``` REGISTERED COMPANY NUMBER: 09797190 (England and Wales) REGISTERED CHARITY NUMBER: 1169789 ``` ``` Report of the Trustees and ``` ``` Financial Statements FOR THE YEAR ENDED 30 September 2024 ``` ``` for ``` ## **`THE VELVET FOUNDATION`** ``` Melinek Fine LLP Chartered Accountants Statutory Auditors First Floor, Winston House ``` ``` 349 Regents Park Road London N3 1DH ``` ``` THE VELVET FOUNDATION ``` ``` Contents of the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2024 ``` |||**`Page`**|| |---|---|---|---| |**`Report of the Trustees`**|`1`|`to`|`3`| |**`Report of the Independent Auditors`**|`4`|`to`|`6`| |**`Statement of Financial Activities`**||`7`|| |**`Balance Sheet`**||`8`|| |**`Cash Flow Statement`**||`9`|| |**`Notes to the Cash Flow Statement`**||`10`|| |**`Notes to the Financial Statements s`**|`11`|`to`|`14`| ``` THE VELVET FOUNDATION (REGISTERED NUMBER: 09797190) ``` ## **`Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2024`** ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreport with thefinancialstatementsofthecharityfortheyearended30September2024.Thetrusteeshaveadoptedthe provisions ofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102) (effective 1 January 2019). ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Objectives and aims`** ``` The charity's objects are specifically restricted to provide public benefit in the following manner:- ``` ## `General charitable purposes:` ``` Toadvancesuchcharitablepurposes(accordingtothelawofEnglandandWales)forthepublicbenefitwhether by makinggrantsorotherwiseasthetrusteesseefitfromtimetotimeanywhereintheworldinparticularbutnotlimited to the following: ``` ``` Prevention or relief of poverty and financial hardship: ``` ``` Thepreventionorreliefofpovertybyproviding:grants,items,facilitiesandservicestoindividualsinneedand to charities, or other organisations working to prevent or relieve poverty. ``` ``` Thepreventionorreliefofpovertyorfinancialhardshipbyprovidingorassistingintheprovisionofeducation, training, healthcareprojectsandallthenecessarysupportdesignedtoenableindividualstogenerateasustainableincomeand be self-sufficient. ``` ## `Relief of sickness:` ``` Toassistinthetreatmentandcareofpersonssufferingfrommentalorphysicalillnessofanydescriptionorinneed of rehabilitation as a result of such illness, by the provision of facilities for work and recreation. ``` ``` Thereliefofsicknessandthepreservationofhealthbymakinggrantsandprovidingitems,facilitiesandservices, for medical research. ``` ## `Advancement of education:` ``` ToadvancetheeducationofthepublicingeneralinthesubjectoftheJewishreligionbymakinggrantsto institutions promoting knowledge and education of the Jewish religion. ``` ## **`Public benefit`** ``` TheTrusteesconfirmthattheyhavereferredtotheguidancecontainedintheCharityCommission'sgeneralguidance on publicbenefitwhenreviewingtheTrust'saimsandobjectivesandinplanningfutureactivitiesandsetting the grantmaking policy. ``` ## **`Grantmaking`** ``` Grantsaremadetocharitableinstitutions,organisationsandindividualsafterithasbeensatisfiedthatpayments will accord with the objectives of the charity. ``` ## **`Volunteers`** ``` There were no volunteers during the year. ``` ## **`STRATEGIC REPORT`** ## **`Achievement and performance`** ## **`Charitable activities`** ``` Duringtheyear,TheVelvetFoundationraised£1,324,967(2023:£2,188,558),predominantlythrough voluntary donations from corporations, together with rental income from its investment property. ``` ``` Thesefundsenabledthecharitytoprovidesignificantsupporttocharitableinstitutionsandindividuals,funding projects ineducation,health,povertyreliefandcommunitydevelopment,withtotalgrantsawardedof£926,610 (2023: £778,272), fully in line with its charitable objectives to deliver public benefit. ``` ``` Page 1 ``` ``` THE VELVET FOUNDATION (REGISTERED NUMBER: 09797190) ``` ## **`Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2024`** ## **`STRATEGIC REPORT`** ## **`Financial review`** ## **`Principal funding sources`** ``` The principal funding sources are donations from limited companies. ``` ## **`Reserves policy`** ``` Thecharityaimstomaintainreservesinorderthatitisinapositiontoachievegrantmakingactivitiesata consistent levelandtocovercontingenciesofadditionalcallsbeingmadeuponthecharityforsupportoforganisations, institutions or individuals in times of need. ``` ## **`Future plans`** ``` Thetrusteesplantocontinuetopursuethecharitableobjectivesofthecharityandensurethattheabilityto generate sufficient income is maintained to achieve that end. