REGISTERED COMPANY NUMBER: 03516862 (England and Wales) REGISTERED CHARITY NUMBER: 1070679
PALMCOURT LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
PALMCOURT LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 15 |
PALMCOURT LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 28 FEBRUARY 2022
TRUSTEES Berish Berger Shalom Seidenfeld Joshua Sternlicht Joshua Weinberger COMPANY SECRETARY Shalom Seidenfeld REGISTERED OFFICE 94 Stamford Hill London N16 6XS REGISTERED COMPANY 03516862 (England and Wales) NUMBER REGISTERED CHARITY 1070679 NUMBER AUDITORS Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS BANKERS National Westminster Bank plc Hackney London E8 1QZ
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PALMCOURT LIMITED (REGISTERED NUMBER: 03516862)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022
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 28 February 2022. 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).
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 for public benefit
The charity's properties are let rent free to be used as educational facilities, although no rent is charged the occupier is to pay for the maintenance of the properties.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity is reliant on donations. Donation for the year includes gifted properties to which improvements were made and they are now being used for educational purposes.
FINANCIAL REVIEW
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 stood at £7,071,848 (2021 - £4,341,004) of which £1,407,867 are non-distributable
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 24 July 1998.
Recruitment and appointment of new trustees
The power to appoint new trustees is vested in the board. New trustees are appointed based on personal competence, specialist skills and experience They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees.
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.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Palmcourt 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"
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PALMCOURT LIMITED (REGISTERED NUMBER: 03516862)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
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 14 December 2022 and signed on its behalf by:
Shalom Seidenfeld - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PALMCOURT LIMITED
Opinion
We have audited the financial statements of Palmcourt Limited (the 'charitable company') for the year ended 28 February 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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'.
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 28 February 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PALMCOURT LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PALMCOURT LIMITED
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.
We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.
We evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements
We concluded whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Emanuel Meyer FCA BSc (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
14 December 2022
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PALMCOURT LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Charitable activities 3 Grantmaking Support costs Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 2,769,001 20,454 17,703 38,157 2,730,844 4,341,004 7,071,848 |
2021 Total funds £ 385,161 |
|---|---|---|
| 10,617 49,303 |
||
| 59,920 | ||
| 325,241 4,015,763 |
||
| 4,341,004 |
The notes form part of these financial statements
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PALMCOURT LIMITED (REGISTERED NUMBER: 03516862)
BALANCE SHEET 28 FEBRUARY 2022
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 13 Unrestricted funds: General fund TOTAL FUNDS |
2022 Total funds £ 7,489,705 - 36,419 36,419 (16,960) 19,459 7,509,164 (437,316) 7,071,848 7,071,848 7,071,848 |
2021 Total funds £ 4,809,217 117 26,732 26,849 (46,920) (20,071) 4,789,146 (448,142) 4,341,004 4,341,004 4,341,004 |
|---|---|---|
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 14 December 2022 and were signed on its behalf by:
Shalom Seidenfeld - Trustee
The notes form part of these financial statements
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PALMCOURT LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 2,715,528 | 368,797 |
| Interest paid | (6,812) | (17,977) | |
| Net cash provided by operating activities | 2,708,716 | 350,820 | |
| Cash flows from investing activities | |||
| Purchase of tangible fixed assets | (2,680,488) | (205,856) | |
| Net cash used in investing activities | (2,680,488) | (205,856) | |
| Cash flows from financing activities | |||
| Loan repayments in year | (18,541) | (160,616) | |
| Net cash used in financing activities | (18,541) | (160,616) | |
| Change in cash and cash equivalents | |||
| in the reporting period | 9,687 | (15,652) | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 26,732 | 42,384 | |
| Cash and cash equivalents at the end | |||
| of the reporting period | 36,419 | 26,732 |
The notes form part of these financial statements
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PALMCOURT LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2022
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of | |||
| Financial Activities) | 2,730,844 | 325,241 | |
| Adjustments for: | |||
| Interest paid | 6,812 | 17,977 | |
| Decrease in debtors | 117 | - | |
| (Decrease)/increase in creditors | (22,245) | 25,579 | |
| Net cash provided by operations | 2,715,528 | 368,797 |
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1.3.21 | Cash flow | At 28.2.22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 26,732 | 9,687 | 36,419 |
| 26,732 | 9,687 | 36,419 | |
| Debt | |||
| Debts falling due within 1 year | (17,715) | 7,715 | (10,000) |
| Debts falling due after 1 year | (448,142) | 10,826 | (437,316) |
| (465,857) | 18,541 | (447,316) | |
| Total | (439,125) | 28,228 | (410,897) |
The notes form part of these financial statements
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PALMCOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022
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.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors 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. The estimates and underlying assumptions are reviewed on an ongoing basis.
