Charity registration number 1203108
Company registration number 13808277 (England and Wales)
PLOIEST ESTATES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PLOIEST ESTATES LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr E Szoffer Mrs S Szoffer Mr B Kwadrat (Appointed 3 July 2025) Charity number 1203108 Company number 13808277 Registered office 59 Leadale Road London England N16 6DG Independent examiner Precision Ltd 32 Castlewood Road London N16 6DW
PLOIEST ESTATES LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
PLOIEST ESTATES LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
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 restricted to general charitable purposes as are recognised by English law, there has been no change in this during the period.
In order to achieve these objectives the charity provides grants to educational institutions, charities, individuals in need and other organisations providing charitable activities.
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 period.
The charity is funded by donations and income from the charity's investments. Grants are made to charitable institutions and organisations 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 income of £118,350 during the year and £73,480 was paid out by way of grants, management costs and support costs. Grants were made in line with the stated objects of the charity and were for educational and relief of poverty purposes.
In addition the charity received a legacy of £200,000 during the year. This is shown separately on the Statement of financial activity as a designated fund to be held as an investment to produce ongoing income for the charity.
Financial review
The trustees were satisfied with the results for the year. The charity's statement of financial activities shows total reserves of £1,424,413 of which £55,413 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.
Structure, governance and management
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.
It was registered as a charity on 20 December 2021.
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 E Szoffer Mrs S Szoffer Mr B Kwadrat
(Appointed 3 July 2025)
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PLOIEST ESTATES LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 new 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' report was approved by the Board of Trustees.
.............................. .............................. Mr E Szoffer Mrs S Szoffer Trustee Trustee Date: .............................................
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PLOIEST ESTATES LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PLOIEST ESTATES LIMITED
I report to the trustees on my examination of the financial statements of Ploiest Estates Limited (the charity) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, 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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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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4 the financial statements 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 financial statements to be reached.
Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW
Dated: .........................
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PLOIEST ESTATES LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Endowment funds funds designated 2024 2024 Notes £ £ Income from: Donations and legacies 3 42,000 - Investments 4 76,350 - Material other income - 200,000 Total income 118,350 200,000 Expenditure on: Raising funds 5 55,164 - Charitable activities 6 18,316 - Total expenditure 73,480 - Net income for the year/ Net movement in funds 44,870 200,000 Fund balances at 1 January 2024 10,543 1,169,000 Fund balances at 31 December 2024 55,413 1,369,000 |
Total Unrestricted Endowment funds funds designated 2024 2023 2023 £ £ £ 42,000 - - 76,350 18,350 - 200,000 - 1,169,000 318,350 18,350 1,169,000 55,164 1,354 - 18,316 6,453 - 73,480 7,807 - 244,870 10,543 1,169,000 1,179,543 - - 1,424,413 10,543 1,169,000 |
Total 2023 £ - 18,350 1,169,000 |
|---|---|---|
| 1,187,350 | ||
| 1,354 | ||
| 6,453 | ||
| 7,807 | ||
| 1,179,543 - |
||
| 1,179,543 |
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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PLOIEST ESTATES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Investment property 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds Designated funds 15 General unrestricted funds |
2024 £ £ 1,369,000 25,697 39,592 65,289 (9,876) 55,413 1,424,413 1,369,000 55,413 1,424,413 1,424,413 |
2023 £ £ 1,169,000 11,983 - 11,983 (1,440) 10,543 1,179,543 1,169,000 10,543 1,179,543 1,179,543 |
2023 £ £ 1,169,000 11,983 - 11,983 (1,440) 10,543 1,179,543 1,169,000 10,543 1,179,543 1,179,543 |
|---|---|---|---|
| 1,179,543 | |||
| 1,179,543 | |||
| 1,179,543 |
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 2024.
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 E Szoffer Mrs S Szoffer Trustee Trustee
Company registration number 13808277
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PLOIEST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
Ploiest Estates Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 59 Leadale Road, London, N16 6DG, 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 amounts 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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PLOIEST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Investment property
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 payments 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.