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` TheCharityiscontrolledbyitsArticlesofAssociation,andconstitutesalimitedcompany,limitedbyguarantee, as defined by the Companies Act 2006. ``` ## **`Recruitment and appointment of new trustees`** ``` Thedirectorsmayappointapersonwhoiswillingtoacttobeadirector.Membershipisopentoanyindividual who appliestothecharityintheformrequiredbythedirectorsandisapprovedbythedirectors.Membershipis not transferable. ``` ## **`Organisational structure`** ``` The charity must have a minimum of 2 directors. The directors meet regularly to manage the business of the charity. ``` ## **`Risk management`** ``` Thetrusteeshaveassessedthemajorriskstowhichthecharityisexposedandaresatisfiedthatsystemsareinplace to mitigate exposure to major risks. ``` ## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`** ``` 09797190 (England and Wales) ``` ## **`Registered Charity number`** ``` 1169789 ``` ## **`Registered office`** ``` First Floor, Winston House 349 Regents Park Road London N3 1DH ``` ## **`Trustees`** ``` Mr M A Aaronson Mr C C Cheah Mr D H Rodney ``` ## **`Company Secretary`** ``` Mr D H Rodney ``` ## **`Auditors`** ``` Melinek Fine LLP Chartered Accountants Statutory Auditors First Floor, Winston House 349 Regents Park Road London N3 1DH ``` ``` Page 2 ``` ## THE VELVET FOUNDATION (REGISTERED NUMBER: 09797190) Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2024 ## STATEMENT OF TRUSTEES’ RESPONSIBILITIES The trustees (who are also the directors of The Velvet Foundation 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; - - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - 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. ## In so far as the trustees are aware: - there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## AUDITORS The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company CIrECtOLS, OM .scssescseseeesssessseseseseeseee aNd signed on the board's behalf by: **----- Start of picture text -----**
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Mr D H Rodney
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Page 3 ``` Report of the Independent Auditors to the Members of The Velvet Foundation (Registered number: 09797190) ``` ## **`Opinion`** ``` WehaveauditedthefinancialstatementsofTheVelvetFoundation(the'charitablecompany')fortheyear ended 30September2024whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCashFlow Statement andnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards (United KingdomGenerallyAcceptedAccountingPractice),includingFinancialReportingStandard102'TheFinancial Reporting Standard applicable in the UK and Republic of Ireland'. ``` - `In our opinion the financial statements:` - `give a true and fair view of the state of the charitable company's affairs as at 30 September 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;` - `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and` - `have been prepared in accordance with the requirements of the Companies Act 2006.` ## **`Basis for opinion`** ``` WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthe financial statementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewiththe ethical requirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC'sEthical Standard, andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethatthe audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ``` ## **`Conclusions relating to going concern`** ``` Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccounting in the preparation of the financial statements is appropriate. ``` ``` Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsor conditions that,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilitytocontinueasa going concern for a period of at least twelve months from when the financial statements are authorised for issue. ``` ``` Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant sections of this report. ``` ## **`Other information`** ``` Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedin the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. ``` ``` Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. ``` ``` Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,in doing so,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorour knowledge obtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistencies or apparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementin the financialstatementsthemselves.If,basedontheworkwehaveperformed,weconcludethatthereisa material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ``` ## **`Opinions on other matters prescribed by the Companies Act 2006`** ``` In our opinion, based on the work undertaken in the course of the audit: ``` - `the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and` - `the Report of the Trustees has been prepared in accordance with applicable legal requirements.