Combined Funds Limited - Charities report - 22.2

REGISTERED COMPANY NUMBER: 01591120 (England and Wales)

REGISTERED CHARITY NUMBER: 1189209

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023

FOR

COMBINED FUNDS LIMITED

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Statement of Financial Position

6

to

7

Statement of Cash Flows

8

Notes to the Statement of Cash Flows

9

Notes to the Financial Statements

10

to

16

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30th June 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects are specifically restricted to the following:

1. The advancement of religion in accordance with the Orthodox Jewish Faith.

2.The relief of poverty and

3.Other purposes as are recognised by English Law as charitable and in furtherance of the aforementioned objects.

Significant activities

The Charity has continued to make significant grants throughout the year, in accordance with its grant making policy.

Public benefit

The trustees continue to operate within the confines of the charity objectives namely the relief of poverty by providing grants in respect of the advancement of jewish education. The trustees provide grants to a variety of establishments.

The trustees have also identified institutions which as a result of the economic downturn are experiencing a reduction in their fee income and have provided assistance to them in this respect as well.

Where the trustees make grants to institutions, they stipulate how these monies should be spent and constantly monitor the effectiveness of the allocation of the resources extended through the grant funding.

The trustees are of the opinion that this latter method of funding combines both objectives of the charity such that through the grants to the institution, students who are partly able or unable to pay their fees, are also assisted.

FINANCIAL REVIEW

Financial position

The Statement of Financial Activities shows deficit for the year of £966,695 (2022:£1,581,609) and total funds carried forward of £932,773 (2022: £1,899,468). There were no restricted funds as at the year end.

Principal funding sources

The Charity continues to be dependant on voluntary donations.

Reserves policy

The charity's reserves policy is to maintain sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. The trustees review this position on a regular basis.

In view of this the trustees aim to maintain a level of reserves sufficient to meet three months basic operating costs. The Cash balances of £935,461 ( 2022: £1,902,156) as at the balance sheet date ensure that the charity is well able to maintain its operating capacity.

FUTURE PLANS

We are confident that our supporters will provide us with contributions at a level to support the objects of the charity.

The Trustees are actively looking to make grants to UK Charities that satisfy the charity's objects and strict ethical criteria .

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a limited company , limited by guarantee, as defined by the Companies Act 2006.

The Charity is registered with the Charity Commission.

The Charity is organised so that the Directors and Trustees meet regularly to manage its affairs.

Recruitment and appointment of new trustees

All Directors of the company are also Trustees of the Charity, and there are no other Trustees. All of the Trustees named above served throughout the year. The Board has the power to appoint additional trustees as it considers fit to do so.

Risk management

The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01591120 (England and Wales)

Registered Charity number

1189209

Registered office

923 Finchley Road

Golders Green

London

NW11 7PE

Trustees

A Z Lew Company Director

J Stern Company Director

E Stolzberg Director

Company Secretary

Ms E Hirsch

Independent Examiner

Akiva Kahan FCA

Joseph Kahan Associates LLP

Chartered Accountants

923 Finchley Road

London

NW11 7PE

DECLARATION OF PUBLIC BENEFIT

The Trustees have considered the Charity Commission's general guidance on public benefit in deciding what activities the charity should undertake.

The 'Objectives and Activities' section explains the charity's activities which are open to anyone of the Jewish faith and in promoting advancement of adherence to the Orthodox Jewish Faith the doctrines and codes of the Jewish religion, encourage its followers to conduct themselves in a socially responsible way in the wider community.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Combined Funds Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 8th September 2023 and signed on its behalf by:

E Stolzberg - Trustee

Independent examiner's report to the trustees of Combined Funds Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th June 2023.

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.

Akiva Kahan FCA

The Institute of Chartered Accountants in England and Wales

Joseph Kahan Associates LLP

Chartered Accountants

923 Finchley Road

London

NW11 7PE

Date:

September 2023

2023

2022

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

-

85,000

Investment income

3

6,290

5,241

Total

6,290

90,241

EXPENDITURE ON

Charitable activities

4

Advancement and promotion of Jewish education and relief of poverty

970,285

1,668,960

Goverance costs

2,700

2,890

Total

972,985

1,671,850

NET INCOME/(EXPENDITURE)

(966,695

)

(1,581,609

)

RECONCILIATION OF FUNDS

Total funds brought forward

1,899,468

3,481,077

TOTAL FUNDS CARRIED FORWARD

932,773

1,899,468

2023

2022

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Investments

8

11

11

CURRENT ASSETS

Cash at bank

935,461

1,902,156

CREDITORS

Amounts falling due within one year

9

(2,699

)

(2,699

)

NET CURRENT ASSETS

932,762

1,899,457

TOTAL ASSETS LESS CURRENT LIABILITIES

932,773

1,899,468

NET ASSETS

932,773

1,899,468

FUNDS

10

Unrestricted funds

932,773

1,899,468

TOTAL FUNDS

932,773

1,899,468

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 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 8th September 2023 and were signed on its behalf by:

E Stolzberg - Trustee

Cash flows from operating activities

Cash generated from operations

1

(972,985

)

(1,586,551

)

Net cash used in operating activities

(972,985

)

(1,586,551

)

Cash flows from investing activities

Interest received

6,290

5,241

Net cash provided by investing activities

6,290

5,241

Change in cash and cash equivalents in the reporting period

(966,695

)

(1,581,310

)

Cash and cash equivalents at the beginning of the reporting period

1,902,156

3,483,466

Cash and cash equivalents at the end of the reporting period

935,461

1,902,156

1.	RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

2023

2022

£

£

Net expenditure for the reporting period (as per the Statement of Financial Activities)

(966,695

)

(1,581,609

)

Adjustments for:

Interest received

(6,290

)

(5,241

)

Increase in creditors

-

299

Net cash used in operations

(972,985

)

(1,586,551

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/22

Cash flow

At 30/6/23

£

£

£

Net cash

Cash at bank

1,902,156

(966,695

)

935,461

1,902,156

(966,695

)

935,461

Total

1,902,156

(966,695

)

935,461

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.

