Entwood Charities Limited Charity Accounts

ENTWOOD CHARITIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01472619

CHARITY REGISTRATION NUMBER: 280555

Entwood Charities Limited

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2019

Entwood Charities Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2019

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	3

Statement of financial activities (including income and expenditure account)	4

Statement of financial position	5

Notes to the financial statements	6

Entwood Charities Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2019

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2019 .

Reference and administrative details

Registered charity name	Entwood Charities Limited

Charity registration number	280555

Company registration number	01472619

Principal office and registered	Hallswelle House,
office	1 Hallswelle Road,
	London,
	NW11 ODH

The trustees

	Mr B. Feldman
	Mrs D. Feldman
	Mr H. Feldman

Company secretary	Mr H.Feldman

Independent examiner	Dr P.P.Smulovitch
	Hallswelle House
	1 Hallswelle Road
	London
	NW11 0DH

Structure, governance and management

The company is a registered charity and its principal activity during the year was the distribution of its income to charities. 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 furtherance of its objects the charity continued to advance and donate money and support other charities with objects similar to those detailed above. The charity is run jointly by all the governors who make any important decisions in tandem. The governors meet regularly to manage the charity's affairs. There are no paid employees and all administration work is carried out on a voluntary basis by the governors.

Objectives and activities

The trust deed authorises 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 that may need to be incurred on its freehold properties and future charitable commitments over a period of 3 years.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

The results of these activities during the year are reflected in the attached accounts.

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 Governors 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 Commission 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 associated communal charitable institutions such as synagogues 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 general 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 donations from charities and companies directly or indirectly connected with the trustees.

Plans for future periods

The governors' objectives for the future are to continue to carry out the activities as detailed in their report.

The trustees' annual report and the strategic report were approved on 21 January 2020 and signed on behalf of the board of trustees by:

Mrs D. Feldman

Trustee

Entwood Charities Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Entwood Charities Limited

Year ended 31 March 2019

I report to the trustees on my examination of the financial statements of Entwood Charities Limited ('the charity') for the year ended 31 March 2019.

Responsibilities 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 the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. 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

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Dr P.P.Smulovitch Independent Examiner

Hallswelle House 1 Hallswelle Road London NW11 0DH

21 January 2020

Entwood Charities Limited

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2019

	2019		2018
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	94,300	94,300	7,441,000
Other trading activities	6	151,921	151,921	41,584
Investment income	7	–	–	10
		---------	---------	------------
Total income		246,221	246,221	7,482,594
		---------	---------	------------

Expenditure

Expenditure on raising funds:

	Costs of raising donations and legacies	8	252,154	252,154	61,704
Expenditure on charitable activities		9,10	48,175	48,175	38,196
			---------	---------	------------
Total expenditure			300,329	300,329	99,900
			---------	---------	------------

	---------	---------	------------
Net (expenditure)/income and net movement in funds	( 54,108)	( 54,108)	7,382,694
	---------	---------	------------

Reconciliation of funds

Total funds brought forward	8,230,341	8,230,341	847,647
	------------	------------	------------
Total funds carried forward	8,176,233	8,176,233	8,230,341
	------------	------------	------------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Entwood Charities Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible fixed assets	15	8,250,265	8,250,265
Investments	16	1	1
		------------	------------
		8,250,266	8,250,266

Current assets

Debtors	17	18,583	20,586
Cash at bank and in hand		12,420	30,824
		--------	--------
		31,003	51,410

Creditors: amounts falling due within one year	18	105,036		71,335
		---------		--------
Net current liabilities			74,033	19,925
			------------	------------
Total assets less current liabilities			8,176,233	8,230,341
			------------	------------

Funds of the charity

Unrestricted funds		8,176,233	8,230,341
		------------	------------
Total charity funds	19	8,176,233	8,230,341
		------------	------------

For the year ending 31 March 2019 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 21 January 2020 , and are signed on behalf of the board by:

Mrs D. Feldman

Trustee

Entwood Charities Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2019

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 Hallswelle House,, 1 Hallswelle Road,, London,, NW11 ODH.

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.

Judgements and key sources of estimation uncertainty

The preparation 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 circumstances.

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.

