REGISTERED COMPANY NUMBER: 08331898 (England and Wales) REGISTERED CHARITY NUMBER: 1151474
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
ROUND ISLAND LTD
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
ROUND ISLAND LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Statement of Trustees' Responsibilities | 4 | ||
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Statement of Financial Position | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 16 |
ROUND ISLAND LTD
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2020
TRUSTEES
D Klein I Reich Mrs M Reich 16E Manor Road Stamford Hill London N16 5SA
REGISTERED OFFICE 16E Manor Road Stamford Hill London N16 5SA REGISTERED COMPANY 08331898 (England and Wales) NUMBER
REGISTERED CHARITY NUMBER 1151474
INDEPENDENT EXAMINER
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
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ROUND ISLAND LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 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 December 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 principal activities of the charitable company in the year under review were that of the advancement of education and religious practice in accordance with the teachings of the Orthodox Jewish faith,and the relief of poverty.
The financial results of the Charitable Company's activities for the year ended 31 December 2020 are fully reflected in the attached financial statements together with the notes thereon.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities. The aims of the charitable company for the public benefit are detailed in the Objectives and Activities section of the report.
ACHIEVEMENT AND PERFORMANCE
Investment performance
The charity received rental income of £256,217 (2019 - £309,799) during the year under review.
FINANCIAL REVIEW
Principal funding sources
The charity is funded by rental income from it's investment properties.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are free reserve of the Charity, at a level which the Trustees think appropriate considering the future commitments of the Charity and the likely administrative costs of the charity next year.
FUTURE PLANS
No change in future plan is envisaged.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its 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 transaction with related parties is disclosed in the notes to the financial statement 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.
Approved by order of the board of trustees on 3 September 2021 and signed on its behalf by:
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ROUND ISLAND LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 l Rcich- Tn]stee Page 3
ROUND ISLAND LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees (who are also the directors of Round Island Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROUND ISLAND LTD
Independent examiner's report to the trustees of Round Island Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 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
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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
3 September 2021
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ROUND ISLAND LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ - 256,217 256,217 70,096 1,428 71,524 184,693 793,858 978,551 |
Restricted fund £ - - - - - - - 224,460 224,460 |
31.12.20 Total funds £ - 256,217 256,217 70,096 1,428 71,524 184,693 1,018,318 1,203,011 |
31.12.19 Total funds £ - 313,616 |
|---|---|---|---|---|
| 313,616 81,803 1,299 |
||||
| 83,102 | ||||
| 230,514 787,804 |
||||
| 1,018,318 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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ROUND ISLAND LTD
STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2020
| Notes FIXED ASSETS Tangible assets 8 Investments Investments 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 17 Unrestricted funds Restricted funds TOTAL FUNDS |
31.12.20 £ 635 9 3,418,935 3,419,579 398,966 45,498 444,464 (1,026,032 ) (581,568) 2,838,011 (1,635,000 ) 1,203,011 978,551 224,460 1,203,011 |
31.12.19 £ 747 9 3,418,935 3,419,691 399,732 122,394 522,126 (1,027,207 ) (505,081) 2,914,610 (1,896,292 ) 1,018,318 793,858 224,460 1,018,318 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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
continued...
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ROUND ISLAND LTD
STATEMENT OF FINANCIAL POSITION - continued 31 DECEMBER 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 authorized for issue and approved by the Board of Trustees and authorised for issue on 3 September 2021 and were signed on its behalf by:
I Reich - Trustee
The notes form part of these financial statements
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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, with the exception of investments which are included at market value.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
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.
