Closehelm Limited - Charities report - 18.1

REGISTERED COMPANY NUMBER: 01777233 (England and Wales)

REGISTERED CHARITY NUMBER: 291296

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED

30 MARCH 2018

FOR

CLOSEHELM LIMITED

CLOSEHELM LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS

For The Year Ended 30 March 2018

Page

Report of the Trustees

1 to 2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

Notes to the Financial Statements

6 to 12

CLOSEHELM LIMITED (REGISTERED NUMBER: 01777233)

REPORT OF THE TRUSTEES

For The Year Ended 30 March 2018

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 30 March 2018. 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 2015).

OBJECTIVES AND ACTIVITIES

The charity's main object and its principal activity is to support poor people in financial need. It continues to derive its income from

its investment property and gift aid donations.

The Trustees have given due regard to public benefit when planning the charity's activities, in accordance with the Charity

Commission's guidance on Public Benefit.

During the period, the charity made grants in furtherance of its objects to relieve poverty and advance the Jewish Faith of £157,165

(2017: £160,861) .

ACHIEVEMENT AND PERFORMANCE

Charitable Activities

The charity's income derives from investments, rent and charitable donations, which is applied for charitable purposes in accordance

with its Memorandum and Articles of Association.

Rental income derived from its investment properties provided an overall yield of 6.3% (2017: 6.0%) during the year. Eliminating

two of its investment properties, which are let on a rent free basis at a combined value of £1,085,000 (2017: £1,085,000), a yield of

9.6% (2017: 9.1%) was achieved. This is consistent and in line with expectations.

Total incoming resources available for grant distribution (i.e.Total incoming resources less expenditure on raising funds and support

costs) amounted to £219,150 (2017: £200,577).

2018 2017

£ £

Total Grants paid during the period 157,165 160,861

Grants are made to individuals and institutions in financial need in accordance with the charity's Memorandum and Articles of

Association. These grants typically cover the housing costs of individuals with low incomes. Grants made in the period represented a

distribution of 72% of this period's available funds for grant distribution (2017: 80%).

FINANCIAL REVIEW

Reserves Policy

All of the charity's funds are unrestricted. The Trustees have an objective to achieve unrestricted reserves of net current assets to equal

six months running costs to cover the risk presented by the current economic environment which has seen commercial properties

unoccupied and downward pressure on rents receivable. This would equate to £90,145 (2017: £87,072) in respect of this financial

year. The charity currently has a net deficit of current assets over its current liabilities of £153,402 (2017: £149,787) and the charity is

working towards this objective.

FUTURE PLANS

The trustees continue to seek ways to maximise the charity's income from its investment properties to facilitate the continued grant

making in support of its charitable objects.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Closehelm Limited is a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 12

December 1983. The company is registered as a charity with the Charity Commission.

Recruitment and Appointment of Trustees

New Trustees are appointed by the existing Trustee Board and in accordance with the charity's governing document shall hold office

until death, resigns or is disqualified/removed from office. The charity must have a minimum of three trustees, to a maximum of 10

Trustees.

Induction and training of new Trustees

Upon appointment new Trustees are provided with an induction pack which contains the Memorandum and Articles of Association,

copies of the past three year's financial statements and a copy of the Charity Commission's guide on Trustees responsibilities

Organisation Structure

All the Directors of the company are also Trustees of the charity. Whenever this report of the accompanying financial statements refer

to the Directors, it includes the Trustees. The Board of Trustees administers the charity. The Board meets monthly.

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.

The trustees have a risk management strategy which comprises an annual review of the risks the charity may face, the establishment of

systems and procedures to mitigate those risks identified in the plan and implementation of procedures designed to minimise any

potential impact on the charity should those risks materialise. This work has not identified any new risks but it has resulted in better

procedures and contingency plans and has given the impetus for better planning. A key element in the management of financial risk is

the setting of a reserves policy and its regular review by the Trustees.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01777233 (England and Wales)

Registered Charity number

291296

Registered office

6th Floor

Dean Park House

Dean Park Crescent

Bournemouth

Dorset

BH1 1HP

Principal address

30 Armitage Road

London

NW11 8RD

Trustees

Mr A Van Praagh

Director

Mrs H Van Praagh

Director

Mrs H R Grosberg

Director

Mr D Van Praagh

Director

Company Secretary

Mrs H Van Praagh

Independent examiner

Schofields

Chartered Accountants

6th Floor

Dean Park House

Dean Park Crescent

Bournemouth

Dorset

BH1 1HP

Bankers

Barclays Bank Plc

126 Station Road

Edgware

Middlesex

HA8 7RY

Chief Executive Officer - Mr A Van Praagh.

