**REGISTERED COMPANY NUMBER: 09797190 (England and Wales) REGISTERED CHARITY NUMBER: 1169789** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025** **FOR** ## **THE VELVET FOUNDATION** Melinek Fine LLP Chartered Accountants 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 2025** ||**Page**| |---|---| |**Report of the Trustees**|1 to 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6| |**Notes to the Financial Statements**|7 to 10| **THE VELVET FOUNDATION (REGISTERED NUMBER: 09797190)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025** 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 30 September 2025. 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 charity's objects are specifically restricted to provide public benefit in the following manner:- General charitable purposes: To advance such charitable purposes (according to the law of England and Wales) for the public benefit whether by making grants or otherwise as the trustees see fit from time to time anywhere in the world in particular but not limited to the following: Prevention or relief of poverty and financial hardship: The prevention or relief of poverty by providing: grants, items, facilities and services to individuals in need and to charities, or other organisations working to prevent or relieve poverty. The prevention or relief of poverty or financial hardship by providing or assisting in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient. ## Relief of sickness: To assist in the treatment and care of persons suffering from mental or physical illness of any description or in need of rehabilitation as a result of such illness, by the provision of facilities for work and recreation. The relief of sickness and the preservation of health by making grants and providing items, facilities and services, for medical research. ## Advancement of education: To advance the education of the public in general in the subject of the Jewish religion by making grants to institutions promoting knowledge and education of the Jewish religion. ## **Public benefit** The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grantmaking policy. ## **Grantmaking** Grants are made to charitable institutions, organisations and individuals after it has been satisfied that payments will accord with the objectives of the charity. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** During the year the Charity received no donations (2024: £1,324,967) and generated £45,600 of rental income from its investment property (2024: £49,400). Despite the absence of donations in the year, the Charity had sufficient reserves to continue its charitable activities and made grants totalling £87,122 (2024: £926,610) to support projects in education, health and poverty relief, in furtherance of its charitable objectives and for the public benefit. Page 1 **THE VELVET FOUNDATION (REGISTERED NUMBER: 09797190)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025** ## **FINANCIAL REVIEW** ## **Financial position** During the year the Charity received total income of £45,613 (2024: £1,374,509), comprising £45,600 of rental income from its investment property and £13 of bank interest. Total expenditure during the year amounted to £109,072 (2024: £970,405), primarily consisting of grants of £87,122 (2024: £926,610) and support and governance costs of £21,950 (2024: £43,795). As a result, the Charity recorded a net deficit of £63,459 (2024: £404,104 surplus), and total reserves stood at £1,507,365 (2024: £1,570,824). ## **Principal funding sources** The principal funding sources are donations from limited companies and rental income from the charity’s investment property. During the current year income was generated from rental income, whereas in the prior year funding was primarily from donations. ## **Reserves policy** The charity aims to maintain reserves in order that it is in a position to achieve grant making activities at a consistent level and to cover contingencies of additional calls being made upon the charity for support of organisations, institutions or individuals in times of need. ## **Going concern** The financial statements have been prepared on a going concern basis, as the trustees believe the charity has adequate resources to continue its operational existence for the foreseeable future. ## **FUTURE PLANS** The trustees plan to continue to pursue the charitable objectives of the charity and ensure that the ability to generate sufficient income is maintained to achieve that end. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Charity is controlled by its Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Recruitment and appointment of new trustees** The directors may appoint a person who is willing to act to be a director. Membership is open to any individual who applies to the charity in the form required by the directors and is approved by the directors. Membership is 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** 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 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 Page 2 THE VELVET FOUNDATION (REGISTERED NUMBER: 09797190) ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025 Trustees Mr M A Aaronson Mr C C Cheah Mr D H Rodney Company Secretary Mr D H Rodney Independent Examiner Melinek Fine LLP Chartered Accountants First Floor, Winston House 349 Regents Park Road London N3 1DH This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ZO Apel 2026 | and signed on its behalf by: ‘ip {| VD. Za Mr DH Rodney Tnusiee **----- Start of picture text -----**
{
