2021-08-31-accounts - Satmar Limited

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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 2021

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 2021

		Page
Report of the Trustees	1	to	3
Independent Examiner's Report		4
Statement of Financial Activities		5
Balance Sheet	6	to	7
Notes to the Financial Statements	8	to	15

SATMAR LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021

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 2021. 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 £178,277 (2020: £80,646) and made grants to various charitable institutions whose objective closely aligns to it's own totalling £63,734 (2020: £58,742).

Investment performance

The charity received rental income of £88,915 (2020: £77,069) 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.

Page 1

SATMAR LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021

FINANCIAL REVIEW

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.

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

J Grunhut A Matyas J Posen

Company Secretary

Page 2

SATMAR LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021

REFERENCE AND ADMINISTRATIVE DETAILS

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 21 July 2022 and signed on its behalf by:

J Posen - Trustee

Page 3

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 2021.

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 A. C. A 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
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

21 July 2022

Page 4

SATMAR LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021

Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities General Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 178,277 88,915 267,192 79,755 63,734 14,262 157,751 109,441 822,965 932,406	Restricted fund £ - - - - - - - - 580,449 580,449	31.8.21 Total funds £ 178,277 88,915 267,192 79,755 63,734 14,262 157,751 109,441 1,403,414 1,512,855	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

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 5

SATMAR LIMITED

BALANCE SHEET 31 AUGUST 2021

Notes FIXED ASSETS Tangible assets 9 Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS FUNDS 16 Unrestricted funds Restricted funds TOTAL FUNDS	31.8.21 £ 5,132 3,061,815 3,066,947 4,841 38,846 43,687 (402,338) (358,651) 2,708,296 (1,195,441 ) 1,512,855 932,406 580,449 1,512,855	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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 6

continued...

SATMAR LIMITED

BALANCE SHEET - continued 31 AUGUST 2021

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 21 July 2022 and were signed on its behalf by:

J Posen - Trustee

The notes form part of these financial statements

Page 7

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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.

continued...

Page 8

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME

Rents received
RAISING FUNDS
Investment management costs
Management commission
Administrative expenses
Property repairs
Rent paid
Interest payable and similar charges
SUPPORT COSTS
Management
Finance
£
£
Other resources expended
11,045
478
General
4,245
306
15,290
784
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets

31.8.21
31.8.20
£
£
88,915
77,069
31.8.21
31.8.20
£
£
6,315
4,631
684
1,771
36,204
39,874
-
4,000
36,552
37,688
79,755
87,964
Governance
Other
costs
Totals
£
£
£
939
1,800
14,262
825
5,025
10,401
1,764
6,825
24,663
31.8.21
31.8.20
£
£
939
1,121

3. 4. SUPPORT COSTS

5. NET INCOME/(EXPENDITURE)

continued...

Page 9

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.

7. STAFF COSTS

The average monthly number of employees during the year was as follows:

8.

Staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 80,646 Investment income 77,069 Total 157,715 EXPENDITURE ON Raising funds 87,964 Charitable activities General 58,742 Other 15,089 Total 161,795 NET INCOME/(EXPENDITURE) (4,080) RECONCILIATION OF FUNDS Total funds brought forward 827,045 TOTAL FUNDS CARRIED FORWARD 822,965	31.8.21 2 Restricted fund £ - - - - - - - - 580,449 580,449	31.8.20 2 Total funds £ 80,646 77,069 157,715 87,964 58,742 15,089 161,795 (4,080) 1,407,494 1,403,414

continued...

Page 10

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

9. TANGIBLE FIXED ASSETS

Totals £ 33,706 27,635 939 28,574 5,132 6,071 £ 2,824,662 237,153	Totals £ 33,706	Totals £ 33,706
	27,635 939
	28,574
	5,132
	6,071
3,061,815
3,061,815
2,824,662
31.8.20 £ - - -
		-

continued...

Page 11

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 14) Other creditors Loan creditors Accrued expenses 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 14) 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted fund fund £ £ Fixed assets 5,132 - Investments 2,481,366 580,449 Current assets 43,687 - Current liabilities (402,338) - Long term liabilities (1,195,441 ) - 932,406 580,449	31.8.21 £ 26 146,814 246,438 9,060 402,338 31.8.21 £ 1,195,441 31.8.21 £ 26 50,000 1,145,441 31.8.21 Total funds £ 5,132 3,061,815 43,687 (402,338) (1,195,441 ) 1,512,855	31.8.20 £ - 7,919 246,438 7,260 261,617 31.8.20 £ 1,192,958 31.8.20 £ - - 1,192,958 31.8.20 Total funds £ 6,071 2,824,662 27,256 (261,617) (1,192,958 ) 1,403,414

continued...

Page 12

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

16. MOVEMENT IN FUNDS

Unrestricted funds General fund Restricted funds Fair value Reserve TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Fair value Reserve TOTAL FUNDS	At 1.9.20 £ 822,965 580,449 1,403,414 Incoming resources £ 267,192 267,192 At 1.9.19 £ 827,045 580,449 1,407,494		Net movement in funds £ 109,441 - 109,441 Resources expended £ (157,751) (157,751) Net movement in funds £ (4,080) - (4,080)	At 31.8.21 £ 932,406 580,449	At 31.8.21 £ 932,406 580,449
				1,512,855
				Movement in funds £ 109,441 109,441 At 31.8.20 £ 822,965 580,449
					109,441
					At 31.8.20 £ 822,965 580,449
				1,403,414

continued...

Page 13

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 157,715 157,715	Resources Movement expended in funds £ £ (161,795) (4,080) (161,795) (4,080)	Resources Movement expended in funds £ £ (161,795) (4,080) (161,795) (4,080)
			(4,080)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Restricted funds Fair value Reserve TOTAL FUNDS	At 1.9.19 £ 827,045 580,449 1,407,494	Net movement in funds £ 105,361 - 105,361	At 31.8.21 £ 932,406 580,449
			1,512,855

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 £ 424,907 424,907	Resources Movement expended in funds £ £ (319,546) 105,361 (319,546) 105,361	Resources Movement expended in funds £ £ (319,546) 105,361 (319,546) 105,361
			105,361

continued...

Page 14

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2021.

Page 15