REGISTERED COMPANY NUMBER: 01099142 (England and Wales) REGISTERED CHARITY NUMBER: 266075
KERMAVILLE LIMITED
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
KERMAVILLE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 to | 6 |
| Notes to the Financial Statements | 7 to | 10 |
KERMAVILLE LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES L Rabinowitz COMPANY SECRETARY M Landau REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 01099142 (England and Wales) NUMBER REGISTERED CHARITY 266075 NUMBER INDEPENDENT EXAMINER Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS BANKERS Barclays Bank plc 1 Churchill Place London E14 5HP
Page 1
KERMAVILLE LIMITED (REGISTERED NUMBER: 01099142)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 31 March 2024. 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).
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objects for public benefit
The objects of the charity are to advance religion in accordance with the Orthodox Jewish Faith and such other purposes as are considered charitable.
The trustee confirms he has given due regard to the Charity Commission's general guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The trustee is satisfied with the results for the year. There was a small increase in income over the previous year with an increase in property expenditure. Although the trustee reduced grantmaking there was a deficit for the year being funded from reserves held..
FINANCIAL REVIEW
Reserves policy
The trustee does not seek to maintain reserves, other than to ensure that he can continue the activities of the charity. Reserves at the year end were £255,167 (2023 - £260,411) with free reserves being £5,167(2023 - £10,411).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted by Memorandum and Articles of Association dated 28th February 1973.
Organisational structure
The day-to-day affairs of the company are administered by the trustee.
Induction and training of new trustees
The power to appoint new trustees is vested in the board. It is not the intention of the trustee to appoint any new trustees. Should the situation change in the future, suitable recruitment induction and training procedures will be applied.
Risk management
The trustee confirms that there are no major risks to which the charity is exposed.
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 30 December 2024 and signed on its behalf by:
L Rabinowitz - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KERMAVILLE LIMITED
Independent examiner's report to the trustees of Kermaville Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance 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 carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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
-
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 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 accounts to be reached.
E Meyer FCA BSc
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
30 December 2024
Page 3
KERMAVILLE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 30,207 EXPENDITURE ON Raising funds Investment management costs 3 15,454 15,454 Charitable activities 4 Grantmaking 19,000 Support costs 997 Total 35,451 NET INCOME/(EXPENDITURE) (5,244) RECONCILIATION OF FUNDS Total funds brought forward 260,411 TOTAL FUNDS CARRIED FORWARD 255,167 |
2023 Total funds £ 28,320 2,476 2,476 25,000 1,291 28,767 (447) 260,858 260,411 |
|---|---|
The notes form part of these financial statements
Page 4
KERMAVILLE LIMITED (REGISTERED NUMBER: 01099142)
BALANCE SHEET 31 MARCH 2024
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds: General fund TOTAL FUNDS |
2024 Total funds £ 250,000 1,327 5,853 7,180 (2,013) 5,167 255,167 255,167 255,167 255,167 |
2023 Total funds £ 250,000 - 12,364 12,364 (1,953) 10,411 260,411 260,411 260,411 260,411 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.
The notes form part of these financial statements
Page 5
KERMAVILLE LIMITED (REGISTERED NUMBER: 01099142)
BALANCE SHEET - continued 31 MARCH 2024
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 30 December 2024 and were signed on its behalf by:
L Rabinowitz - Trustee
The notes form part of these financial statements
Page 6
KERMAVILLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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, as modified by the revaluation of certain assets.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
The valuation of investment property is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
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 in the year in which they are incurred and includes irrecoverable VAT.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date and any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
Page 7
KERMAVILLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. INVESTMENT INCOME
| 2. INVESTMENT INCOME |
||
|---|---|---|
| 2024 Unrestricted funds £ Rents received 30,207 3. INVESTMENT MANAGEMENT COSTS 2024 Unrestricted funds £ Property expenses 15,454 4. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 5) note 6) £ £ Grantmaking 19,000 - Support costs - 997 19,000 997 5. GRANTS PAYABLE 2024 £ Grantmaking 19,000 The total grants paid to institutions during the year was as follows: 2024 £ Advancement of education 6,000 Relief of poverty 6,000 Advancement of religion - Social welfare 7,000 19,000 Success Stories 7,000 Friends of Yeshiva Daas Sholem Shotz 6,000 Friends Asos Chesed 6,000 19,000 |
2023 Total funds £ 28,320 |
|
| 2023 Total funds £ 2,476 |
||
| Totals £ 19,000 997 |
||
| 19,997 | ||
| 2023 £ 25,000 |
||
| 2023 £ 5,000 - 6,000 14,000 |
||
| 25,000 | ||
Page 8
KERMAVILLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| Support costs | 997 | |
| Support costs, included in the above, are as follows: | ||
| 2024 | 2023 | |
| Support | Total | |
| costs | activities | |
| £ | £ | |
| Independent examiner's fee | 420 | 390 |
| Independent examiner's other fee | 420 | 390 |
| General expenses | 157 | 511 |
| 997 | 1,291 |
7.
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
8. AVERAGE NUMBER OF STAFF
The average number of staff in the year was Nil (2023 - Nil).
9. INVESTMENT PROPERTY
| FAIR VALUE At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
£ 250,000 |
|---|---|
| 250,000 | |
| 250,000 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustee who is considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.
Page 9
KERMAVILLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
||
|---|---|---|
| Other debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accruals and deferred income |
2024 £ 1,327 2024 £ 1,173 840 2,013 |
2023 £ - |
| 2023 £ 1,173 780 |
||
| 1,953 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 10