**----- End of picture text -----**
Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VELVET FOUNDATION (REGISTERED NUMBER: 09797190) Independent examiner's report to the trustees of The Velvet Foundation ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2025. Responslbllltles and basis of report As the charity's trustees of the Company (and also Its directors for the purpose5 of company law) you are responsible for the preparatlon of the accounts In accordan￿ 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 carrled out under Sectlon 145 of the Charitles Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions glven by the Charity Commission under Sectlon 145(5) (b) of the 2011 Att. Independent examlner's statsment I have completed my examination. I confimi that no matters have come to my attention In connectlon with the examination glvlng me cause to believe.. accountlng records were not kept in respect of the Company as requlred by Settlon 386 of the 2006 Act; or the accounts do not accord wlth those records; or the accounts do not comply wlth the accountlng requlrements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view whlch is not a matter considered as part of an independent examlnation; or 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 charitie5 preparlng their accounts in accordance wlth the Financlal Reportlng Stsndard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other rn3tters In connectlon wlth the examinatlon to whlch attention should be drawn In thls report In order to enable a proper understanding of the accounts to be reached. Mr Daniel Flne, FCA Mellnek Flne LLP Chartered Accountsnts Flrst Floor, Wlnston House 349 Regents Park Road London N3 IDH 21 April 2026 ## **THE VELVET FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025** |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/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**2025**
**Unrestricted**
**fund**
**£**
**-**
**45,613**
**45,613**
**49,627**
**16,156**
**21,339**
**-**
**21,950**
**109,072**
**(63,459)**
**1,570,824**
**1,507,365**|2024
Total
funds
£
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| |---|---|---| The notes form part of these financial statements Page 5 ## THE VELVET FOUNDATION (REGISTERED NUMBER: 09797190) ## BALANCE SHEET ## 30 SEPTEMBER 2025 |||2025|2024| |---|---|---|---| |||Unrestricted|Total| |||fund|funds| ||Notes|£|£| |FIXED ASSETS|||| |Investment property|9|1,401,778|1,401,778| |CURRENT ASSETS|||| |Debtors|10|109,888|170,630| |Cash at bank||-|12,468| |||109,888|183,098| |CREDITORS|||| |Amounts falling due within one year|11|(4,301)|(14,052)| |NETCURRENTASSETS||105,587|169,046| |TOTALASSETS LESSCURRENT LIABILITIES||1,507,365|1,570,824| |NETASSETS||1,507,365|1,570,824| |FUNDS|||| |Unrestricted funds||1,507,365|1,570,824| |TOTALFUNDS||1,507,365|1,570,824| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (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. 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 approved by the Board of Trustees and authorised for issue on seeggieeeseteiyseaseessersaeeessaenes aNd Were Signed on its behalf by: 20 Apr | 2026 Mr D H Rodney -Trustee” fo gp The notes form part of these financial statements Page 6 **THE VELVET FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025** ## **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. ## **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. 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. ## **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. ## **Company limited by guarantee** The charity company is limited by guarantee and does not have share capital. The articles of association of the company preclude the distribution of assets to the members of the company and accordingly a reconciliation of shareholders' funds is inappropriate. The liability of each member in the event of a winding up is limited to £10. ## **2. DONATIONS AND LEGACIES** |Donations|**2025**
**£**
**-**|2024
£
1,324,967| |---|---|---| continued... Page 7 **THE VELVET FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025** |**3.**
**INVESTMENT INCOME**
Rents received
Deposit account interest
**4.**
**CHARITABLE ACTIVITIES COSTS**|**2025**
**£**
**45,600**
**13**
**45,613**|2024
£
49,400
142
49,542| |---|---|---| |**4.**|**CHARITABLE ACTIVITIES COSTS**||||| |---|---|---|---|---|---| |||Grant|||| |||funding|of||| |||activities||Support|| |||(see note||costs (see|| |||5)||note 6)|Totals| |||£||£|£| ||The advancement of education|**49,627**||**-**|**49,627**| ||Relief of poverty|**16,156**||**-**|**16,156**| ||The advancement of health|**21,339**||**-**|**21,339**| ||Other charitable activities||**-**|**21,950**|**21,950**| |||**87,122**||**21,950**|**109,072**| |**5.**|**GRANTS PAYABLE**||||| |||||**2025**|2024| |||||**£**|£| ||The advancement of education|||**49,627**|635,444| ||Relief of poverty|||**16,156**|30,407| ||The advancement of health|||**21,339**|110,359| ||Community projects|||**-**|150,400| |||||**87,122**|926,610| ||The total grants paid to institutions during the year was £73,573 (2024: £866,858).||||| ||Name of institution||||**Amount (£)**| ||Netivei Itzhak||||**41,177**| ||Cape Town Hebrew Congregation||||10,807| ||Other||||**21,589**| ||Total||||73,573| continued... Page 8 **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025** ## **THE VELVET FOUNDATION** ## **6. SUPPORT COSTS** |Governance
Management
Finance
costs
£
£
£
Other charitable activities
**14,932**
**97**
**6,921**
**7.**
**AUDITORS' REMUNERATION**
**2025**
**£**
Fees payable to the charity's auditors for the audit of the charity's financial
statements
**-**
Auditors' remuneration for non audit work
**3,600**|Totals
£
**21,950**| |---|---| ||2024
£
5,100
4,500| ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 September 2025 nor for the year ended 30 September 2024. ## **9. INVESTMENT PROPERTY** |**FAIR VALUE**
At 1 October 2024
and 30 September 2025
**NET BOOK VALUE**
At 30 September 2025
At 30 September 2024||**£**
**1,401,778**| |---|---|---| |||**1,401,778**| |||1,401,778| Investment property is stated at market value, based on the trustees’ assessment of the property’s open market value at the balance sheet date. No external valuation was obtained during the year. ## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other debtors|**2025**
**£**
**109,888**|2024
£
170,630| |---|---|---| continued... Page 9 **THE VELVET FOUNDATION** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2025** ## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Accruals and deferred income|**2025**
**£**
**4,301**|2024
£
14,052| |---|---|---| ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 September 2025. ## **13. FINANCIAL INSTRUMENTS** The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously. Page 10