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.
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.
Raising funds comprise investment management costs relating to the investment properties
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Grants are only recognised in the accounts when paid.
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. DONATIONS AND LEGACIES
| 2022 | 2021 | |
|---|---|---|
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Donations | 2,769,001 | 385,161 |
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PALMCOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
3. CHARITABLE ACTIVITIES COSTS
| 3. | CHARITABLE ACTIVITIES COSTS | |||||
|---|---|---|---|---|---|---|
| Grant | Support | |||||
| Direct | funding of | costs (see | ||||
| Costs | activities | note 4) | Totals | |||
| £ | £ | £ | £ | |||
| Grantmaking | - | 20,454 | - | 20,454 | ||
| Support costs | 10,065 | - | 7,638 | 17,703 | ||
| 10,065 | 20,454 | 7,638 | 38,157 | |||
| 4. | SUPPORT COSTS | |||||
| Governance | ||||||
| Finance | costs | Totals | ||||
| £ | £ | £ | ||||
| Support costs | 71 | 7,567 | 7,638 | |||
| Support costs, included in the above, are as follows: | ||||||
| Finance | ||||||
| 2022 | 2021 | |||||
| Support | Total | |||||
| costs | activities | |||||
| £ | £ | |||||
| Bank charges | 71 | 35 | ||||
| Governance costs | ||||||
| 2022 | 2021 | |||||
| Support | Total | |||||
| costs | activities | |||||
| £ | £ | |||||
| Auditors' remuneration | 2,520 | 2,160 | ||||
| Auditors' remuneration for non audit | ||||||
| work | 2,520 | 2,160 | ||||
| General expenses | 607 | - | ||||
| Legal and professional fees | 1,920 | - | ||||
| 7,567 | 4,320 | |||||
| 5. | NET INCOME/(EXPENDITURE) | |||||
| Net income/(expenditure) is stated after charging/(crediting): | ||||||
| 2022 | 2021 | |||||
| £ | £ | |||||
| Auditors' remuneration | 2,520 | 2,160 | ||||
| Auditors' remuneration for non audit work | 2,520 | 2,160 |
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PALMCOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2022 nor for the year ended 28 February 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2022 nor for the year ended 28 February 2021.
7. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2021 - Nil).
8. TANGIBLE FIXED ASSETS
| COST At 1 March 2021 Additions At 28 February 2022 NET BOOK VALUE At 28 February 2022 At 28 February 2021 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 12) Trade creditors Accruals and deferred income |
2022 £ - 2022 £ 10,000 - 6,960 16,960 |
Freehold property £ 4,809,217 2,680,488 7,489,705 7,489,705 4,809,217 2021 £ 117 2021 £ 17,715 21,259 7,946 46,920 |
|---|---|---|
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PALMCOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
| 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Bank loans (see note 12) 241,428 Other loans (see note 12) 195,888 437,316 12. LOANS An analysis of the maturity of loans is given below: 2022 £ Amounts falling due within one year on demand: Bank loans 10,000 Amounts falling between one and two years: Bank loans - 1-2 years 10,000 Loan 195,888 205,888 Amounts falling due between two and five years: Bank loans - 2-5 years 23,489 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 207,939 13. MOVEMENT IN FUNDS Net movement At 1.3.21 in funds £ £ Unrestricted funds General fund 4,341,004 2,730,844 TOTAL FUNDS 4,341,004 2,730,844 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 2,769,001 (38,157) TOTAL FUNDS 2,769,001 (38,157) |
2021 £ 252,254 195,888 448,142 2021 £ 17,715 21,264 195,888 217,152 64,100 166,890 At 28.2.22 £ 7,071,848 7,071,848 Movement in funds £ 2,730,844 2,730,844 |
|---|---|
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PALMCOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2022
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above Unrestricted funds General fund TOTAL FUNDS |
At 1.3.20 £ 4,015,763 4,015,763 are as follows: Incoming resources £ 385,161 385,161 |
Net movement in funds £ 325,241 325,241 Resources expended £ (59,920) (59,920) |
At 28.2.21 £ 4,341,004 4,341,004 Movement in funds £ 325,241 325,241 |
|
|---|---|---|---|---|
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 28 February 2022.
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