COMPANY REGISTRATION NUMBER.. N10571173 CHARITY REGISTRATION NUMBER: NIC101043 Atlas Memorial LAmited Company Limited by Gwarantee Unaudited Financial Statements 31 January 2024 Atlas Memorial Limited Company Limited by Guarantee Financial St2tements Year ended 31 January 2024 Page Trustees. annual report (incorporating the directoi's report) Independent examiner's report to the trustees Statement of financial activities (including Inco￿ and expenditure account) Statement of financial position Notes to the financial statements The following pages do not forni part of the financial statements Detailed statement of financial activities 17 Notes to the detailed statement of financial activities 18 Atlas Memorial Limited Company Limited by Guarantee Trustees, Annual Report (Incoryorating the Director's Report) Year ended 31 January 2024 The trustees, who are also the directors for the purEK)ses of company law. present their report and the unaudited financial statements of the charity for the year ended 31 January 2024. Reference and adnjinistrative detsils Registered charity name Charity registration number Company registration number N1057073 Principal office 86 Filey Avenue LA)ndon N16 6JJ Atl&s Memorial Limited NIC101043 Registered office The Ewart 3 Bedford Square Belfast BT2 7EP The tr￿SteeS Berish Gross Israel Gross Joel Gross Abraham Gross Company secretary Structure? governance and management The charity is constituted as a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association. The organisation is run by the governors who are trustees. Every trustee holds office for life or shall cease to hold office by virtue of Article 35 of the Articles of Association. None of the trustees have any beneficiaj interest in the company. This chatity was set up to support the activitie5 of organi5ations promoting and advancing Orthodox Judais￿ and during the Ye￿ distributed grants totalling £1.081.(KK) (2023: £1.213.5￿) in aid of such activities. Berish Gross The charity's wholly-owned subsidiary undertaking. Wharf Properties Limited. is engaged in property developtnent and the tTUStee5 consider its results for the yeat ended 31 January 2024 to be satisfactory. Atlas Memorial Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the DArector's Report) (con¢In￿} Year ended 31 January 2024 Objectives aDd activities The objects of the chaTity are: i. the advancement and furtherance of the Jewish Religion and Jewith religious education and the alleviation of poverty among the Jewish Community throughout the world. ii. other charitable activities that the trllstees may from tilne to time detetmine. Aims, objectives and actlvities for public benefit The trustees confiTm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the chatity's aims and objectives and in planning future activities and setting the grant making policy for the year. This charity was set up to support the activities of religious Jewish organisations especially in the field of education. The trustees identify institutions and oiganisations which meet its criteria and regularly support a number of these institutions and organisations. which themselves are growing worldwide. The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and aIso through distribution of basic needs. The income of the charity 15 derived from investhients and donations. The trustees continued their support of those organisations deemed to prom￿ the objects of this charity. Atlas Memorial Limited Company Limited by Guarantee Trustees, AJ)nual Report Uncoryorating the Director's Report) {toNinwd) Year ended 31 January 2024 Achievements and perfornianee During the year, the charity continued its activities and maintained its SUPPOrt of religious educational and other charitable institutions in the United Kingdom and abroad. Pla￿8 for future periods The charity plans continuing the activities outlined above in tFK forthcoming years subject to incoming resources being maintained at a satisfactory level. It is the ttusteEs' aim to ensure flltU￿ income stream by the acquisition of investments. the incorne of which will reduce its dependence on voluntary donations. Grant making policy The charity accepts applications for grants from representatives of variou5 chatities. which are reviewed by the tNstees on a regular basis. Investment powers and policy In accordance with the governing document. the charity has the y)wer to make any investments, which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy. Roserves pojicy The r￿erVeS of the charity are represent¢d by the unrestricted funds. It is the policy of charity to maintain unrestricted fijnds. which the free reserves of the charity. at a level which the trustees think appropriate after considering the future commitments of the ch￿IlY and the likely administrative costs of the charity for the next year. Fixed Assets The movements in investments are fully reflected in rM)te io to the financiaj statements. Investments The company owns I￿)% of the ordinary share capital of Wharf Properties Limited and 25% of the ordinary share capital of Chester Beech Limited. These ate a property development company and property invest￿ent company respectively. and both are incorporated in Great Britain and registered in England. The income and expenditure derived frorn these investments are refiected ill Atlas Metnoriaj Limited's financial statements. The charity also previously had an investment held by Wakefield Investments (UK) Limited. which acted as a bare trustee. This investment was sold in the previous accounting ￿r1d and the company was dissolved after this accounting period. Financial review The ch￿lty ￿ceiVe5 income from its investments and from voluntary donations. The charity's incotning resources wete £171.364 for the year (2023: £303.825). Atl&s Memorlal Limlted CompaDy Limited by Guarantee Th￿, Annual Report (Incorporating the Director's Report) (t•Mtsx Year ended 31 January 2024 Small company provtslons This report has been tKepared in ￿)rd￿ with the provisions a￿lI1Cable to companies enuded to the small Compani￿ exerytion. The trustces, ￿nUal reFK)rt was approv&1 on 8 (ktolw 20￿ 8nd SA￿ed on bchalf of the board of tNstees by: Joel Gro Trust Atlas Memorial Limited Company Limited by Guarantee Independent Examiner's Re￿rt to the Trustees of Atlas Memorial Limited