OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Company registration number: 00923876 Charity registration number: 254623

Solev Co. Limited

(A company limited by share capital) Annual Report and Financial Statements for the Year Ended 31 March 2022

Paul Winston Limited Silver Rose, Unit 21 East Lodge Village East Lodge Lane Enfield EN2 8AS

Solev Co. Limited

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Auditors' Report 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 19

Solev Co. Limited

Reference and Administrative Details

Secretary Mr CM Frommer Charity Registration Number 254623 Company Registration Number 00923876 The charity is incorporated in England. Registered Office Romeo House 160 Bridport Road London N18 1SY Independent Examiner Paul Winston Limited Silver Rose, Unit 21 East Lodge Village East Lodge Lane Enfield EN2 8AS

Page 1

Solev Co. Limited

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2022.

Objectives and activities

Objects and aims

The company was established to further those purposes, both in the United Kingdom and abroad, which are recognised as charitable by English law. The charity receives income from its investments and from associated undertakings, including gift aided donations, which it utilises in the provision of grants and donations to other charities and no change is envisaged in the immediate future.

Public benefit

The charity makes charitable grants and donations.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Mr R Tager Mr SJ Tager Mr JP Tager

Secretary: Mr CM Frommer

Structure, governance and management

Nature of governing document

The company's governing document is its Memorandum and Articles of Association.

Financial instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s activities expose it primarily to the financial risks of interest rates. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Page 2

Solev Co. Limited

Trustees' Report

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Solev Co. Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and 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.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Page 3

Solev Co. Limited

Trustees' Report

Reappointment of auditor

The auditors Paul Winston Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

The annual report was approved by the trustees of the charity on 27 February 2023 and signed on its behalf by:

......................................... Mr R Tager Trustee

Page 4

Solev Co. Limited

Independent Auditor's Report to the Members of Solev Co. Limited

Opinion

We have audited the financial statements of Solev Co. Limited (the 'charity') for the year ended 31 March 2022, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

Solev Co. Limited

Independent Auditor's Report to the Members of Solev Co. Limited

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 3), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to 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:

Detecting irregularities, including fraud

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's trustees, 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 charity's trustees those matters we are required to state to them in an auditor’s 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Page 6

Solev Co. Limited

Independent Auditor's Report to the Members of Solev Co. Limited

...................................... (Senior Statutory Auditor) For and on behalf of Paul Winston Limited, Statutory Auditor Silver Rose, Unit 21 East Lodge Village East Lodge Lane Enfield EN2 8AS

27 February 2023

Page 7

Solev Co. Limited

Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Investment income
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Governance costs
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
13
Note
Income and Endowments from:
Investment income
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
13		 Unrestricted
£
301,832
301,832
(37,760)
(395,199)
(2,125)
(435,084)
(133,252)
(133,252)
6,093,084
5,959,832
Unrestricted
funds
£
283,520
283,520
(35,962)
(230,380)
(266,342)
17,178
17,178
6,075,905
6,093,083		 Total
2022
£
301,832
301,832
(37,760)
(395,199)
(2,125)
(435,084)
(133,252)
(133,252)
6,093,084
5,959,832
Total
2021
£
283,520
283,520
(35,962)
(230,380)
(266,342)
17,178
17,178
6,075,905
6,093,083

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 13.

The notes on pages 10 to 19 form an integral part of these financial statements. Page 8

Solev Co. Limited

(Registration number: 00923876) Balance Sheet as at 31 March 2022

Note
Current assets
Debtors
9
Cash at bank and in hand
10
Creditors: Amounts falling due within one year
11
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
13		 2022
£
6,682,539
72,960
6,755,499
(795,667)
5,959,832
5,959,832
5,959,832		 2021
£
6,380,473
471,869
6,852,342
(759,259)
6,093,083
6,093,083
6,093,083

The financial statements on pages 8 to 19 were approved by the trustees, and authorised for issue on 27 February 2023 and signed on their behalf by:

......................................... Mr R Tager Trustee

The notes on pages 10 to 19 form an integral part of these financial statements. Page 9

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

1 Charity status

The charity is limited by share capital, incorporated in England.