` ``` Page 4 ``` ``` Report of the Independent Auditors to the Members of The Velvet Foundation (Registered number: 09797190) ``` ## **`Matters on which we are required to report by exception`** ``` Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedinthecourse of the audit, we have not identified material misstatements in the Report of the Trustees. ``` ``` WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreportto you if, in our opinion: ``` - `adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or` - `the financial statements are not in agreement with the accounting records and returns; or` - `certain disclosures of trustees' remuneration specified by law are not made; or` - `we have not received all the information and explanations we require for our audit.` ## **`Responsibilities of trustees`** ``` AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the charitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationofthefinancialstatements and forbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermineis necessary toenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraud or error. ``` ``` Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations,or have no realistic alternative but to do so. ``` ## **`Our responsibilities for the audit of the financial statements`** ``` Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from materialmisstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthat includes ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefrom fraud orerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedto influence the economic decisions of users taken on the basis of these financial statements. ``` ``` The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ``` ``` Irregularities,includingfraudareinstancesofnon-compliancewithlawsandregulations.Wedesignedproceduresin line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. ``` ``` Auditproceduresundertakeninresponsetothepotentialrisksrelatingtoirregularities(whichincludefraud and non-compliancewithlawsandregulations)comprisedof:inquiriesofmanagementandthosechargedwith governance astowhethertheCharitycomplieswithsuchlawsandregulations;enquirieswiththesameconcerninganyactual or potentiallitigationorclaims;inspectionofrelevantlegalcorrespondence;reviewoftrusteesminutes;testing the appropriatenessofentriesinthenominalledger,includingjournalentries;reviewingtransactionsaroundtheendof the reportingperiod;andtheperformanceofanalyticalprocedurestoidentifyunexpectedmovementsinaccount balances which may be indicative of fraud. ``` ``` Noinstancesofmaterialnon-compliancewereidentified.However,thelikelihoodofdetectingirregularities, including fraud,islimitedbytheinherentdifficultyindetectingirregularities,theeffectivenessoftheentity’scontrols,and the nature,timingandextentoftheauditproceduresperformed.Irregularitiesthatresultfromfraudmightbe inherently moredifficulttodetectthanirregularitiesthatresultfromerror.Asexplainedabove,thereisanunavoidablerisk that materialmisstatementsmaynotbedetected,eventhoughtheaudithasbeenplannedandperformedinaccordance with ISAs (UK). ``` ``` AfurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedontheFinancial Reporting Council'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReportofthe Independent Auditors. ``` ``` Page 5 ``` Report of the Independent Auditors to the Members of The Velvet Foundation (Registered number: 09797190) : ## Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Daniel Fine, FCA (Senior Statutory Auditor) for and on behalf of Melinek Fine LLP Chartered Accountants Statutory Auditors First Hoor, Winston House 349 Regents Park Road London N3 1DH 24 June 2025 Page 6 ``` THE VELVET FOUNDATION ``` ## **`Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 30 SEPTEMBER 2024`** |`Notes`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`2`
`Investment income`
`3`
**`Total`**
**`EXPENDITURE ON`**
**`Charitable activities`**
`4`
`The advancement of education`
`Relief of poverty`
