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← Satmar Limited

2024-08-31-accounts

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 2024

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 2024

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5 to 6
Notes to the Financial Statements 7 to 13

SATMAR LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

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 2024. 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 £71,868 (2023: £62,415) and made grants to various charitable institutions whose objective closely aligns to it's own totalling £63,656 (2023: £51,876).

Investment performance

The charity received rental income of £105,698 (2023: £96,237) 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.

Page 1

SATMAR LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024

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

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 March 2025 and signed on its behalf by:

J Posen - Trustee

Page 2

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 2024.

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:

  1. 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

  2. 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

  3. 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

Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

11 March 2025

Page 3

SATMAR LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

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
£
71,868
105,698
177,566
115,867
63,656
21,369
200,892
(23,326)
923,413
900,087		 Restricted
fund
£
-
-
-
-
-
-
-
-
580,449
580,449		 31.8.24
Total
funds
£
71,868
105,698
177,566
115,867
63,656
21,369
200,892
(23,326)
1,503,862
1,480,536		 31.8.23
Total
funds
£
62,415
96,237
158,652
86,954
51,876
18,507
157,337
1,315
1,502,547
1,503,862

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 4

SATMAR LIMITED

BALANCE SHEET 31 AUGUST 2024

Notes
FIXED ASSETS
Tangible assets
9
Investment property
10
CURRENT ASSETS
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
15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.8.24
£
3,118
3,061,815
3,064,933
1,413
(470,598)
(469,185)
2,595,748
(1,115,212 )
1,480,536
900,087
580,449
1,480,536		 31.8.23
£
3,678
3,061,815
3,065,493
8,406
(441,122)
(432,716)
2,632,777
(1,128,915 )
1,503,862
923,413
580,449
1,503,862

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 5

continued...

SATMAR LIMITED

BALANCE SHEET - continued 31 AUGUST 2024

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 March 2025 and were signed on its behalf by:

J Posen - Trustee

The notes form part of these financial statements

Page 6

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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...

Page 7

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

2. INVESTMENT INCOME

Rents received
RAISING FUNDS
Investment management costs
Management commission
Administrative expenses
Property repairs
Interest payable and similar charges
SUPPORT COSTS
Management
Finance
£
£
Other resources expended
17,926
483
General
3,646
536
21,572
1,019
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 31.8.24
£
105,698
31.8.24
£
6,923
184
18,098
90,662
115,867
Governance
Other
costs
£
£
560
2,400
1,361
-
1,921
2,400
31.8.24
£
560		 31.8.23
£
96,237		 31.8.23
£
96,237
31.8.23
£
6,383
425
12,996
67,150
86,954
Totals
£
21,369
5,543
26,912
31.8.23
£
665		 Totals
£
21,369
5,543
26,912

3. RAISING FUNDS Investment management costs

4. SUPPORT COSTS

5. NET INCOME/(EXPENDITURE)

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.

continued...

Page 8

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

7. STAFF COSTS

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

Staff
No employees received emoluments in excess of £60,000.
8.
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		 ACTIVITIES
Unrestricted
fund
£
62,415
96,237
158,652
86,954
51,876
18,507
157,337
1,315
922,098
923,413		 31.8.24
2
Restricted
fund
£
-
-
-
-
-
-
-
-
580,449
580,449		 31.8.23
2
Total
funds
£
62,415
96,237
158,652
86,954
51,876
18,507
157,337
1,315
1,502,547
1,503,862

continued...

Page 9

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

9. TANGIBLE FIXED ASSETS

Fixtures
and
fittings
£
COST
At 1 September 2023 and 31 August 2024
32,206
DEPRECIATION
At 1 September 2023
28,575
Charge for year
545
At 31 August 2024
29,120
NET BOOK VALUE
At 31 August 2024
3,086
At 31 August 2023
3,631
10.
INVESTMENT PROPERTY
FAIR VALUE
At 1 September 2023
and 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Loan creditors
Accrued expenses		 Computer
equipment
£
1,500
1,453
15
1,468
32
47
31.8.24
£
321,650
133,780
15,168
470,598		 Totals
£
33,706
30,028
560
30,588
3,118
3,678
£
3,061,815		 Totals
£
33,706
30,028
560
30,588
3,118
3,678
£
3,061,815		 Totals
£
33,706
30,028
560
30,588
3,118
3,678
3,061,815
3,061,815
31.8.23
£
294,574
133,780
12,768
441,122

continued...

Page 10

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24
£
Bank loans (see note 13)
1,115,212
13.
LOANS
An analysis of the maturity of loans is given below:
31.8.24
£
Amounts falling due between two and five years:
Bank loans - 2-5 years
39,892
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
1,075,320
14.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
31.8.24
Unrestricted
Restricted
Total
fund
fund
funds
£
£
£
Fixed assets
3,118
-
3,118
Investments
2,481,366
580,449
3,061,815
Current assets
1,413
-
1,413
Current liabilities
(470,598)
-
(470,598)
Long term liabilities
(1,115,212 )
-
(1,115,212 )
900,087
580,449
1,480,536
15.
MOVEMENT IN FUNDS
Net
movement
At 1.9.23
in funds
£
£
Unrestricted funds
General fund
923,413
(23,326)
Restricted funds
Fair value Reserve
580,449
-
TOTAL FUNDS
1,503,862
(23,326)		 31.8.23
£
1,128,915
31.8.23
£
44,036
1,084,879
31.8.23
Total
funds
£
3,678
3,061,815
8,406
(441,122)
(1,128,915 )
1,503,862
At
31.8.24
£
900,087
580,449
1,480,536

continued...

Page 11

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
177,566
177,566		 Resources
Movement
expended
in funds
£
£
(200,892)
(23,326)
(200,892)
(23,326)		 Resources
Movement
expended
in funds
£
£
(200,892)
(23,326)
(200,892)
(23,326)
(23,326)

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Fair value Reserve
TOTAL FUNDS		 At 1.9.22
£
922,098
580,449
1,502,547		 Net
movement
in funds
£
1,315
-
1,315		 At
31.8.23
£
923,413
580,449
1,503,862

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

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
158,652
158,652		 Resources
Movement
expended
in funds
£
£
(157,337)
1,315
(157,337)
1,315		 Resources
Movement
expended
in funds
£
£
(157,337)
1,315
(157,337)
1,315
1,315

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 1.9.22
£
922,098
580,449
1,502,547		 Net
movement
in funds
£
(22,011)
-
(22,011)		 At
31.8.24
£
900,087
580,449
1,480,536

continued...

Page 12

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024

15. MOVEMENT IN FUNDS - continued

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
£
336,218
336,218		 Resources
Movement
expended
in funds
£
£
(358,229)
(22,011)
(358,229)
(22,011)

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2024.

Page 13