Preparation of consolidated financial statements

The financial statements contain information about Combined Funds Limited as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

2.	DONATIONS AND LEGACIES

2023

2022

£

£

Donations

-

85,000

3.	INVESTMENT INCOME

2023

2022

£

£

Deposit account interest

6,290

5,241

4.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

Support

activities

costs

Totals

£

£

£

Advancement and promotion of Jewish education and relief of poverty

970,235

50

970,285

Goverance costs

-

2,700

2,700

970,235

2,750

972,985

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30th June 2023 nor for the year ended 30th June 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30th June 2023 nor for the year ended 30th June 2022.

6.	STAFF COSTS

There were no staff costs for the year ended 30th June 2023 nor for the year ended 30th June 2022 .

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

85,000

Investment income

5,241

Total

90,241

EXPENDITURE ON

Charitable activities

Advancement and promotion of Jewish education and relief of poverty

1,668,960

Goverance costs

2,890

Total

1,671,850

NET INCOME/(EXPENDITURE)

(1,581,609

)

RECONCILIATION OF FUNDS

Total funds brought forward

3,481,077

TOTAL FUNDS CARRIED FORWARD

1,899,468

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST LESS IMPAIRMENT

At 1st July 2022 and 30th June 2023

11

NET BOOK VALUE

At 30th June 2023

11

At 30th June 2022

11

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Avana Estates Ltd

Registered office: 33 Hatton Gardens, London EC1N 8DL

Nature of business: Property Investment and management

%

Class of share:

holding

Ordinary

100

31.8.22

31.8.21

£

£

Aggregate capital and reserves

934,152

931,628

Profit/(loss) for the year

2,524

(147,080

)

Bank Holdings Ltd

Registered office: 33 Hatton Gardens, London EC1N 8DL

Nature of business: Property Investment and management

%

Class of share:

holding

Ordinary

100

31.1.23

31.1.22

£

£

Aggregate capital and reserves

177,977

181,784

(Loss)/profit for the year

(3,807

)

254,870

Bank Properties Ltd

Registered office: 33 Hatton Gardens, London EC1N 8DL

Nature of business: Property Investment and management

%

Class of share:

holding

Ordinary

100

31.1.22

31.1.21

£

£

Aggregate capital and reserves

3,630,345

3,630,345

Loss for the year

-

(40,874

)

Castila Estates Ltd

Registered office: 33 Hatton Gardens, London EC1N 8DL

Nature of business: Dormant

%

Class of share:

holding

Ordinary

100

30.9.22

30.9.21

£

£

Aggregate capital and reserves

46,328

46,328

Dolma Ltd

Registered office: 33 Hatton Gardens, London EC1N 8DL

Nature of business: Property Investment and management

%

Class of share:

holding

Ordinary

100

30.6.23

30.5.22

£

£

Aggregate capital and reserves

2,744,938

2,716,642

Profit for the year

28,296

18,528

Havant Investments Ltd

Registered office: 32- 33 Hatton Gardens, London EC1N 8DL

Nature of business: Dormant

%

Class of share:

holding

Ordinary

100

31.10.22

31.10.21

£

£

Aggregate capital and reserves

696,571

696,571

Kingsway Estates Ltd

Registered office: 33 Hatton Gardens, London EC1N 8DL

Nature of business: Dormant

%

Class of share:

holding

Ordinary

100

31.8.22

31.8.21

£

£

Aggregate capital and reserves

70,739

70,739

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Accrued expenses

2,699

2,699

10.	MOVEMENT IN FUNDS

Net

movement

At

At 1/7/22

in funds

30/6/23

£

£

£

Unrestricted funds

General fund

1,899,468

(966,695

)

932,773

TOTAL FUNDS

1,899,468

(966,695

)

932,773

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

6,290

(972,985

)

(966,695

)

TOTAL FUNDS

6,290

(972,985

)

(966,695

)

Comparatives for movement in funds

Net

movement

At

At 1/7/21

in funds

30/6/22

£

£

£

Unrestricted funds

General fund

3,481,077

(1,581,609

)

1,899,468

TOTAL FUNDS

3,481,077

(1,581,609

)

1,899,468

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

90,241

(1,671,850

)

(1,581,609

)

TOTAL FUNDS

90,241

(1,671,850

)

(1,581,609

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1/7/21

in funds

30/6/23

£

£

£

Unrestricted funds

General fund

3,481,077

(2,548,304

)

932,773

TOTAL FUNDS

3,481,077

(2,548,304

)

932,773

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

96,531

(2,644,835

)

(2,548,304

)

TOTAL FUNDS

96,531

(2,644,835

)

(2,548,304

)

11.	RELATED PARTY DISCLOSURES

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

.