`The advancement of health`
`Community projects`
`Other charitable activities`
**`Total`**
**`NET INCOME`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED FORWARD`**|`2024`
`Unrestricted`
`fund`
`£`
`1,324,967`
`49,542`
`1,374,509`
`635,444`
`30,407`
`110,359`
`150,400`
`43,795`
`970,405`
`404,104`
`1,166,720`
`1,570,824`|`2023`
`Total`
`funds`
`£`
`2,188,558`
`209`
`2,188,767`
`609,489`
`41,496`
`127,287`
`-`
`24,064`
`802,336`
`1,386,431`
`(219,711)`
`1,166,720`| |---|---|---| ``` The notes form part of these financial statements ``` ``` Page 7 ``` ## THE VELVET FOUNDATION (REGISTERED NUMBER: 09797190) ## Balance Sheet 30 SEPTEMBER 2024 **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |Unrestricted|Total| |fund|funds| |Notes|£|£| |FIXED|ASSETS| |Investment|property|9|1,401,778|1,401,778| |CURRENT|ASSETS| |Debtors|10|170,630|39,707| |Cash|at|bank|12,468|54,919| |183,098|94,626| |CREDITORS| |Amounts|falling|due|within|one|year|11|(14,052)|(329,684)| |NET CURRENT ASSETS|169,046|(235,058)| |TOTAL ASSETS|LESS CURRENT|LIABILITIES|1,570,824|1,166,720| |NET ASSETS|1,570,824|1,166,720| |FUNDS| |Unrestricted|funds|1,570,824|1,166,720| |TOTAL FUNDS|1,570,824|1,166,720| **----- End of picture text -----**
The financial statements were approved by the Board of Trustees and authorised for issue on Heduesesteniteadaeietasseeeseseseroscnee aN Were Signed on its behalf by: i . DY. “ Mr D H Rodney -¥ru: The notes form part of these financial statements Page 8 ## **`THE VELVET FOUNDATION`** ## **`Cash Flow Statement FOR THE YEAR ENDED 30 SEPTEMBER 2024`** |`Notes`
**`Cash flows from operating activities`**
`Cash generated from operations`
`1`
`Net cash (used in)/provided by operating activities`
**`Cash flows from investing activities`**
`Purchase of investment property`
`Interest received`
`Net cash provided by/(used in) investing activities`
**`Change in cash and cash equivalents in`**
**`the reporting period`**
**`Cash and cash equivalents at the`**
**`beginning of the reporting period`**
**`Cash and cash equivalents at the end of`**
**`the reporting period`**|`2024`
`£`
`(42,593)`
`(42,593)`
`-`
`142`
`142`
`(42,451)`
`54,919`
`12,468`|`2023`
`£`
`90,312`
`90,312`
`(201,778)`
`209`
`(201,569)`
`(111,257)`
`166,176`
`54,919`| |---|---|---| ``` The notes form part of these financial statements ``` ``` Page 9 ``` ``` THE VELVET FOUNDATION ``` ## **`Notes to the Cash Flow Statement FOR THE YEAR ENDED 30 SEPTEMBER 2024`** ## **`1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES`** |**`Net income for the reporting period (as per the Statement of`**
**`Financial Activities)`**
**`Adjustments for:`**
`Interest received`
`Purchase of property funded by donor`
`Increase in debtors`
`Decrease in creditors`
**`Net cash (used in)/provided by operations`**
**`ANALYSIS OF CHANGES IN NET FUNDS`**
`At`
**`Net cash`**
`Cash at bank`
**`Total`**|`2024`
`2023`
`£`
`£`
`404,104`
`1,386,431`
`(142)`
`(209)`
`-`
`(1,200,000)`
`(130,923)`
`(22,461)`
`(315,632)`
`(73,449)`
`(42,593)`
`90,312`
`1.10.23`
`Cash flow`
`At 30.9.24`
`£`
`£`
`£`
`54,919`
`(42,451)`
`12,468`
`54,919`
`(42,451)`
`12,468`
`54,919`
`(42,451)`
`12,468`| |---|---| ## **`2. ANALYSIS OF CHANGES IN NET FUNDS`** ``` The notes form part of these financial statements ``` ``` Page 10 ``` ``` THE VELVET FOUNDATION ``` ## **`Notes to the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2024`** ## **`1. ACCOUNTING POLICIES`** ## **`Basis of preparing the financial statements`** ``` Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andthe Companies Act 2006. The financial statements have been prepared under the historical cost convention. ``` ## **`Income`** ``` AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Expenditure`** ``` Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and theamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisand has beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of resources. ``` ``` Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment but not accrued as expenditure. ``` ## **`Investment property`** ``` Investmentpropertyisshownatmostrecentvaluation.Anyaggregatesurplusordeficitarisingfromchanges 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. ``` ``` Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. 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. ``` ## **`2. DONATIONS AND LEGACIES`** ## **`3.`** |`Donations`
**`INVESTMENT INCOME`**
`Rents received`
`Deposit account interest`|`2024`
`£`
`1,324,967`