Year ended 31 January 2024 I report to the trustees on my examination of the financial statements of Atlas Memorial Limited ('the Ch￿lty,) for the year ended 31 January 2024. RÉsponsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the '2(K18 Act.) and the Companies Act 2(K)6 ('the 2(M)6 Act.). You are satisfied that the accounts of the company are not required by chatity or cornpany law to be audited and have chosen instead to have an independeDt examination. Having satisfied myself that the accounts of the company are not iequired to be audited under Part 16 of the 2(K)6 Act and are eligible for independent exatnination. I report in respe£t of my examination of the charity's financial statements as cattied out undei section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Collllnission for Northern Ireland under section 65(9)(b) of the 2(X)8 ACL Independent examiDer's statement I have completed my examination. I confirni that no matters have come to my attention in connectiOII with my examination giving nie cause to believe that in any material respect: accounting records were not kept in respect of the chaTity as requir¢d by section 386 of the 2006 Act. or the financia] statements do not accord with those records" or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination" or the financial statements have not been prepar￿ in accordance with the methods and principles of the Statemenl of Recommended Practice for accounting and reporting by chatities applicable to cbarities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I confinn that there are no other matters to which your attention should Lt drawn to enable a proper understanding of the accounts to be reached. Mr Dov Harris FCA Independent Examiner Cohen Arnold New Burlington House 1075 Finchley Road London NW I I OPU 8 (ktober 2024 A11&5 Memorial Limited Company Limited by Guarantee Statement of Financial ACti￿tieS (induding income and expenditure account) Year ended 31 January 2024 2024 Unr&stricted funds Total funds Totaj funds 2023 Note Income alld endowments Donatiolls and legacies Investment income 200.OIX) (28.636) 171.364 200,OIK) (28,636) 102.5(K) 201,325 Total income 171 J64 303.825 Expenditure Expellditure on charitable activities Tot21 expenditure 7.8 1.IWO.41xI 1,090.400 I,￿0,4(M) 1,090,400 1.222,908 1.222,908 Net gains on investments (28,602) (28,602) (408,492) Net expenditure and net movement in funds (890,434) (890,434) (510591) Reconciliation of fun(ts Total funds brought forward Total funds carried forward 2,852,476 2,8S2.476 3.363,067 1.962,042 1,962,042 2,852.476 The statement of financial activities includes all gains and lo&ses recognised in the year. All income and expenditure derive from CODtinuing activities. The notes on pates 8 to 15 form part of these fin•neial statem￿t& Allas Memorial Limited Company Limited by Guarantee StAtement of Financial Position 31 January 2024 2024 2023 Flxed assets Investments 13 546,178 799.755 Current Debtots Cash at bank and in hand 14 1,429J82 1,1 2,295,709 49216 1,430569 2.344.925 Creditors: amounts falling due within one year 15 14.705 292.204 Net current a&sets 1.415,864 1962,042 2.052,721 Total &ssets less current liabllities 2,852,476 Funds of the charity Unrestricted fi]nds 1,962.1H2 1.962.042 2,852.476 2,852,476 Total charity fun&$ 16 For the year ending 31 January 2024 the ch8Jity was entirled to exemption frorn audit under section 477 of the Companies Act 2006 Telating to small companies. Directors, responsibillu￿. The member has not required the company to obtain an audit of its financial statements for the year in question in accordanc¢ with section 476. The dircctors acknowledge their rcsponsibilities for complying with the requirernen(s of the Act with respect to accounting records and the preparation of financi￿ statements. These financial siatements hav¢ been prepared in accordance with the [￿VisIOnS applicable to cofflpanies subject (o the small companies, regime. These financial statements were appmved by the board of trustees and authorised for issue on 8 October 2024. and are signed on behalf of the board by: Joel Gross Tn]stee The notes on wages 8 to IS forni part Df these financig15¢atemeiits. Atlas Memorial Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 January 2024 General infonnation The charity is a public benefit entity and a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northern belan(L The address of the registered office is The Ewart, 3 Bedford Square. BelfasL BT2 7EP. Statement of compliance These financial statements have IMI prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recomrnended Practice applicable to charities prepating 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. Accounting policies Basis of preparation The financial statements have ￿en preP￿ed on the historical cost basis. as modified by the reva]uation of certain financial assets and liabilities and investrnent properties measured at fair value through income or expenditure. The financial statements ate prepared in sterling. which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to contlDUe. Consolidation The charity is not required to prepare consolidated accounts in accordance with the Ch￿1t]eS Act 2011, and has taken advaniage of the option not to prep￿t consolidated financial statements contained in Section 398 of the Companies Act 2￿6 on the basis that the charity and its subsidiary undertakings comprise a small gTOUP. Judgements and key sources of estimation uncertainty The prepardtion of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circufflstances. Fund accounting Unrestricted funds are available for use at the discietiorj of the trustees to furthei any of the charity's purposes. Designated funds are unrestricted funds earniarked by the trustees for particulat future project or cornmitment. Restricted funds are subjected to restrictions on their ex￿nditUre decI￿ed by the donor or through the ternis of an appeal. and fall into one of two sub-clasw: restricted income funds or endowment funds. Atlas Memorial Limited Company Lilnited by Guarantee Notes to the Financial Statements (¢orftn*d) Year ended 31 January 2024 Accounting policies (CO￿l￿￿Èd) 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 charity and the amount can be reliably measured. The following specific