Charity Registration No. 1167966
Company Registration No. 09792270 (England and Wales)
DONOCOM LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
DONOCOM LTD
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr D Gluck |
|---|---|
| Mr J Stern | |
| Mr S Wieder | |
| Charity number | 1167966 |
| Company number | 09792270 |
| Registered office | Unit 9b The High Cross Centre |
| Fontayne Road | |
| London | |
| England | |
| N15 4BE |
DONOCOM LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 10 |
DONOCOM LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report and financial statements for the year ended 31 December 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 governing document, 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 charity's objects are the advancement of Orthodox Jewish education , to advance the orthodox Jewish faith for the benefit of the public, and the prevention or relief of poverty particularly but not exclusively in the UK by providing grants, items and services to individuals in need and/or charities, or other organisations working to prevent or relieve poverty .
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
The charity is funded by donations. Grants are made to charitable institutions and organisations both in Great Britain and abroad which accords with the objects of the charity. The trustees consider all requests which they receive and make donations based on the level of funds available.
Achievements and performance
The charity received £ 85,228 from investment income and donations during the year and £ 57,330 was paid out by way of grants and support costs. Grants over £ 1 ,000 made during the year to institutions are as detailed in the accounts. These grants were made in line with the stated objects of the charity and were for educational and relief of poverty purposes.
Financial review
The trustees are satisfied with the charity's financial position.
The charity's statement of financial activities shows total reserves of £ 551,271, of which £125,907 are free reserves.
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 which will not impinge on its ability to support Charitable institutions.
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.
Structure, governance and management
The charity is a company limited by guarantee and is controlled by its Memorandum and Articles of A ssociation. It was registered as a charity on 2 3 September 2015 .
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 D Gluck Mr J Stern Mr S Wieder
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DONOCOM LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any trustees. Should the situation change in the future, the trustees will apply suitable induction and training procedures. The trustees administer the day to day running of the charity.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' r eport was approved by the Board of Trustees.
..............................
Mr J Stern Trustee
Date: .............................................
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DONOCOM LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds |
||
| 2021 | 2020 |
||
| Notes | £ |
£ |
|
| Income from: | |||
| Donations and legacies | 3 | 725 | 16,200 |
| Investments | 4 | 84,503 | 6,944 |
| Total income | 85,228 | 23,144 |
|
| Expenditure on: | |||
| Raising funds | |||
| Investment management | 5 | 33,500 | 16,000 |
| Charitable activities | 6 | 23,830 | 14,765 |
| Total resources expended | 57,330 | 30,765 |
|
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 27,898 | (7,621) |
|
| Fund balances at 1 January 2021 | 523,373 | 530,994 |
|
| Fund balances at 31 December 2021 | 551,271 | 523,373 |
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.
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DONOCOM LTD
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Investment properties 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2021 £ 29,218 97,469 126,687 (780) |
£ 425,364 125,907 551,271 551,271 551,271 |
2020 £ 57,500 69,071 126,571 (28,562) |
£ 425,364 98,009 523,373 523,373 523,373 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 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 .........................
.............................. Mr J Stern Trustee
Company Registration No. 09792270
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DONOCOM LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
Donocom Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 9b The High Cross Centre, Fontayne Road, London, N15 4BE, England.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts 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.
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DONOCOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.5 Expenditure
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.
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 p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
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DONOCOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 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 | 725 | 16,200 |
| Investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Rental income | 84,503 | 6,944 |
| Raising funds | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Investment management | 33,500 | 16,000 |
| Property expenses | ||
| 33,500 | 16,000 |
4 Investments
5 Raising funds
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DONOCOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
6 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure |
|
| 2021 | 2020 |
|
| £ | £ |
|
| Grant funding of activities (see note 7) | 22,550 | 11,935 |
| Share of support costs (see note 8) | 500 | 1,350 |
| Share of governance costs (see note 8) | 780 | 1,480 |
| 23,830 | 14,765 |
|
| Grants payable | ||
| Charitable | Charitable |
|
| Expenditure | Expenditure |
|
| 2021 | 2020 |
|
| £ | £ |
|
| Grants to institutions: | ||
| The Bais Rochel Dsatmar Charitable Trust | - | 4,170 |
| Alymos Ltd | - | 2,500 |
| Yesamach Levav | 5,035 | - |
| Keren Nissuin (Mislonim) | 5,000 | - |
| Hatzola Trust Limited | 1,050 | - |
| Inspirations | 5,000 | - |
| Other | 6,465 | 5,265 |
| 22,550 | 11,935 |
7 Grants payable
-
8 -
DONOCOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
8 Support costs
| Support costs Governance costs £ £ Administrative expenses 500 - Accountancy - 780 Legal and professional - - 500 780 Analysed between Charitable activities 500 780 |
2021 £ 500 780 - 1,280 1,280 |
Support costs Governance costs £ £ 1,350 - - 780 - 700 1,350 1,480 1,350 1,480 |
2020 £ 1,350 780 700 2,830 2,830 |
|---|---|---|---|
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
The average monthly number of employees during the year was:
| Total There were no employees whose annual remuneration was more than £60,000. |
2021 Number - |
2020 Number - |
|---|---|---|
11 Investment property
| Investment property | |
|---|---|
| 2021 | |
| £ | |
| Fair value | |
| At 1 January 2021 and 31 December 2021 | 425,364 |
The charity's property has been included in the Financial Statements at Trustees' valuation. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
12 Debtors
| Debtors | ||
|---|---|---|
| 2021 | 2020 | |
| Amounts falling due within one year: | £ | £ |
| Other debtors | 29,218 | 57,500 |
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DONOCOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
12 Debtors
(Continued)
Other debtors is made up of various small loans made for charitable purposes in the course of carrying out the charity’s objectives.
13 Creditors: amounts falling due within one year
| Other creditors Accruals and deferred income |
2021 £ - 780 780 |
2020 £ 27,417 1,145 28,562 |
|---|---|---|
Other creditors is an amount due to the trustees.
14 Related party transactions
There were no other disclosable related party transactions during the year .
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