REGISTERED COMPANY NUMBER: 05544490 (England and Wales) REGISTERED CHARITY NUMBER: 1115025
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
FOR
SATMAR LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
SATMAR LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Statement of Cash Flows | 7 | ||
| Notes to the Statement of Cash Flows | 8 | ||
| Notes to the Financial Statements | 9 | to | 15 |
SATMAR LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
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 31 August 2020. 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 main objective of the charity was that of relief of poverty, sickness and infirmity amongst persons of the Jewish faith, advancement of orthodox Jewish religious education and Jewish faith.
Significant activities
The financial results of the charity's activities for the period ended 31 August 2020 are fully reflected in the attached financial statements together with the notes thereon.
The trustees are satisfied with the results and activities of the charity for the year and do not anticipate any significant changes in the forthcoming year.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity's Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning future activities and setting the grant making policy for the year.
The charity was set up to support the activities of religious Jewish organisations especially in the field of education. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations, which themselves are growing not only in England but also worldwide.
The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and also through the distribution of basic necessities.
The income of the charity is derived from investments and donations. The trustees continued their support of those organisations deemed to promote the objects of this charity.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the objectives of the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity received donations totalling £80,646 (2019: £722,352) and made grants to various charitable institutions whose objective closely aligns to it's own totalling £58,742 (2019: £154,000).
Investment performance
The charity received rental income of £77,069 (2019: £46,504) from its investment properties.
FINANCIAL REVIEW
Principal funding sources
The charity is financially dependent on income from investment property and generous charitable donation.
Investment policy and objectives
The governing document of the charity, memorandum and article of association, authorizes the trustees to make and hold investments using the general funds of the charity.
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.
Going concern
The trustees are confident that the charity will continue to operate for foreseeable future.
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SATMAR LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by it's governing document, it's memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act, 2006.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Related parties
The details of transactions and account balance with related parties are disclosed in the notes to the financial statements wherever necessary.
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
05544490 (England and Wales)
Registered Charity number
1115025
Registered office
71 Fairholt Road London N16 5EW
Trustees
A Matyas J Posen
Company Secretary
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 11 December 2020 and signed on its behalf by:
J Posen - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SATMAR LIMITED
Independent examiner's report to the trustees of SATMAR LIMITED ('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
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 2. the accounts do not accord with those records; or
-
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
-
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.
M A Venitt A. C. A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
11 December 2020
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SATMAR LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 General Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 80,646 77,069 157,715 87,964 58,742 15,089 161,795 (4,080) 827,045 822,965 |
Restricted fund £ - - - - - - - - 580,449 580,449 |
31.8.20 Total funds £ 80,646 77,069 157,715 87,964 58,742 15,089 161,795 (4,080) 1,407,494 1,403,414 |
31.8.19 Total funds £ 722,352 46,504 |
|---|---|---|---|---|
| 768,856 50,680 154,000 42,976 |
||||
| 247,656 | ||||
| 521,200 886,294 |
||||
| 1,407,494 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 4
SATMAR LIMITED
STATEMENT OF FINANCIAL POSITION 31 AUGUST 2020
| Notes FIXED ASSETS Tangible assets 12 Investment property 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 19 Unrestricted funds Restricted funds TOTAL FUNDS |
31.8.20 £ 6,071 2,824,662 2,830,733 - 27,256 27,256 (261,617) (234,361) 2,596,372 (1,192,958 ) 1,403,414 822,965 580,449 1,403,414 |
31.8.19 £ 7,192 2,824,662 2,831,854 2,530 45,422 47,952 (667,813) (619,861) 2,211,993 (804,499) 1,407,494 827,045 580,449 1,407,494 |
|---|---|---|
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
-
(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.
The notes form part of these financial statements
Page 5
continued...
SATMAR LIMITED
STATEMENT OF FINANCIAL POSITION - 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 11 December 2020 and were signed on its behalf by:
J Posen - Trustee
The notes form part of these financial statements
Page 6
SATMAR LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of investment property Net cash provided by/(used in) investing activities Cash flows from financing activities New loans in year Net cash provided by financing 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 |
31.8.20 £ (368,937) (37,688) (406,625) - - 388,459 388,459 (18,166) 45,422 27,256 |
31.8.19 £ 518,540 (8,793) 509,747 (1,324,662 ) (1,324,662 ) 804,499 804,499 (10,416) 55,838 45,422 |
|---|---|---|
The notes form part of these financial statements
Page 7
SATMAR LIMITED
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest paid Decrease/(increase) in debtors Decrease in creditors Net cash (used in)/provided by operations |
31.8.20 £ (4,080) 1,121 37,688 2,530 (406,196) (368,937) |
31.8.19 £ 521,200 1,344 8,793 (396) (12,401) 518,540 |
|---|---|---|
- ANALYSIS OF CHANGES IN NET DEBT
| Net cash Cash at bank Debt Debts falling due after 1 year Total |
At 1.9.19 £ 45,422 45,422 (804,499) (804,499) (759,077) |
Cash flow £ (18,166) (18,166) (388,459) (388,459) (406,625) |
At 31.8.20 £ 27,256 27,256 (1,192,958 ) (1,192,958 ) (1,165,702 ) |
|---|---|---|---|
The notes form part of these financial statements
Page 8
SATMAR LIMITED
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.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Governance costs
Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include independent examination, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance Computer equipment - 33% on reducing balance
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in 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.
continued...
