REGISTERED COMPANY NUMBER: 04501003 (England and Wales) REGISTERED CHARITY NUMBER: 1101241
V.H.L.T LTD (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
V.H.L.T LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 14 |
V.H.L.T LTD
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2020
TRUSTEES Y Frand A Streicher Y Marmorstein R Frand REGISTERED OFFICE 61 Fairholt Road London N16 5EW REGISTERED COMPANY 04501003 (England and Wales) NUMBER REGISTERED CHARITY 1101241 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS The Royal Bank of Scotland plc 40 Islington High Street London N1 8XB
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V.H.L.T LTD (REGISTERED NUMBER: 04501003)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Object for public benefit
The objects of the charity are to advance religion in accordance with the Orthodox Jewish faith and the relief of poverty, in particular by assisting individuals in need of food, clothing, shelter or medical services who are unable to afford these from their own means. The charity also supports educational and religious institutions and gives grants and scholarships to suitable qualified students.
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit.
Grantmaking
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The income and expenditure of the charity both rose by a small amount and there was a surplus for the year. During the year the charity continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion, and the relief of poverty. The charity also helped needy individuals and families..
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 were £124,678 (2019 - £96,574) of which £49,362 (2019 - £55,368) are free reserves.
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 1 August 2002.
Organisational structure
The power to appoint new trustees is vested in the continuing 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 that the charity faces and confirm that they have established systems to mitigate them.
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V.H.L.T LTD (REGISTERED NUMBER: 04501003)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
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 20 July 2021 and signed on its behalf by:
Y Frand - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF V.H.L.T LTD
Independent examiner's report to the trustees of V.H.L.T LTD ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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 Institute of Chartered Accountants in England and Wales Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
20 July 2021
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V.H.L.T LTD
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020
| 2020 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 709,089 EXPENDITURE ON Raising funds 3 25,168 Charitable activities 4 Charitable activities 656,317 Total 681,485 NET INCOME 27,604 RECONCILIATION OF FUNDS Total funds brought forward 96,574 TOTAL FUNDS CARRIED FORWARD 124,178 |
2019 Total funds £ 693,625 27,207 628,377 |
|---|---|
| 655,584 | |
| 38,041 58,533 |
|
| 96,574 |
The notes form part of these financial statements
Page 5
V.H.L.T LTD (REGISTERED NUMBER: 04501003)
BALANCE SHEET 31 AUGUST 2020
| Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 12 NET ASSETS FUNDS Unrestricted funds: General fund TOTAL FUNDS |
2020 Total funds £ 1 99,815 51,042 150,857 (1,680) 149,177 149,178 (25,000) 124,178 124,178 124,178 |
2019 Total funds £ 1 41,305 58,508 99,813 (3,240) 96,573 96,574 - 96,574 96,574 96,574 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
The notes form part of these financial statements
Page 6
V.H.L.T LTD (REGISTERED NUMBER: 04501003)
BALANCE SHEET - continued 31 AUGUST 2020
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 20 July 2021 and were signed on its behalf by:
Y Frand - Trustee
The notes form part of these financial statements
Page 7
V.H.L.T LTD
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020
| Notes Cash flows from operating activities Cash generated from operations 1 Loan received Net cash (used in)/provided by operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2020 £ (32,466) 25,000 (7,466) (7,466) 58,508 51,042 |
2019 £ 40,981 - |
|---|---|---|
| 40,981 | ||
| 40,981 17,527 |
||
| 58,508 |
The notes form part of these financial statements
Page 8
V.H.L.T LTD
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of | |||
| Financial Activities) | 27,604 | 38,041 | |
| Adjustments for: | |||
| (Increase)/decrease in debtors | (58,510) | 2,700 | |
| (Decrease)/increase in creditors | (1,560) | 240 | |
| Net cash (used in)/provided by operations | (32,466) | 40,981 |
- ANALYSIS OF CHANGES IN NET FUNDS
| At 1.9.19 | Cash flow | At 31.8.20 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 58,508 | (7,466) | 51,042 |
| 58,508 | (7,466) | 51,042 | |
| Debt | |||
| Debts falling due after 1 year | - | (25,000) | (25,000) |
| - | (25,000) | (25,000) | |
| Total | 58,508 | (32,466) | 26,042 |
The notes form part of these financial statements
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V.H.L.T LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
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.
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.
Donations are included in full in the Statement of Financial Activities 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.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance cost are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
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
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2020 | 2019 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Donations | 709,089 | 693,625 |
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V.H.L.T LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
3. RAISING FUNDS
Raising donations and legacies
| 2020 Unrestricted funds £ Telephone 290 Postage and stationery 17,439 Advertising 7,439 25,168 |
2019 Total funds £ 574 22,636 3,997 |
|---|---|
| 27,207 |
4. CHARITABLE ACTIVITIES COSTS
| 4. CHARITABLE ACTIVITIES COSTS |
|||
|---|---|---|---|
| Grant funding of activities (see note 5) £ Charitable activities 651,064 5. GRANTS PAYABLE Charitable activities The total grants paid to institutions during the year was as follows: Relief of poverty Education Advancement of religion Vaad Harabonim Israel Olam Chesed Yiboneh Keren Metzuda Others under £12,000 The total grants paid to individuals during the year was as follows: Relief of poverty |
Support costs (see note 6) £ 5,253 2020 £ 651,064 2020 £ 572,739 41,445 5,580 619,764 572,633 19,500 12,092 19,509 619,764 2020 £ 31,300 |
Totals £ 656,317 |
|
| 2019 £ 624,006 |
|||
| 2019 £ 421,876 8,020 169,460 |
|||
| 599,356 | |||
| 2019 £ 24,650 |
|||
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V.H.L.T LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
6. SUPPORT COSTS
| Finance £ Charitable activities 1,685 Support costs, included in the above, are as follows: Finance Bank charges Other Sundry expenses Governance costs Independent examiner's fee Independent examiner's other fees General expenses Legal and professional fees |
Governance Other costs Totals £ £ £ 419 3,149 5,253 2020 2019 Charitable Total activities activities £ £ 1,685 2,055 2020 2019 Charitable Total activities activities £ £ 419 419 2020 2019 Charitable Total activities activities £ £ 480 480 1,200 1,200 769 217 700 - 3,149 1,897 |
|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
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V.H.L.T LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
8. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2019 - Nil).
9. TANGIBLE FIXED ASSETS
| COST At 1 September 2019 and 31 August 2020 DEPRECIATION At 1 September 2019 and 31 August 2020 NET BOOK VALUE At 31 August 2020 At 31 August 2019 10. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income Accrued expenses 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 13) 13. LOANS An analysis of the maturity of loans is given below: Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal |
Computer equipment £ 557 556 1 1 2020 2019 £ £ 99,815 41,305 2020 2019 £ £ (1,560) - 3,240 3,240 1,680 3,240 2020 2019 £ £ 25,000 - 2020 2019 £ £ 25,000 - |
|---|---|
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V.H.L.T LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020.
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