C & G Fund Limited - Charities report - 22.2

REGISTERED COMPANY NUMBER: 03778491 (England and Wales)

REGISTERED CHARITY NUMBER: 1078235

C & G FUND LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE PERIOD

1 JUNE 2021 TO 26 MAY 2022

Page

Reference and Administrative Details

1

Report of the Trustees

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

12

TRUSTEES

S Benedikt

S Faibush

J Kohn

REGISTERED OFFICE

94 Stamford Hill

London

N16 6XS

REGISTERED COMPANY NUMBER

03778491 (England and Wales)

REGISTERED CHARITY NUMBER

1078235

INDEPENDENT EXAMINER

Sugarwhite Meyer HS Ltd

First Floor

94 Stamford Hill

London

N16 6XS

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 2021.

REFERENCE AND ADMINISTRATIVE INFORMATION

The information is shown on page 1 of the financial statements and forms part of this report.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are, the advancement of Orthodox Jewish Religious Education and of education generally; advancement of the Orthodox Jewish Religion; the relief of poverty and such other charitable purposes as the the trustees may from time to time determine.

The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The trustees are satisfied with the results of the year. There was a decrease in both donations received and investment income. During the year the charity continued its philanthropic activities.

FINANCIAL REVIEW

Investment policy and objectives

Under the memorandum and articles of association the charity has the power to make any investment which the trustees see fit. The trustees consider that investment in property meets their criteria for income and capital growth and regularly review the situation.

Reserves policy

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities

of the charity. Reserves at the year end were £273,551 (2021 - £288,419)

FUTURE PLANS

The charity plans to continue its activities for the foreseeable future subject to satisfactory income.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 27 May 1999.

Organisational structure

The day-to-day affairs of the company are administered by the trustees. The power to appoint new trustees is vested in the board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.

Risk management

The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 30 March 2023 and signed on its behalf by:

S Benedikt - Trustee

Independent examiner's report to the trustees of C & G Fund Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the period 1 June 2021 to 26 May 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts 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 accounts 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.

E Meyer FCA BSc

Sugarwhite Meyer HS Ltd

First Floor

94 Stamford Hill

London

N16 6XS

30 March 2023

PERIOD

1.6.21

TO

YEAR ENDED

26.5.22

31.5.21

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

55,500

70,000

Investment income

2

49,560

141,488

Total

105,060

211,488

EXPENDITURE ON

Charitable activities

3

Charitable activities

119,928

68,611

NET INCOME/(EXPENDITURE)

(14,868

)

142,877

RECONCILIATION OF FUNDS

Total funds brought forward

288,419

145,542

TOTAL FUNDS CARRIED FORWARD

273,551

288,419

2022

2021

Total

Total

funds

funds

Notes

£

£

FIXED ASSETS

Investments

8

698,411

629,090

CURRENT ASSETS

Debtors

9

39,268

59,000

Cash at bank and in hand

10,488

76,118

49,756

135,118

CREDITORS

Amounts falling due within one year

10

(436,666

)

(430,789

)

NET CURRENT ASSETS

(386,910

)

(295,671

)

TOTAL ASSETS LESS CURRENT LIABILITIES

311,501

333,419

CREDITORS

Amounts falling due after more than one year

11

(37,950

)

(45,000

)

NET ASSETS

273,551

288,419

FUNDS

13

Unrestricted funds:

General fund

273,551

288,419

TOTAL FUNDS

273,551

288,419

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 26 May 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 26 May 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 30 March 2023 and were signed on its behalf by:

S Benedikt - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income received by way of donations is accounted for when received.

Income from investments is included in the year in which it is receivable.

Expenditure

Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.

Grants are only recognised in the accounts when paid.

Support costs are those incurred to assist the work of the charity but are not direct charitable activities.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Going concern

There are no material uncertainties about the charity's ability to continue.