policies are applied to particulat categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gifL [￿elpt is probable and its amount can be measured reliably. legacy income is recognised when ff￿lpt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impiactical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale va]ue. Donated f&ililies and setvices are iecognised in the accounts when received if the value can be reliably measured. No amounts arc included for the contribution of generaj volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted fun(ts unless there is a contractual requirement for it to be spent on a particular purpose and rethrned if unspent. in which case it may be regarded as restiicted. R&sources expended Expenditure is recognised on an accruals b&sis as a liability is incurred Expenditure includes any VAT which cannot be fully recovere¢ and is classifled 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- charltable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incunEd by a charity in undertaking activiti&s 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 activiti£s. othei expenditure includes all eX￿ndItUTe that is neither related to raising funds for the ch￿lty nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable Éo 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 Shareholdings acquired are initially recorded at cost and subsequendy included at trustees, best estimate of fair value based on the net &8set value. The net assets of the Subsidiary Undertakings reflect fair values of its underlying properties held for investment; any surplus or deficit on revaluation is recognised in the SOFA. Atlas Memorial Limited Company LAmited by Guarantee Notes to the Financial Statements (to￿l￿med) Year ended 31 January 2024 Accounting policies (coRliBvd) Investments in associatss Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairnient losses. Investments in aSs￿lat¢S accounted for in accordance with the fair value model ale initially recoided at the transaction price. At each reporting date. the investments are me&sured at fair value, with changes in fair value taken through incotne or expenditure. Where it is impracticable to measure fail value reliably without undue cost or effoQ the cost model will be adopted. Dividends and other disttibutions Teceived from the investment are recognised as income without regard to whether the distributions aTe from accumulated ptofits of the associate arising before or aftei the date of acquisition. Investments in joint ventures Investments in joindy controlled entities accountrd for in accordance with the cost Model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transxtion price. At each reporting date, the invescments are measured at fair value, with changes in fair value taken through incolne or expenditure. Where it is impracticable to measure fair value re]iably without undue cost or efforL the cost model will be adopted. Dividends and other distributions ￿e1ved from the investment are recognised as income without reg￿d to whether the distributions are from accumulated profits of the joint Ventll￿ arising before or after the date of acquisition. Impairment of fixed assets A review for indicators of irnpainnent is carried out at each reporting dafr. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Ptior impairments are also reviewed for possible reversal at each reporting dafr. For the purposes of impairment testing. when it is not possible to estimate the recoverable amount of an individual asseL an e5titnate is made of the ￿coverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit 15 the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impainnent testing of goodwill. the go(Mlwill 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 synergie5 of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. io- Atlas Memorial Limited Company Limited by Guarantee Notes to the Financial Statements (eonlinued) Year ended 31 January 2024 Aecounting poliei£s (eoKtinued) Financial instruments Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Cutrent assets and cutrent liabilities are subsequently measured at the cash or other consideration expected to be paid or re￿iVed and not discounted. Debt insttuments are subsquently measured at amortised cosL Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequentIy measured at fair value with changes in fair value iecogni5ed in income and expenditure. All other such investments are subsequently measured at cost less impairnient. Other financial instruments, including derivative& are initially reco￿lSed at fair valu< unless payment for an asset is deferred beyond nornial business ternis or financed at a rafr 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 maTket rate of interest for a similar debt instrumenL Other financial instrnment5 are subsequently measured at fair value. with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impainTJent at the end of each reporting date. If there is objective eviden(t of impaiment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initia] gain was re£ognised. For all equity instruments regardless of significance. and other financi81 assets that are individually SI￿lfican( these are assessed individually for impairnient. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairnient ate recognised immediately. to the extent that the reversal does not result in a carying amount of the financial asset that eX￿edS what the carrying amount would have been had the impairtnent not previously been recognised. Limited by guarant This company is limited by guarantee and has no Sha￿ capital. The liability of each member in the event of winding up is limited to £10. Donatio￿ and legacies Unrestricted Total Funds Unrestricted Tota] Funds Funds 2024 Funds 2023 Don2tions Donations 200.QKK) 200.OIM) 102.51X) 102.51K) li- Atjas Memorial Limited Company Limited by Guarantee Notes to the Financial StateMents(c•nlirt￿dj Year ended 31 January 2024 Inveslment income Unrestricted Total Fund8 Unrestrlcted Total Funds Funds 2024 Funds 2023 Bank interest receivable Other inteiest receivable Foreign exchange gainlooss) 661 41.927 (71.224) (28,636) 661 41927 171,224) (28,636) 72,253 129,072 72253 129.072 201.325 201.325 Expenditure on charitable activities by fund type Unrestricted T