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 28 September 2018 and signed on its behalf by:

Mr D Van Praagh - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

CLOSEHELM LIMITED (REGISTERED NUMBER: 01777233)

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

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 March 2018.

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

Mr P J Schofield

ICAEW

Schofields

Chartered Accountants

6th Floor

Dean Park House

Dean Park Crescent

Bournemouth

Dorset

BH1 1HP

28 September 2018

CLOSEHELM LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

For The Year Ended 30 March 2018

2018

2017

Unrestricted fund

Total funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

43,408

23,750

Investment income

4

198,866

188,296

Other income

5

-

1,813

Total

242,274

213,859

EXPENDITURE ON

Raising funds

Investment management costs

6

7,295

6,131

7,295

6,131

Charitable activities

7

Relief of Poverty and advancement of the Jewish Faith

172,994

168,012

Other

10

-

(94,400

)

Total

180,289

79,743

Net gains/(losses) on investments

-

100,000

NET INCOME

61,985

234,116

RECONCILIATION OF FUNDS

Total funds brought forward

2,944,613

2,710,497

TOTAL FUNDS CARRIED FORWARD

3,006,598

2,944,613

CLOSEHELM LIMITED (REGISTERED NUMBER: 01777233)

BALANCE SHEET

At 30 March 2018

2018

2017

Unrestricted fund

Total funds

Notes

£

£

FIXED ASSETS

Investment property

14

3,160,000

3,160,000

CURRENT ASSETS

Debtors

15

32,875

35,152

Cash at bank

102,173

149,338

135,048

184,490

CREDITORS

Amounts falling due within one year

16

(288,450

)

(334,277

)

NET CURRENT ASSETS/(LIABILITIES)

(153,402

)

(149,787

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,006,598

3,010,213

PROVISIONS FOR LIABILITIES

17

-

(65,600

)

NET ASSETS

3,006,598

2,944,613

FUNDS

18

Unrestricted funds

3,006,598

2,944,613

TOTAL FUNDS

3,006,598

2,944,613

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 30 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2018 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 special provisions of Part 15 of the Companies Act 2006

relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 28 September 2018 and were signed on its behalf by:

Mr D Van Praagh -Trustee

Mr A Van Praagh -Trustee

CLOSEHELM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 30 March 2018

1.	STATUTORY INFORMATION

Closehelm Limited is a private company limited by guarantee, registered in England and Wales. In the event of the charity

being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the

registered office is given in the charity information on page 2 of these financial statements. The nature of the charity's

operations and principal activities are the advancement of religion in accordance with the Orthodox Jewish Faith and the

relief of poverty.

2.	ACCOUNTING POLICIES

Basis of preparation

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 2015)', 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, as modified by the revaluation of certain assets.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the

grounds that it is applying FRS 102 Section 1A

Going Concern

The company is dependent on the continued support of companies controlled by the Trustees' and their agreement of

deferring the amounts due to them. There are no reasons to suggest that this support shall not continue for a period in excess

of twelve months from the approval of the accounts.

On this basis it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not

include any adjustments that would result from a withdrawal of financial support.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the Trustees are required to make judgements, estimates and assumptions about

the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying

assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ

from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

In the view of the Trustees, there are no assumptions concerning the future estimation uncertainty affecting assets or

liabilities at the Balance Sheet date that are likely to result in a material adjustment to their carrying amounts in the next

financial year.

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.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at

each reporting date with changes in fair value recognised in 'net gains / (losses) on investments' on the Statement of Financial

Activities.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

Any losses arising from impairment are recognised in expenditure.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less

than three months from the date of acquisition.

Provisions

Provisions are recognised when, and only when, it is probable that a present obligation exists. as a result of a a past event and

the transfer of economic benefit can be reliably estimated.

Financial instruments

All financial assets and liabilities are recognised as basic financial instruments which are initially recognised at transaction

value and subsequently measured at their settlement value

3.	DONATIONS AND LEGACIES

2018

2017

£

£

Donations and gifts

43,408

23,750

4.	INVESTMENT INCOME

2018

2017

£

£

Rents received

198,866

188,250

Deposit account interest

-

46

198,866

188,296

5.	OTHER INCOME

2018

2017

£

£

Bank charges refunded

-

1,813

6.	INVESTMENT MANAGEMENT COSTS

2018

2017

£

£

Rates and water

3,269

216

Light and heat

339

-

Property repairs and maintenance

403

9,786

Service charges received

(5,122

)