The address of its registered office is: Romeo House 160 Bridport Road London N18 1SY

These financial statements were authorised for issue by the trustees on 27 February 2023.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Solev Co. Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Page 10

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 11

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 12

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 13

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Page 14

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Derivative financial instruments

The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Investment income

Other investment income
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
301,832
301,832
283,520		 Total
funds
£
301,832
301,832
283,520

a) Investment management costs

Note
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
-
35,962		 Total
funds
£
-
35,962

Page 15

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

5
Expenditure on charitable activities
Note
Grant funding of activities
Governance costs
6
Total for 2022
Total for 2021		 Unrestricted
funds
General
£
395,199
2,125
397,324
230,380		 Total
costs
£
Total
funds
£
395,199
2,125
397,324
230,380

Total expenditure £

In addition to the expenditure analysed above, there are also governance costs of £2,125 (2021 - £1,615) which relate directly to charitable activities. See note 6 for further details.

Page 16

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

6 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements
Other governance costs
Allocated support costs
Total for 2022
Total for 2021
7
Auditors' remuneration
Audit of the financial statements		 Unrestricted
funds
General
£
1,350
55
720
2,125
1,615
2022
£
1,350		 Total
funds
£
1,350
55
720
2,125
1,615
2021
£
1,350

8 Taxation

The charity is a registered charity and is therefore exempt from taxation.

9 Debtors

VAT recoverable
Other debtors
10 Cash and cash equivalents
Cash at bank		 2022
£
540
6,681,999
6,682,539
2022
£
72,960		 2021
£
-
6,380,473
6,380,473
2021
£
471,869

Page 17

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

11 Creditors: amounts falling due within one year

Other creditors
Accruals
12 Share capital
13 Funds
Unrestricted funds
General
Unrestricted funds
General		 Balance at 1
April 2021
£
6,093,084
Balance at 1
April 2020
£
6,075,905		 Incoming
resources
£
301,832
Incoming
resources
£
283,520		 2022
£
792,967
2,700
795,667
Resources
expended
£
(435,084)
Resources
expended
£
(266,342)		 2021
£
755,209
4,050
759,259
Balance at 31
March 2022
£
5,959,832
Balance at 31
March 2021
£
6,093,083

14 Analysis of net assets between funds

Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
6,755,499
(795,667)
5,959,832
Unrestricted
funds
General
£
6,852,342
(759,259)
6,093,083		 Total funds at
31 March
2022
£
6,755,499
(795,667)
5,959,832
Total funds at
31 March
2021
£
6,852,342
(759,259)
6,093,083

Page 18

Solev Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

15 Analysis of net funds

15 Analysis of net funds
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 At 1 April
2021
£
471,869
471,869
At 1 April
2020
£
699,379
699,379		 Financing cash
flows
£
(398,909)
(398,909)
Financing cash
flows
£
(227,510)
(227,510)		 At 31 March
2022
£
72,960
72,960
At 31 March
2021
£
471,869
471,869

16 Related party transactions

During the year the charity made the following related party transactions:

Pidom Export Limited

(The company is related to Pidom Export Limited, in which all of the trustees are directors.) Interest is received under the terms of a loan agreement between the companies at a rate of 5% per annum. The interest for this year was £298,126 (2021 £280,120). This loan is seen by the directors as a way of investment of surplus funds that will be required for charitable projects in the future but not immediately. At the balance sheet date the amount due from Pidom Export Limited was £6,260,654 (2021 - £5,962,528).

Hatzlocho Limited

(The company is related to Hatzlocho Limited which is controlled by the spouses of the trustees of Solev Co. Limited.)

Interest of £37,760 (2021 £35,962) was charged by that company in the year. This loan is due to be repaid before 31st March 2023. At the balance sheet date the amount due to Hatzlocho Limited was £792,968 (2021 - £755,208).

Page 19

Solev Co. Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Income and Endowments from:
Investment income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2022
£
301,832
301,832
(37,760)
(397,324)
(435,084)
(133,252)
(133,252)
6,093,084
5,959,832		 Total
2021
£
283,520
283,520
(35,962)
(230,380)
(266,342)
17,178
17,178
6,075,905
6,093,083

This page does not form part of the statutory financial statements. Page 20

Solev Co. Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Investment income
Income from other investments
Raising funds
Loan interest
Charitable activities
Grants payable - individuals
The audit of the charity's annual accounts
Bank charges
Printing, postage and stationery
Legal and professional fees		 Total
2022
£
301,832
301,832
(37,760)
(37,760)
(395,199)
(1,350)
(55)
-
(720)
(397,324)		 Total
2021
£
283,520
283,520
(35,962)
(35,962)
(228,765)
(1,350)
(65)
(200)
-
(230,380)

This page does not form part of the statutory financial statements. Page 21