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SATMAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
| 2. DONATIONS AND LEGACIES Donations Grants Membership Grants received, included in the above, are as follows: Other grants 3. INVESTMENT INCOME Rents received 4. RAISING FUNDS Investment management costs Management commission Administrative expenses Property repairs Rent paid Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Direct (see note Costs 6) £ £ General 35,559 10,335 |
31.8.20 £ 48,150 3,237 29,259 80,646 31.8.20 £ 3,237 31.8.20 £ 77,069 31.8.20 £ 4,631 1,771 39,874 4,000 37,688 87,964 Support costs (see note 7) £ 12,848 |
31.8.19 £ 696,383 - 25,969 |
31.8.19 £ 696,383 - 25,969 |
|---|---|---|---|
| 722,352 | |||
| 31.8.19 £ - 31.8.19 £ 46,504 31.8.19 £ 2,790 615 34,482 4,000 8,793 50,680 Totals £ 58,742 |
|||
| 50,680 | |||
| Totals £ 58,742 |
continued...
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SATMAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
6. GRANTS PAYABLE
| GRANTS PAYABLE | ||
|---|---|---|
| General The total grants paid to institutions during the year was as follows: Charitable |
31.8.20 £ 10,335 31.8.20 £ 2,600 |
31.8.19 £ 113,374 |
| 31.8.19 £ 113,374 |
7. SUPPORT COSTS
| Management £ Other resources expended 11,805 General 1,514 13,319 |
Finance £ 723 7,646 8,369 |
Governance Other costs £ £ 1,121 1,440 1,185 2,503 2,306 3,943 |
Totals £ 15,089 12,848 |
|---|---|---|---|
| 27,937 |
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.8.20 | 31.8.19 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 1,121 | 1,344 |
9. 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.
10. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 31.8.20 | 31.8.19 | |
| £ | £ | |
| Wages and salaries | 11,805 | 16,661 |
| 11,805 | 16,661 | |
| The average monthly number of employees during the year was as follows: | ||
| 31.8.20 | 31.8.19 | |
| Staff | 2 | 3 |
No employees received emoluments in excess of £60,000.
continued...
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SATMAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
| 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities General Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 12. TANGIBLE FIXED ASSETS COST At 1 September 2019 and 31 August 2020 DEPRECIATION At 1 September 2019 Charge for year At 31 August 2020 NET BOOK VALUE At 31 August 2020 At 31 August 2019 |
ACTIVITIES Unrestricted fund £ 722,352 46,504 768,856 50,680 154,000 42,976 247,656 521,200 305,845 827,045 Fixtures and fittings £ 32,206 25,250 1,043 26,293 5,913 6,956 |
Restricted fund £ - - - - - - - - 580,449 580,449 Computer equipment £ 1,500 1,264 78 1,342 158 236 |
Total funds £ 722,352 46,504 |
Total funds £ 722,352 46,504 |
|---|---|---|---|---|
| 768,856 50,680 154,000 42,976 |
||||
| 247,656 | ||||
| 521,200 886,294 |
||||
| 1,407,494 | ||||
| Totals £ 33,706 26,514 1,121 27,635 6,071 7,192 |
continued...
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SATMAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
13. INVESTMENT PROPERTY
| FAIR VALUE At 1 September 2019 and 31 August 2020 NET BOOK VALUE At 31 August 2020 At 31 August 2019 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.20 £ Trade debtors - Other debtors - - 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.20 £ Other creditors 7,919 Loan creditors 246,438 Accrued expenses 7,260 261,617 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.8.20 £ Bank loans (see note 17) 1,192,958 17. LOANS An analysis of the maturity of loans is given below: 31.8.20 £ Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 1,192,958 |
£ 2,824,662 |
£ 2,824,662 |
|---|---|---|
| 2,824,662 | ||
| 2,824,662 | ||
| 31.8.19 £ 2,134 396 2,530 31.8.19 £ 15,555 646,438 5,820 |
||
| 667,813 | ||
| 31.8.19 £ 804,499 |
||
| 31.8.19 £ 804,499 |
continued...
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SATMAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed assets Investments Current assets Current liabilities Long term liabilities 19. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Fair value Reserve TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Fair value Reserve TOTAL FUNDS |
Unrestricted fund £ 6,071 2,244,213 27,256 (261,617) (1,192,958 ) 822,965 as follows: |
Restricted fund £ - 580,449 - - - 580,449 At 1.9.19 £ 827,045 580,449 1,407,494 Incoming resources £ 157,715 157,715 At 1.9.18 £ 305,845 580,449 886,294 |
31.8.20 Total funds £ 6,071 2,824,662 27,256 (261,617) (1,192,958 ) 1,403,414 Net movement in funds £ (4,080) - (4,080) Resources expended £ (161,795) (161,795) Net movement in funds £ 521,200 - 521,200 |
31.8.19 Total funds £ 7,192 2,824,662 47,952 (667,813) (804,499) 1,407,494 At 31.8.20 £ 822,965 580,449 1,403,414 Movement in funds £ (4,080) (4,080) At 31.8.19 £ 827,045 580,449 1,407,494 |
|---|---|---|---|---|
continued...
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SATMAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
19. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 768,856 TOTAL FUNDS 768,856 A current year 12 months and prior year 12 months combined position is as follows: At 1.9.18 £ Unrestricted funds General fund 305,845 Restricted funds Fair value Reserve 580,449 TOTAL FUNDS 886,294 |
Incoming resources £ Unrestricted funds General fund 768,856 TOTAL FUNDS 768,856 A current year 12 months and prior year 12 months combined position is as follows: At 1.9.18 £ Unrestricted funds General fund 305,845 Restricted funds Fair value Reserve 580,449 TOTAL FUNDS 886,294 |
Resources expended £ (247,656) (247,656) Net movement in funds £ 517,120 - 517,120 |
Movement in funds £ 521,200 521,200 At 31.8.20 £ 822,965 580,449 1,403,414 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 926,571 926,571 |
Resources Movement expended in funds £ £ (409,451) 517,120 (409,451) 517,120 |
|---|---|---|
20. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020.
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