Charity Registration No. 1115656
Company Registration No. 05628065 (England and Wales)
VENOSNU LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021
VENOSNU LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr. Mark Vorhand Mrs Idit Cohen Charity number 1115656 Company number 05628065 Registered office 220,The Vale London NW11 8SR Independent examiner Michael Weissbraun (FCA) 220 The Vale London NW11 8SR Bankers Metro Bank One Southampton Row London WC1B 5HA
(Appointed 1 April 2022)
VENOSNU LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
VENOSNU LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2021
The Trustees present their annual report and financial statements for the year ended 30 November 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, 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)".
Objectives and activities
The Venosnu Limited is governed in accordance with its Memorandum and Articles of Association. The objectives of the projects, as established, continued unchanged, is that of to advance the Jewish religion worldwide for the benefit of the public through the holding of prayer meetings, lectures producing and distributing literature on Judaism to enlighten others about the Jewish religion.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity's distribution policy is to avail the intended beneficiaries of funds according to the objects of the charity as soon as they are in hand.
Achievements and performance
Financial review
In the period under review, the project made a deficit of £4,546. (2020: surplus £574,165).
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 consider 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 Trustees have 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.
The charity is to undertake, accept, executive and administer without remuneration, any charitable trust. To publish religious literature and learned work of all kinds in furtherance of the objects of the company as set out above, to establish and support or aid in the establishment and support of any charitable association or institution, trusts or fund and to subscribe or guarantee money for any charitable purpose which the company shall consider calculated to promote its object of any of them.
Structure, governance and management
The charity is a company limited by guarantee (no.5628065). No dividend is paid under the company's Articles of Association. There is no share capital and the liability of each member is limited.
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. Mark Vorhand Mr. Allen Cohen (Resigned 1 April 2022) Mrs Idit Cohen (Appointed 1 April 2022)
The trustees have no beneficial interest in the company as it is a company limited by guarantee and are chosen by agreement of trustees at annual meeting. The choice is based on applicants' business and community knowledge.
The day to day management of the charity is delegated by the Trustees to the Chief Executive.
- 1 -
VENOSNU LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2021
The Trustees' report was approved by the Board of Trustees.
Mr. Mark Vorhand
Trustee Dated: 6 April 2022
Mrs Idit Cohen Trustee Dated:6 April 2022
- 2 -
VENOSNU LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VENOSNU LIMITED
I report to the Trustees on my examination of the financial statements of Venosnu Limited (the charity) for the year ended 30 November 2021.
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:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
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
-
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 and Co 220 The Vale London NW11 8SR
Dated: 6 April 2022
- 3 -
VENOSNU LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2021
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 30,900 | 12,115 |
| Investments | 4 | 55,508 | 63,839 |
| Total income | 86,408 | 75,954 | |
| Expenditure on: | |||
| Charitable activities | 5 | 90,954 | 75,378 |
| Net gains/(losses) on investments | 9 | - | 573,588 |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (4,546) | 574,164 | |
| Fund balances at 1 December 2020 | 848,440 | 274,276 | |
| Fund balances at 30 November 2021 | 843,894 | 848,440 |
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.
- 4 -
VENOSNU LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2021
| Notes Fixed assets Investment properties 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets Income funds Unrestricted funds |
2021 £ £ 1,538,000 66,091 2,634 68,725 (22,646) 46,079 1,584,079 (740,185) 843,894 843,894 843,894 |
2020 £ £ 1,538,000 67,091 5,762 72,853 (22,658) 50,195 1,588,195 (739,755) 848,440 848,440 848,440 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2021.
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 6 April 2022
Mr. Mark Vorhand Mrs Idit Cohen Trustee Trustee
Company Registration No. 05628065
- 5 -
VENOSNU LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021
1 Accounting policies
Charity information
Venosnu Limited 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 Articles of Association, 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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
VENOSNU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2021
1 Accounting policies
(Continued)
1.5 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 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.
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9 Taxation
The charity is exempt from taxation due to its charitable status.
- 7 -
VENOSNU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2021
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 30,900 | 12,115 |
| Investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Rental income | 53,308 | 61,539 |
| Interest receivable | 2,200 | 2,300 |
| 55,508 | 63,839 |
4 Investments
- 8 -
VENOSNU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2021
5 Charitable activities
| Charitable donations Rental expenses 2021 2021 £ £ Loan interest - 30,737 Letting and management fees - 5,929 Service charges - 1,848 Rates - 770 Insurance - 615 Repairs and maintainence - 10,605 Sundry 38,695 210 38,695 50,714 Share of governance costs (see note 6) 1,545 - 40,240 50,714 6 Support costs Support costs Governance costs £ £ Accountancy - 1,380 Bank charges - 165 - 1,545 Analysed between Charitable activities - 1,545 |
Total 2021 Charitable donations Rental expenses 2020 2020 £ £ £ 30,737 - 31,793 5,929 - 3,739 1,848 - - 770 - - 615 - 570 10,605 - 3,296 38,905 34,543 - 89,409 34,543 39,398 1,545 1,437 - 90,954 35,980 39,398 2021 Support costs Governance costs £ £ £ 1,380 - 1,392 165 - 45 1,545 - 1,437 1,545 - 1,437 |
Total 2020 £ 31,793 3,739 - - 570 3,296 34,543 |
|
|---|---|---|---|
| 73,941 1,437 |
|||
| 75,378 | |||
| 2020 £ 1,392 45 |
|||
| 1,437 | |||
| 1,437 |
Governance costs includes payments to the accountant of £1,380 (2020- £1,392) for account preparation fees.
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefit during the year, and no expense is incurred by trustees.
- 9 -
VENOSNU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2021
8 Employees
The average monthly number of employees during the year was:
| Total There were no employees whose annual remuneration was more than £60,000. 9 Net gains/(losses) on investments Revaluation of investment properties 10 Investment property Fair value At 1 December 2020 and 30 November 2021 |
2021 2020 Number Number - - Total Unrestricted funds 2021 2020 £ £ - 573,588 2021 £ 1,538,000 |
2020 Number - |
|
|---|---|---|---|
| 2021 £ 1,538,000 |
The fair value of the investment property has been arrived at on the basis of a valuation carried out by trustees. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
| 11 Debtors Amounts falling due within one year: Other debtors 12 Loans and overdrafts Bank loans Payable after one year |
2021 £ 66,091 2021 £ 740,185 740,185 |
2020 £ 67,091 |
|---|---|---|
| 2020 £ 739,755 |
||
| 739,755 |
- 10 -
VENOSNU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2021
| 12 Loans and overdrafts The long-term loans are secured by fixed charges over the charitys' assets 13 Creditors: amounts falling due within one year Other creditors Accruals and deferred income 14 Creditors: amounts falling due after more than one year Notes Bank loans 12 15 Related party transactions |
(Continued) 2021 2020 £ £ 20,419 20,419 2,227 2,239 22,646 22,658 2021 2020 £ £ 740,185 739,755 |
(Continued) 2021 2020 £ £ 20,419 20,419 2,227 2,239 22,646 22,658 2021 2020 £ £ 740,185 739,755 |
|---|---|---|
| 2021 £ 20,419 2,227 22,646 2021 £ 740,185 |
||
| 22,658 | ||
| 2020 £ 739,755 |
||
There were no disclosable related party transactions during the year (2020 - none).
- 11 -