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
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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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
2. INVESTMENT INCOME
| 31.12.20 £ Rents received 256,217 Curr asset inv income - 256,217 3. RAISING FUNDS Investment management costs 31.12.20 £ Management commission 6,301 Property repairs 1,819 Light and heat 272 Insurance 15,131 Legal and professional fees 924 Depreciation 112 Interest payable and similar charges 45,537 70,096 4. SUPPORT COSTS Information Governance Finance technology costs £ £ £ Other resources expended 142 173 1,113 5. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.12.20 £ Depreciation - owned assets 112 |
31.12.19 £ 309,800 3,816 |
|---|---|
| 313,616 | |
| 31.12.19 £ 6,303 5,325 623 8,529 911 132 59,980 81,803 Totals £ 1,428 31.12.19 £ 132 |
Depreciation - owned assets
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies - Investment income 313,616 Total 313,616 EXPENDITURE ON Raising funds 81,803 Other 1,299 Total 83,102 NET INCOME 230,514 RECONCILIATION OF FUNDS Total funds brought forward 563,344 TOTAL FUNDS CARRIED FORWARD 793,858 |
Restricted fund £ - - - - - - - 224,460 224,460 |
Total funds £ - 313,616 |
|---|---|---|
| 313,616 81,803 1,299 |
||
| 83,102 | ||
| 230,514 787,804 |
||
| 1,018,318 |
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
8. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| Fixtures | |||
| and | |||
| fittings | |||
| £ | |||
| COST | |||
| At 1 January 2020 and 31 December 2020 | 1,086 | ||
| DEPRECIATION | |||
| At 1 January 2020 | 339 | ||
| Charge for year | 112 | ||
| At 31 December 2020 | 451 | ||
| NET BOOK VALUE | |||
| At 31 December 2020 | 635 | ||
| At 31 December 2019 | 747 | ||
| FIXED ASSET INVESTMENTS | |||
| Unlisted | |||
| investments | |||
| £ | |||
| COST LESS IMPAIRMENT | |||
| At 1 January 2020 and 31 December 2020 | 9 | ||
| NET BOOK VALUE | |||
| At 31 December 2020 | 9 | ||
| At 31 December 2019 | 9 | ||
| There were no investment assets outside the UK. | |||
| The company's investments at the balance sheet date | in the share capital of companies include the following: | ||
| Peaktop Investments Ltd | |||
| Registered office: inside United Kingdom | |||
| Nature of business: Property trading | |||
| % | |||
| Class of share: | holding | ||
| Ordinary | 45 | ||
| 31.12.20 | 31.7.18 | ||
| £ | £ | ||
| Aggregate capital and reserves | - | 148,641 | |
| Profit for the year | - | 63,429 |
9. FIXED ASSET INVESTMENTS
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
10. INVESTMENT PROPERTY
| COST LESS IMPAIRMENT At 1 January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Amounts owed by participating interests 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR VAT Other creditors Sundry 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 between two and five years: Bank loans - 2-5 years |
31.12.20 £ 6,745 392,221 398,966 31.12.20 £ 9,326 1,006,106 9,500 1,100 1,026,032 31.12.20 £ 1,635,000 31.12.20 £ 1,635,000 |
£ 3,418,935 |
|---|---|---|
| 3,418,935 | ||
| 3,418,935 | ||
| 31.12.19 £ 7,511 392,221 399,732 31.12.19 £ 10,501 1,006,106 9,500 1,100 |
||
| 1,027,207 | ||
| 31.12.19 £ 1,896,292 |
||
| 31.12.19 £ 1,896,292 |
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
15. SECURED DEBTS
The following secured debts are included within creditors:
| 31.12.20 | 31.12.19 | |
|---|---|---|
| £ | £ | |
| Bank loans | 1,635,000 | 1,896,292 |
Bank loan is secured by a first charge over charity's investment properties and bear interest at variable rates.
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed assets Investments Current assets Current liabilities Long term liabilities |
Unrestricted funds £ 635 3,194,484 444,464 (1,026,032 ) (1,635,000 ) 978,551 |
Restricted fund £ - 224,460 - - - 224,460 |
31.12.20 Total funds £ 635 3,418,944 444,464 (1,026,032 ) (1,635,000 ) 1,203,011 |
31.12.19 Total funds £ 747 3,418,944 522,126 (1,027,207 ) (1,896,292 ) |
|---|---|---|---|---|
| 1,018,318 |
17. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Revaluation Reserve TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.1.20 £ 793,858 224,460 1,018,318 Incoming resources £ 256,217 256,217 |
Net movement in funds £ 184,693 - 184,693 Resources expended £ (71,524) (71,524) |
At 31.12.20 £ 978,551 224,460 |
At 31.12.20 £ 978,551 224,460 |
|
|---|---|---|---|---|---|
| 1,203,011 | |||||
| Movement in funds £ 184,693 184,693 |
|||||
| 184,693 |
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.19 £ Unrestricted funds General fund 563,344 Restricted funds Revaluation Reserve 224,460 TOTAL FUNDS 787,804 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 313,616 TOTAL FUNDS 313,616 A current year 12 months and prior year 12 months combined position is as follows: At 1.1.19 £ Unrestricted funds General fund 563,344 Restricted funds Revaluation Reserve 224,460 TOTAL FUNDS 787,804 |
Net movement in funds £ 230,514 - 230,514 Resources expended £ (83,102) (83,102) Net movement in funds £ 415,207 - 415,207 |
At 31.12.19 £ 793,858 224,460 1,018,318 Movement in funds £ 230,514 230,514 At 31.12.20 £ 978,551 224,460 |
At 31.12.19 £ 793,858 224,460 |
|
|---|---|---|---|---|
| 230,514 | ||||
| At 31.12.20 £ 978,551 224,460 |
||||
| 1,203,011 |
Page 15
continued...
ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
17. 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 £ 569,833 569,833 |
Resources Movement expended in funds £ £ (154,626) 415,207 (154,626) 415,207 |
Resources Movement expended in funds £ £ (154,626) 415,207 (154,626) 415,207 |
|---|---|---|---|
| 415,207 |
18. RELATED PARTY DISCLOSURES
During the year under review, the charity had loan outstanding receivable of £392,221 (2019 - £392,221) from associate company, Peaktop Investments Ltd.
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