Charity Registration No. 1109540
Company Registration No. 01854276 (England and Wales)
ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr.M. Vorhand Mr.T. Vorhand Ms E Noe Charity number 1109540 Company number 01854276 Registered office 220 THE VALE LONDON NW11 8SR Independent examiner Michael Weissbraun, FCA Michael , Pasha & Co. 220,The Vale London NW11 8SR
ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 10 |
ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the rticles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities
The objectives of the Project, as established, continue unchanged, is to alleviate poverty of individuals and to further education according to the tenets of the orthodox jewish faith.
The basic purposes and objectives of the company are to raise funds on an ongoing basis in order to provide for needy families and religious educational institutions. However most donations went to the institutions directly, who then distribute the fund to various recipients. The basis of their distribution varied from recipient to recipient, some recipients received regular payments based on the trustees calculation of their weekly requirements and adjusted from time to time when the circumstances altered. Other recipients received help on a one-off basis with the opportunity of applying on future occasions as and when necessary.
Approval for distributions is obtained from one of the trustee's to obtain the necessary information to decide on the justification of payments. Once approval is obtained, the details are given to other two trustee for each recipient for making decision. The necessary funds are raised mainly from the two connected companies, Novaheight and Tempophase Limited even though there are outside donors occasionally.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities
the charity should undertake.
Achievements and performance
Financial review
In the period under review, the Charity made a surplus of £8,773 (2019 : £545,551, including one off revaluation on investments in Novaheights ltd of £453,687).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The reserve policy is to hold only sufficient funds need to provide donations of up to one month estimated needs.
There is no policy to invest other than to hold short term funds to enable the Reserve Policy to be met.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee (no.1854276). No dividends are paid under company's Articles of Association. There is no share capital and liability of each member is limited. Ondawn Limited is a legal registered charity (no. 1109540) and as such is not liable to income tax, corporation tax or capital gain tax. the particulars of the Charity's professional adivsers and principal address of the Charity are listed on Page 1.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr.M. Vorhand Mr.T. Vorhand
Ms E Noe
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ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
The charity's elected trustees are appointed at an Annual General Meeting of the Charity on the basis of Board's specifications concerning eligibility, personal competence, specialist skills, business and community knowledge and local availability. New trustees are inducted into the workings of the charity including Board's Policy and Procedures, at an induction workshop specially organised for them by the Chief Executive Officer.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
There is no trade creditors as at Balance Sheet date.
Ondawn Limited's board of directors, as the trustees of the Charity, are legally responsible for the overall managment control of the Charity and meet at least three times a year. The work of implementing of their policies is also carried out by the trustees who also meet to finalise the audited accounts and annual report for approval. The day to day management of the charity is delegated by the Trustees to Mr. T Vorhand and supported by all other trustees.
The trustees' report was approved by the Board of Trustees.
Mr.T. Vorhand
Trustee Dated: 13 October 2021
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ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
I report to the trustees on my examination of the financial statements of Ondawn Limited (A Company Limited By Guarantee) (the charity) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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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4 the financial statements 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 financial statements to be reached.
Michael Weissbraun, FCA Michael , Pasha & Co.
220,The Vale London NW11 8SR
Dated: 13 October 2021
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ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 52,245 | 65,218 |
| Investments | 3 | 164,199 | 184,005 |
| Total income | 216,444 | 249,223 | |
| Expenditure on: | |||
| Charitable activities | 4 | 207,671 | 157,359 |
| Net gains/(losses) on investments | 7 | - | 453,687 |
| Net movement in funds | 8,773 | 545,551 | |
| Fund balances at 1 January 2020 | 5,674,698 | 5,129,147 | |
| Fund balances at 31 December 2020 | 5,683,471 | 5,674,698 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2020 £ £ 2,357,367 3,344,684 18,941 3,363,625 (37,521) 3,326,104 5,683,471 5,683,471 5,683,471 |
2019 £ £ 2,357,367 3,308,759 46,093 3,354,852 (37,521) 3,317,331 5,674,698 5,674,698 5,674,698 |
2019 £ £ 2,357,367 3,308,759 46,093 3,354,852 (37,521) 3,317,331 5,674,698 5,674,698 5,674,698 |
|---|---|---|---|
| 5,674,698 | |||
| 5,674,698 | |||
| 5,674,698 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 13 October 2021
Mr.T. Vorhand Trustee
Company Registration No. 01854276
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ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Ondawn Limited (A Company Limited By Guarantee) is a private company limited by guarantee incorporated in England and Wales. The registered office is 220 THE VALE, LONDON, NW11 8SR.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Expenditure
There is no other expense apart from charity payments. 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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
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ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the charity holds a longterm interest and where the charity has significant influence. The charity considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Basic financial assets
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
Basic financial liabilities
Financial liabilities classified as other financial liabilities are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.
2 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Donations and gifts | 52,245 | 65,218 |
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ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Income from unlisted investments | 43,425 | 24,750 |
| Loan interest receivables | - | 159,229 |
| Interest receivable | 120,774 | 26 |
| 164,199 | 184,005 |
4 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure |
|
| Heading 1 | Heading 1 | |
| 2020 | 2019 | |
| £ | £ | |
| Charity payments | 207,625 | 157,311 |
| Charitable expenditure heading 2 | 46 | 48 |
| 207,671 | 157,359 | |
| 207,671 | 157,359 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
7 Net gains/(losses) on investments
| Total | Unrestricted | |||
|---|---|---|---|---|
| funds | ||||
| 2020 | 2019 | |||
| £ | £ | |||
| Revaluation of investments | - | 453,687 | ||
| 8 | Fixed asset investments | |||
| Other | ||||
| investments | ||||
| Cost or valuation | ||||
| At 1 January 2020 & 31 December 2020 | 2,357,367 | |||
| Carrying amount | ||||
| At 31 December 2020 | 2,357,367 | |||
| At 31 December 2019 | 2,357,367 | |||
| 2020 | 2019 | |||
| Other investments comprise: | Notes | £ | £ | |
| Investments in associates | 12 | 2,357,367 | 2,357,367 |
During the year, the investment in Novaheights limited is revalued to £2,357,367 which is based on the net assets valued of Novaheights Limited year ended 31 December 2020.
9 Debtors
| Amounts falling due within one year: Corporation tax recoverable Other debtors |
2020 £ 52,860 3,291,824 3,344,684 |
2019 £ 52,860 3,255,899 |
|---|---|---|
| 3,308,759 |
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ONDAWN LIMITED (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
10 Creditors: amounts falling due within one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Other creditors | 37,521 | 37,521 |
11 Related party transactions
Included in donation, £47,338 and £4.907 were made from Tempophase Limited and Novaheights respectively in which Mr Vorhand is director of both companies. Mr Vorhand is also a trustee of Ondawn Limited.
The interest receivable is comprised of £98,093 from Novaheights Limited and £22,662 from Tempophase Limited During the year Ondawn Limited has dividend receivable of £43,425 from Novaheights Ltd for financial year ended 31 December 2020 in which the Charity owned 45% of Novaheights Limited shareholdings.
As at of balance sheet date, the amount of £445,739 (2019: £453,239) and £2,846,085 (2019: £2,802,660) was owed by Tempophase Limited and Novaheights Limited respectively.
12 Associates
These financial statements are separate charity financial statements for Novaheights Limited.
Details of the charity's associates at 31 December 2020 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held | |
|---|---|---|---|---|---|
| office | shares held | Direct Indirect | |||
| Novaheights Ltd | England & | Property investments | Ordinary | ||
| Wales | shares | 45.00 | - |
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