`2024`
`£`
`49,400`
`142`
`49,542`|`2023`
`£`
`2,188,558`|`2023`
`£`
`2,188,558`| |---|---|---|---| ||||`2023`
`£`
`-`
`209`| ||||`209`| ``` continued... ``` ``` Page 11 ``` ``` THE VELVET FOUNDATION ``` ## **`Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024`** ## **`4. CHARITABLE ACTIVITIES COSTS`** |**`4.`**
**`CHARITABLE ACTIVITIES COSTS`**|||| |---|---|---|---| |`The advancement of education`
`Relief of poverty`
`The advancement of health`
`Community projects`
`Other charitable activities`
**`5.`**
**`GRANTS PAYABLE`**
`The advancement of education`
`Relief of poverty`
`The advancement of health`
`Community projects`|`Grant`
`funding of`
`activities`
`(see note`
`5)`
`£`
`635,444`
`30,407`
`110,359`
`150,400`
`-`
`926,610`|`Support`
`costs (see`
`note 6)`
`£`
`-`
`-`
`-`
`-`
`43,795`
`43,795`
`2024`
`£`
`635,444`
`30,407`
`110,359`
`150,400`
`926,610`|`Totals`
`£`
`635,444`
`30,407`
`110,359`
`150,400`
`43,795`| ||||`970,405`| ||||`2023`
`£`
`609,489`
`41,496`
`127,287`
`-`| ||||`778,272`| ``` Thetotalgrantspaidtoinstitutionsduringtheyearwas£866,858(2023:£775,026).Asummaryofgrants made to institutions during the year is as follows: ``` |`Name of institution`|`Amount (£)`| |---|---| |`Netivei Itzhak`|`114,248`| |`Mercaz Hatorah Netzach Yisroel`|`76,000`| |`Shaag Medical`|`56,157`| |`CST`|`50,000`| |`Ahavat Shalom`|`40,000`| |`The Institute for Higher Rabbinal Studies`|`37,800`| |`United Synagogue`|`30,500`| |`Functional productions`|`28,452`| |`Friends Of Mir`|`28,000`| |`Erez Association`|`25,000`| |`The Langdon Foundation`|`25,000`| |`Give It Forward today`|`25,000`| |`Other`|`330,701`| |`Total`|`866,858`| ``` continued... ``` ``` Page 12 ``` ``` THE VELVET FOUNDATION ``` ## **`Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024`** ## **`6. SUPPORT COSTS`** ## **`7.`** |**`SUPPORT COSTS`**|| |---|---| |`Governance`
`Management`
`Finance`
`costs`
`£`
`£`
`£`
`Other charitable activities`
`18,665`
`2,595`
`22,535`
**`AUDITORS' REMUNERATION`**
`2024`
`£`
`Fees payable to the charity's auditors for the audit of the charity's financial`
`statements`
`5,100`
`Auditors' remuneration for non audit work`
`4,500`|`Totals`
`£`
`43,795`| ||`2023`
`£`
`5,100`
`4,500`| ## **`8. TRUSTEES' REMUNERATION AND BENEFITS`** ``` Therewerenotrustees'remunerationorotherbenefitsfortheyearended30September2024norforthe year ended 30 September 2023. ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended30September2024norfortheyear ended 30 September 2023. ``` ## **`9. INVESTMENT PROPERTY`** ## **`10.`** |**`FAIR VALUE`**
`At 1 October 2023`
`and 30 September 2024`
**`NET BOOK VALUE`**
`At 30 September 2024`
`At 30 September 2023`
**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`2024`
`£`
`Other debtors`
`170,630`|`£`
`1,401,778`| |---|---| ||`1,401,778`| ||`1,401,778`| ||`2023`
`£`
`39,707`| ``` continued... ``` ``` Page 13 ``` ``` THE VELVET FOUNDATION ``` ## **`Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024`** ## **`11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** |**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||| |---|---|---| |`Other creditors`
`Accruals and deferred income`|`2024`
`£`
`-`
`14,052`
`14,052`|`2023`
`£`
`250,000`
`79,684`| |||`329,684`| ## **`12. RELATED PARTY DISCLOSURES`** ``` TheentireDonationsandGrantsReceivedcomprising£1,324,967(2023:£2,188,558)wasfromcompanies and organisations controlled by the trustees of The Velvet Foundation. ``` ## **`13. FINANCIAL INSTRUMENTS`** ``` TheCompanyonlyentersintobasicfinancialinstrumentstransactionsthatresultintherecognitionof financial assets and liabilities like trade and other debtors and creditors. ``` ``` Financialassetsthataremeasuredatcostandamortisedcostareassessedattheendofeachreporting period forobjectiveevidenceofimpairment.Ifobjectiveimpairmentisfound,animpairmentlossisrecognisedin profit or loss. ``` ``` FinancialassetsandliabilitiesareoffsetandthenetamountreportedintheBalanceSheetwhenthereis an enforceablerighttosetofftherecognisedamountsandthereisanintentiontosettleonanetbasisorto realise the asset or settle the liability simultaneously. ``` ## **`14. COMPANY LIMITED BY GUARANTEE`** ``` Thecharitycompanyislimitedbyguaranteeanddoesnothavesharecapital.Thearticlesofassociationof the companyprecludethedistributionofassetstothemembersofthecompanyandaccordinglyareconciliation of shareholders' funds is inappropriate. The liability of each member in the event of a winding up is limited to £10. ``` ``` Page 14 ```