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 2021
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 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | ||
| Statement of Trustees' Responsibilities | 3 | ||
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 14 |
ROUND ISLAND LTD
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021
TRUSTEES D Klein I Reich Mrs M Reich REGISTERED OFFICE 16E Manor Road Stamford Hill London N16 5SA
REGISTERED COMPANY 08331898 (England and Wales) NUMBER REGISTERED CHARITY 1151474 NUMBER INDEPENDENT EXAMINER Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Page 1
ROUND ISLAND LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 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 December 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 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 2021 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 £242,824 (2020 - £256,217) 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 29 September 2022 and signed on its behalf by:
I Reich - Trustee
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ROUND ISLAND LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021
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
-
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 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
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 2. 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
29 September 2022
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ROUND ISLAND LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 242,824 67,320 1,605 68,925 173,899 978,551 1,152,450 |
Restricted fund £ - - - - - 224,460 224,460 |
31.12.21 Total funds £ 242,824 67,320 1,605 68,925 173,899 1,203,011 1,376,910 |
31.12.20 Total funds £ 256,217 |
|---|---|---|---|---|
| 70,096 1,428 |
||||
| 71,524 | ||||
| 184,693 1,018,318 |
||||
| 1,203,011 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 5
ROUND ISLAND LTD
STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021
| 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 |
31.12.21 £ 540 9 3,418,935 3,419,484 429,406 194,591 623,997 (1,031,571) (407,574) 3,011,910 (1,635,000) 1,376,910 1,152,450 224,460 1,376,910 |
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 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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
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continued...
ROUND ISLAND LTD
STATEMENT OF FINANCIAL POSITION - continued 31 DECEMBER 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 authorized for issue and approved by the Board of Trustees and authorised for issue on 29 September 2022 and were signed on its behalf by:
I Reich - Trustee
The notes form part of these financial statements
Page 7
ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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, 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 2021
2. INVESTMENT INCOME
| 31.12.21 £ Rents received 242,824 3. RAISING FUNDS Investment management costs 31.12.21 £ Management commission 6,098 Property repairs 6,724 Light and heat 386 Insurance 8,042 Letting fees 805 Legal and professional fees 5,034 Postage and stationery 25 Depreciation 95 Interest payable and similar charges 40,111 67,320 4. SUPPORT COSTS Information Governance Finance technology costs £ £ £ Other resources expended 348 144 1,113 5. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.12.21 £ Depreciation - owned assets 95 |
31.12.20 £ 256,217 |
|---|---|
| 31.12.20 £ 6,301 1,819 272 15,131 - 924 - 112 45,537 70,096 Totals £ 1,605 31.12.20 £ 112 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. TANGIBLE FIXED ASSETS COST At 1 January 2021 and 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
ACTIVITIES Unrestricted funds £ 256,217 70,096 1,428 71,524 184,693 793,858 978,551 |
Restricted fund £ - - - - - 224,460 224,460 |
Total funds £ 256,217 |
|---|---|---|---|
| 70,096 1,428 |
|||
| 71,524 | |||
| 184,693 1,018,318 |
|||
| 1,203,011 | |||
| Fixtures and fittings £ 1,086 451 95 546 540 635 |
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
9. FIXED ASSET INVESTMENTS
10.
11.
| COST LESS IMPAIRMENT At 1 January 2021 and 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 There were no investment assets outside the UK. The company's investments at the balance sheet date in the share capital of companies Peaktop Investments Ltd Registered office: inside United Kingdom Nature of business: Property trading % Class of share: holding Ordinary 45 Aggregate capital and reserves Profit for the year INVESTMENT PROPERTY COST LESS IMPAIRMENT At 1 January 2021 and 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Amounts owed by participating interests Prepayments |
Unlisted investments £ 9 9 9 include the following: 31.7.21 31.7.20 £ £ 250,901 199,335 51,546 50,714 £ 3,418,935 3,418,935 3,418,935 31.12.21 31.12.20 £ £ 4,885 6,745 392,221 392,221 32,300 - 429,406 398,966 |
|---|---|
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|---|---|
| 31.12.21 | 31.12.20 | |||||
| £ | £ | |||||
| VAT | 14,866 | 9,326 | ||||
| Other creditors | 1,006,105 | 1,006,106 | ||||
| Deposit payable | 9,500 | 9,500 | ||||
| Accrued expenses | 1,100 | 1,100 | ||||
| 1,031,571 | 1,026,032 | |||||
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | |||||
| 31.12.21 | 31.12.20 | |||||
| £ | £ | |||||
| Bank loans (see note 14) | 1,635,000 | 1,635,000 | ||||
| 14. | LOANS | |||||
| An analysis of the maturity of loans is given below: | ||||||
| 31.12.21 | 31.12.20 | |||||
| £ | £ | |||||
| Amounts falling due between two and five years: | ||||||
| Bank loans - 2-5 years | 1,635,000 | 1,635,000 | ||||
| 15. | SECURED DEBTS | |||||
| The following secured debts are included within creditors: | ||||||
| 31.12.21 | 31.12.20 | |||||
| £ | £ | |||||
| Bank loans | 1,635,000 | 1,635,000 | ||||
| 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 | |||||
| 31.12.21 | 31.12.20 | |||||
| Unrestricted | Restricted | Total | Total | |||
| funds | fund | funds | funds | |||
| £ | £ | £ | £ | |||
| Fixed assets | 540 | - | 540 | 635 | ||
| Investments | 3,194,484 | 224,460 | 3,418,944 | 3,418,944 | ||
| Current assets | 623,997 | - | 623,997 | 444,464 | ||
| Current liabilities | (1,031,571) | - | (1,031,571) | (1,026,032) | ||
| Long term liabilities | (1,635,000) | - | (1,635,000) | (1,635,000) | ||
| 1,152,450 | 224,460 | 1,376,910 | 1,203,011 |
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
17. MOVEMENT IN FUNDS
| At 1.1.21 £ Unrestricted funds General fund 978,551 Restricted funds Revaluation Reserve 224,460 TOTAL FUNDS 1,203,011 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 242,824 TOTAL FUNDS 242,824 Comparatives for movement in funds At 1.1.20 £ Unrestricted funds General fund 793,858 Restricted funds Revaluation Reserve 224,460 TOTAL FUNDS 1,018,318 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 256,217 TOTAL FUNDS 256,217 |
Net movement in funds £ 173,899 - 173,899 Resources expended £ (68,925) (68,925) Net movement in funds £ 184,693 - 184,693 Resources expended £ (71,524) (71,524) |
At 31.12.21 £ 1,152,450 224,460 1,376,910 Movement in funds £ 173,899 173,899 At 31.12.20 £ 978,551 224,460 1,203,011 Movement in funds £ 184,693 184,693 |
|
|---|---|---|---|
continued...
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ROUND ISLAND LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Revaluation Reserve TOTAL FUNDS |
At 1.1.20 £ 793,858 224,460 1,018,318 |
Net movement in funds £ 358,592 - 358,592 |
At 31.12.21 £ 1,152,450 224,460 |
|---|---|---|---|
| 1,376,910 |
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 £ 499,041 499,041 |
Resources Movement expended in funds £ £ (140,449) 358,592 (140,449) 358,592 |
Resources Movement expended in funds £ £ (140,449) 358,592 (140,449) 358,592 |
|---|---|---|---|
| 358,592 |
18. RELATED PARTY DISCLOSURES
During the year under review, the charity had loan outstanding receivable of £392,221 (2020 - £392,221) from associate company, Peaktop Investments Ltd.
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