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PLOIEST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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.
Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows.
Property valuation
The valuation of the charity's investment property is subject to a degree of uncertainty, as the value depends on various factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions, at times of difficult market or economic conditions the assumptions used may not prove to be accurate.
3 Donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 42,000 | - |
4 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Rental income | 76,350 | 18,350 |
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PLOIEST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
5 Raising funds
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Investment management | 55,164 | 1,354 |
| 55,164 | 1,354 |
6 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2024 | 2023 | |
| £ | £ | |
| Grant funding of activities (see note 7) | 15,000 | 5,000 |
| Share of support costs (see note 8) | 461 | - |
| Share of governance costs (see note 8) | 2,855 | 1,453 |
| 18,316 | 6,453 |
7 Grants payable
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2024 | 2023 | |
| £ | £ | |
| Grants to institutions (3 grants): | ||
| Rookwood Foundation Ltd | - | 5,000 |
| Kupat Chaim V'Chesed | 15,000 | - |
| 15,000 | 5,000 |
-
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PLOIEST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Support costs
| General administrative expenses Accountancy Legal and professional Bank charges Analysed between Charitable activities |
Support costs Governance costs £ £ 461 - - 1,800 - 1,047 - 8 461 2,855 461 2,855 |
2024 £ 461 1,800 1,047 8 3,316 3,316 |
2023 £ - 1,440 13 - |
|---|---|---|---|
| 1,453 | |||
| 1,453 |
Governance costs includes payments to the Independent examiner of £1,800.
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:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12 Investment property
| Fair value At 1 January 2024 Additions through external acquisition At 31 December 2024 |
2024 £ 1,169,000 200,000 |
|---|---|
| 1,369,000 |
The investment property has been included at cost as the trustees are of the opinion that there has been no significant change in the value of the properties since they were transferred to the charity.
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PLOIEST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
13 Debtors
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
| Amounts falling due within one year: | £ | £ |
| Other debtors | 25,697 | 11,983 |
Other debtors relate to amounts due from entities which the trustees are also directors / trustees of.
14 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other creditors Accruals and deferred income |
2024 £ 8,119 317 1,440 9,876 |
2023 £ - - 1,440 |
| 1,440 |
15 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees in order to generate future income for the charity.
| Analysis of net assets between funds Unrestricted funds Designated funds 2024 2024 £ £ Fund balances at 31 December 2024 are represented by: Investment properties - 1,369,000 Current assets/(liabilities) 55,413 - 55,413 1,369,000 |
Movement in funds Balance at 1 January 2024 Incoming resources Balance at 31 December 2024 £ £ £ 1,169,000 200,000 1,369,000 1,169,000 200,000 1,369,000 Total Unrestricted funds Designated funds Total 2024 2023 2023 2023 £ £ £ £ 1,369,000 - 1,169,000 1,169,000 55,413 10,543 - 10,543 1,424,413 10,543 1,169,000 1,179,543 |
Movement in funds Balance at 1 January 2024 Incoming resources Balance at 31 December 2024 £ £ £ 1,169,000 200,000 1,369,000 1,169,000 200,000 1,369,000 Total Unrestricted funds Designated funds Total 2024 2023 2023 2023 £ £ £ £ 1,369,000 - 1,169,000 1,169,000 55,413 10,543 - 10,543 1,424,413 10,543 1,169,000 1,179,543 |
|---|---|---|
| 1,369,000 | ||
| Total 2023 £ 1,169,000 10,543 |
||
| 1,179,543 |
16 Analysis of net assets between funds
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PLOIEST ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17 Related party transactions
During the year the charity received a unrestricted donation of £42,000 and an endowment with a value of £200,000 from a company that one of the trustees of the charity is also a director of.
Other than the above and those disclosed in note 13, there were no other disclosable related party transactions during the year (2023 - none).
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