(5,679

)

Management and administrative charges

1,599

1,246

Insurance

2,051

537

Bank charges

-

25

Legal and professional fees

4,756

-

7,295

6,131

7.	CHARITABLE ACTIVITIES COSTS

Grant funding of activities

Support costs

Totals

(See note 8)

(See note 9)

£

£

£

Relief of Poverty and advancement of the Jewish Faith

157,165

15,829

172,994

8.	GRANTS PAYABLE

2018

2017

£

£

Relief of Poverty and advancement of the Jewish Faith

157,165

160,861

The total grants paid to institutions during the year was as follows:

2018

2017

£

£

Beenstock Home

1,716

1,716

Zaks

96,612

99,659

D Sassoon

5,522

5,500

Friends of Karlin Stolin

250

-

Friends of Mir

-

500

Chanichel Yesivas Jewish Teacher

1,440

1,440

Kolyom Trust

250

250

Zichron Shaul

-

120

Friends of Kolel Daf Hayomi Trust

800

800

Meor Hatorah

-

360

Zedek

10,000

-

The Fort Trust

1,500

-

The Minyan

250

-

118,340

110,345

The total grants paid to individuals during the year was as follows:

2018

2017

£

£

Grants to individuals

38,825

50,516

9.	SUPPORT COSTS

Finance

Governance costs

Totals

£

£

£

Relief of Poverty and advancement of the Jewish Faith

2,039

13,790

15,829

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

Finance

2018

2017

Relief of Poverty and advancement of the Jewish Faith

Total activities

£

£

Bookkeeping

2,039

2,061

Governance costs

2018

2017

Relief of Poverty and advancement of the Jewish Faith

Total activities

£

£

Legal and professional fees

10,000

1,505

Independent Examiners fees

3,790

3,585

13,790

5,090

10.

OTHER

2018

2017

£

£

(Release of)/Increase in provision for HM Revenue and Customs settlement

-

(94,400

)

11.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 March 2018 nor for the year ended

30 March 2017.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 March 2018 nor for the year ended 30 March 2017.

12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

23,750

Investment income

188,296

Other income

1,813

Total

213,859

EXPENDITURE ON

Raising funds

6,131

Charitable activities

Relief of Poverty and advancement of the Jewish Faith

168,012

Other

(94,400

)

Total

79,743

Net gains/(losses) on investments

100,000

NET INCOME

234,116

RECONCILIATION OF FUNDS

Total funds brought forward

2,710,497

TOTAL FUNDS CARRIED FORWARD

2,944,613

13.	INDEPENDENT EXAMINERS REMUNERATION

2018

2017

£

£

Independent Examiners fees

3,790

3,585

14.	INVESTMENT PROPERTY

£

MARKET VALUE

At 31 March 2017 and 30 March 2018

3,160,000

NET BOOK VALUE

At 30 March 2018

3,160,000

At 30 March 2017

3,160,000

Investment property was valued on an open market basis on 30 March 2018 by the Trustees. The historic cost of the

investment property amounts to £3,611,462 (2017: £3,611,462).

15.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

15,964

15,693

Other debtors

13,204

8,151

Prepayments and accrued income

3,707

11,308

32,875

35,152

16.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

7,535

3,739

Social security and other taxes

8,800

10,470

Other creditors

19,180

24,180

Due to associated companies

179,152

225,902

Accruals and deferred income

73,783

69,986

288,450

334,277

Deferred income comprises quarterly rents and service charges received in advance as follows:

£

Balance at 31 March 2017

61,339

Amounts released to investment income

(54,725

)

Amounts deferred in year

55,409

Balance at 30 March 2018

62,023

17.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Provisions

-

65,600

2018

2017

£

£

H M Revenue and Customs

Nil

65,600

£

Balance at 31 March 2017

65,600

Obligation discharged in the period

(65,600

)

Balance at 30 March 2018

-

The provision relates to a tax settlement which was agreed with HMRC and fully discharged during the period under review.

18.	MOVEMENT IN FUNDS

At 31.3.17

Net movement in funds

At 30.3.18

£

£

£

Unrestricted funds

General fund

2,944,613

61,985

3,006,598

TOTAL FUNDS

2,944,613

61,985

3,006,598

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

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

242,274

(180,289

)

61,985

TOTAL FUNDS

242,274

(180,289

)

61,985

Comparatives for movement in funds

At 31.3.16

Net movement in funds

At 30.3.17

£

£

£

Unrestricted Funds

General fund

2,710,497

234,116

2,944,613

TOTAL FUNDS

2,710,497

234,116

2,944,613