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 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 if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. 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 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, 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 governance of the charity apportioned to 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 consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated 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 accumulated depreciation and subsequent accumulated impairment losses. 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 asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it 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 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.

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 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 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 ventures

Investments in jointly controlled entities accounted 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 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 recognised 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 fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate 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 inflows 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 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. Basic financial instruments are initially recognised at the amount receivable 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 publicly 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 normal 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 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 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.

4. Limited by guarantee

The charity is a limited company, limited by guarantee and accordingly has no share capital.

5. Donations and legacies

Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
£	£	£	£

Donations

Donations received	94,300	94,300	7,441,000	7,441,000
	--------	--------	------------	------------

6. Other trading activities

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Rents receivable	151,921	151,921	41,584	41,584
	---------	---------	--------	--------

7. Investment income

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Other interest receivable	–	–	10	10
	----	----	----	----

8. Costs of raising donations and legacies

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Costs of raising donations and legacies - Other type 1	252,154	252,154	61,704	61,704
	---------	---------	--------	--------

9. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2019	Unrestricted Funds	Total Funds 2018
	£	£	£	£
Charitable donations & grants	44,000	44,000	34,710	34,710
Support costs	4,175	4,175	3,486	3,486
	--------	--------	--------	--------
	48,175	48,175	38,196	38,196
	--------	--------	--------	--------

10. Expenditure on charitable activities by activity type

	Activities undertaken directly	Support costs	Total funds 2019	Total fund 2018
	£	£	£	£
Charitable donations & grants	44,000	–	44,000	34,710
Governance costs	–	4,175	4,175	3,486
	--------	-------	--------	--------
	44,000	4,175	48,175	38,196
	--------	-------	--------	--------

11. Auditors remuneration

	2019	2018
	£	£
Fees payable for the audit of the financial statements	–	3,300
	----	-------

12. Independent examination fees

	2019	2018
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	3,300	–
	-------	----

13. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2019	2018
	£	£
Wages and salaries	32,881	9,121
	--------	-------

The average head count of employees during the year was 4 (2018: 4). The average number of full-time equivalent employees during the year is analysed as follows:

	2019	2018
	No.	No.
Number of staff - management	4	4
	----	----

No employee received employee benefits of more than £60,000 during the year (2018: 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. Tangible fixed assets

	Land and buildings
	£
Cost
At 1 April 2018 and 31 March 2019	8,250,265
	------------
Depreciation
At 1 April 2018 and 31 March 2019	–
	------------
Carrying amount
At 31 March 2019	8,250,265
	------------
At 31 March 2018	8,250,265
	------------

16. Investments

	Other investments
	£
Cost or valuation
At 1 April 2018	1
Additions	–
	----
At 31 March 2019	1
	----
Impairment
At 1 April 2018 and 31 March 2019	–
	----
Carrying amount
At 31 March 2019	1
	----
At 31 March 2018	1
	----

All investments shown above are held at valuation.

17. Debtors

	2019	2018
	£	£
Other debtors	18,583	20,586
	--------	--------

18. Creditors: amounts falling due within one year

	2019	2018
	£	£
Other creditors	105,036	71,335
	---------	--------

19. Analysis of charitable funds

Unrestricted funds

	At 1 April 2018	Income	Expenditure	At 31 March 2019
	£	£	£	£
General funds	8,230,341	246,221	(300,329)	8,176,233
	------------	---------	---------	------------

	At 1 April 2017	Income	Expenditure	At 31 March 2018
	£	£	£	£
General funds	847,647	7,482,594	(99,900)	8,230,341
	---------	------------	--------	------------

20. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2019
	£	£
Tangible fixed assets	8,250,265	8,250,265
Investments	1	1
Current assets	31,003	31,003
Creditors less than 1 year	(105,036)	(105,036)
	------------	------------
Net assets	8,176,233	8,176,233
	------------	------------

	Unrestricted Funds	Total Funds 2018
	£	£
Tangible fixed assets	8,250,265	8,250,265
Investments	1	1
Current assets	51,410	51,410
Creditors less than 1 year	(71,335)	(71,335)
	------------	------------
Net assets	8,230,341	8,230,341
	------------	------------