2.	INVESTMENT INCOME

PERIOD

1.6.21

TO

YEAR ENDED

26.5.22

31.5.21

Unrestricted

Total

funds

funds

£

£

Syndicate income

49,560

141,488

3.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

Direct

(see note

costs (see

Costs

4)

note 5)

Totals

£

£

£

£

Charitable activities

978

115,815

3,135

119,928

4.	GRANTS PAYABLE

PERIOD

1.6.21

TO

YEAR ENDED

26.5.22

31.5.21

£

£

Charitable activities

115,815

66,371

The total grants paid to institutions during the period was as

follows:

PERIOD

1.6.21

TO

YEAR ENDED

26.5.22

31.5.21

£

£

Advancement of religion

37,449

17,631

Advancement of education

39,050

17,781

Relief of poverty

20,775

21,403

Medical

3,436

294

Social Welfare

4,680

6,582

General

6,216

-

111,606

63,691

Friends of Galanta

9,000

Yeshiva Horomo

8,590

Kehal Charedim Trust

8,105

Torah Vochesed

5,000

Chevras Mo'oz ladol

4,601

Amud Hatzdoko Trust

4,043

Ben Amram Charitibale Trust

4,000

Others under £3,500

68,627

111,606

The total grants paid to individuals during the period was as

follows:

PERIOD

1.6.21

TO

YEAR ENDED

26.5.22

31.5.21

£

£

Advancement of religion

-

800

Advancement of education

252

-

Relief of poverty

3,957

150

Social Welfare

-

1,730

4,209

2,680

5.	SUPPORT COSTS

Governance

Finance

costs

Totals

£

£

£

Charitable activities

135

3,000

3,135

Support costs, included in the above, are as follows:

Finance

PERIOD

1.6.21

TO

YEAR ENDED

26.5.22

31.5.21

Charitable

Total

activities

activities

£

£

Bank charges

135

80

Governance costs

PERIOD

1.6.21

TO

YEAR ENDED

26.5.22

31.5.21

Charitable

Total

activities

activities

£

£

Independent examiner's fee

1,200

1,080

Independent examiner's other fees

1,200

1,080

Legal and professional fees

600

-

3,000

2,160

6.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 26 May 2022 nor for the year ended 31 May 2021.

Trustees' expenses

There were no trustees' expenses paid for the period ended 26 May 2022 nor for the year ended 31 May 2021.

7.	AVERAGE NUMBER OF STAFF

The average number of staff in the year was Nil (2021 - Nil)

8.	FIXED ASSET INVESTMENTS

Investments

£

SYNDICATES

At 1 June 2021

629,090

Additions

115,174

Movement in year

(45,853

)

At 26 May 2022

698,411

NET BOOK VALUE

At 26 May 2022

698,411

At 31 May 2021

629,090

There were no investment assets outside the UK.

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

39,268

59,000

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 12)

5,254

-

Other creditors

426,985

426,985

Accruals and deferred income

4,427

3,804

436,666

430,789

11.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 12)

37,950

45,000

12.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year on demand:

Bank loans

5,254

-

Amounts falling due between two and five years:

BBL Loan

21,015

45,000

Amounts falling due in more than five years:

Repayable by instalments:

Bank loans more 5 yr by instal

16,935

-

13.	MOVEMENT IN FUNDS

Net

movement

At

At 1.6.21

in funds

26.5.22

£

£

£

Unrestricted funds

General fund

288,419

(14,868

)

273,551

TOTAL FUNDS

288,419

(14,868

)

273,551

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

105,060

(119,928

)

(14,868

)

TOTAL FUNDS

105,060

(119,928

)

(14,868

)

Comparatives for movement in funds

Net

movement

At

At 1.6.20

in funds

31.5.21

£

£

£

Unrestricted funds

General fund

145,542

142,877

288,419

TOTAL FUNDS

145,542

142,877

288,419

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

211,488

(68,611

)

142,877

TOTAL FUNDS

211,488

(68,611

)

142,877

14.	RELATED PARTY DISCLOSURES

There were no related party transactions for the period ended 26 May 2022.