | |||||
| Edlo Investments Limited | 309 Bury New Road | Ordinary | 100 | ||
| Salford | |||||
| Manchester | |||||
| M7 2YN | |||||
| The results for subsidiaries and other undertakings are as | follows: | ||||
| Capital and reserves | Profit/(loss) | for the year | |||
| 2021 | 2020 | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Subsidiary undertakings | |||||
| Alcombe Limited | 709,680 | 709,678 | 2 | 135 | |
| Citeglen Properties Limited | 779,693 | 779,319 | 374 | (806) | |
| Edlo Investments Limited | 696,058 | 696,199 | (141) | (267) | |
| ================================ | ================================ | ============== | ============== | ||
| Debtors | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Amounts owed by group undertakings | 171,156 | 182,463 | |||
| Other debtors | 181,871 | 222,817 | |||
| -------------------------------- | -------------------------------- | ||||
| 353,027 | 405,280 | ||||
| ================================ | ================================ | ||||
| Creditors: amounts falling due within | one year | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Bank loans and overdrafts - secured | 75,000 | 75,000 | |||
| Amounts owed to group undertakings | 200,824 | 180,761 | |||
| Accruals and deferred income | 71,144 | 94,908 | |||
| Social security and other taxes | 23,529 | 41,886 | |||
| Other creditors | 2 | 185,002 | |||
| -------------------------------- | -------------------------------- | ||||
| 370,499 | 577,557 | ||||
| ================================ | ================================ |
The results for subsidiaries and other undertakings are as follows:
17. Debtors
18. Creditors: amounts falling due within one year
20
Beauland Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 5 April 2021
19. Creditors: amounts falling due after more than one year
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Bank loans and overdrafts - secured | 1,348,750 | 1,423,750 | |||||
| ========================================= | ========================================= | ||||||
| Analysis of charitable funds | |||||||
| Unrestricted funds | |||||||
| At | Gains and | At | |||||
| 6 April | 2020 | Income | Expenditure | losses | 5 April 2021 | ||
| £ | £ | £ | £ | £ | |||
| General funds | 11,209,384 | 861,911 | (457,517) | – | 11,613,778 | ||
| ============================================== | ================================ | ================================ | ============== | ============================================== | |||
| At | Gains and | At | |||||
| 6 April | 2019 | Income | Expenditure | losses | 5 | April 2020 | |
| £ | £ | £ | £ | £ | |||
| General funds | 9,417,076 | 965,735 | (362,683) | 1,189,256 | 11,209,384 | ||
| ========================================= | ================================ | ================================ | ========================================= | ============================================== |
20. Analysis of charitable funds
Unrestricted funds
21. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Investments | 12,846,341 | 12,846,341 |
| Current assets | 486,686 | 486,686 |
| Creditors less than 1 year | (370,499) | (370,499) |
| Creditors greater than 1 year | (1,348,750) | (1,348,750) |
| ---------------------------------------------- | ---------------------------------------------- | |
| Net assets | 11,613,778 | 11,613,778 |
| ============================================== | ============================================== | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Investments | 12,627,829 | 12,627,829 |
| Current assets | 582,862 | 582,862 |
| Creditors less than 1 year | (577,557) | (577,557) |
| Creditors greater than 1 year | (1,423,750) | (1,423,750) |
| ---------------------------------------------- | ---------------------------------------------- | |
| Net assets | 11,209,384 | 11,209,384 |
| ============================================== | ============================================== |
21
Beauland Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 5 April 2021
22. Analysis of changes in net debt
| At | |||
|---|---|---|---|
| At 6 Apr 2020 | Cash flows | 5 Apr 2021 | |
| £ | £ | £ | |
| Cash at bank and in hand | 177,582 | (43,923) | 133,659 |
| Debt due within one year | (255,761) | (20,063) | (275,824) |
| Debt due after one year | (1,423,750) | 75,000 | (1,348,750) |
| ----------------------------------------- | ---------------------------- | ----------------------------------------- | |
| (1,501,929) | 11,014 | (1,490,915) | |
| ========================================= | ============================ | ========================================= |
23. Related parties
Covenanted donation of £127,311 were received from the subsidiary undertakings during the year.
Included in other debtors are amounts due to the following company whose directors are also trustees of this charity or closely related to trustees of this charity.
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| Birch Park Investments Limited | 15,000 | – |
The above loans are interest free and repayable on demand.
Included in other creditors are amounts due to the following companies/charities whose directors are also trustees of this charity or closely related to trustees of this charity.
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Birch Park Investments Limited | – | 100,000 |
The above loans are interest free and repayable on demand.
22