Charity Registration No: 268505 Company Registration No: 01188139 (England & Wales)
VIVDALE LIMITED
GOVERNORS’ REPORT AND ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2022
VIVDALE LIMITED
For the Year Ended 5 April 2022
LEGAL AND ADMINISTRATIVE INFORMATION
Governors Mr D H Marks (resigned on 19[th] July 2021) Mr G Sinclair (appointed on 19[th] July 2021) Mr N Bloom (appointed on 19[th] July 2021) Mrs L Marks Secretary Mr D H Marks (resigned on 19[th] July 2021) Charity number 268505 Company number 01188139 Principal address 133 Leeside Crescent Golders Green London NW11 0JN Registered office 133 Leeside Crescent Golders Green London NW11 0JN Independent auditor Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG
VIVDALE LIMITED
For the Year Ended 5 April 2022
Contents
| Page | |
|---|---|
| Governors’ report | 1 |
| Statement of governors’ responsibilities | 2 |
| Independent auditor’s report | 3-5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8-11 |
VIVDALE LIMITED
For the Year Ended 5 April 2022
GOVERNORS` REPORT
The governors present their annual report and accounts for the year ended 5 April 2022.
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 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.
Governance and management
The Company is limited by guarantee and having no share capital.
The governors, who are also the directors for the purpose of company law, and who served during the year were:
Mr D H Marks (resigned on 19[th] July 2021) Mr G Sinclair (appointed on 19[th] July 2021) Mr N Bloom (appointed on 19[th] July 2021)
Mrs L Marks
None of the governors has any beneficial interest in the company. All of the governors are members of the company and guarantee to contribute £1 in the event of a winding up.
Objectives
The object of the charity is to enhance and sustain orthodox religious Judaism. The object is achieved by making donations to orthodox religious Jewish institutions and charities. Donations of £89,491 (2021: £66,987) were made in the year. The company intends to continue making these donations.
Public benefit
The principal activities of the charity during the year continued to be to enhance orthodox religious Judaism. The governors are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Charities Act 2011. The governors believe that the charity achieves a public benefit by providing these donations detailed in this report.
Disclosures of information to auditors
Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.
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VIVDALE LIMITED
For the Year Ended 5 April 2022
Reserves policy
The charity reviews its reserves on a regular basis and is confident it can meet any unforeseen financial situations that may arise.
STATEMENT OF GOVERNORS` RESPONSIBILITIES
The governors, who are also the directors of Vivdale Limited for the purpose of company law, are responsible for preparing the Governors’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law required the governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the governors are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent; and
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Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The governors are responsible are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts 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.
Signed on behalf of the board of governors on 24 January 2023
Mrs. L Marks Governor
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VIVDALE LIMITED
For the Year Ended 5 April 2022
Independent Auditor’s report to the Governors
Opinion
We have audited the financial statements of Vivdale Limited for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
•give a true and fair view of the state of the charitable company’s affairs as at 5 April 2022 and of its income and expenditure for the year then ended;
•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
•have been prepared in accordance with the requirements of the Companies Act 2006.
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’s 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 FRCʼs Ethical Standard 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 financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors 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.
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VIVDALE LIMITED
For the Year Ended 5 April 2022
Independent Auditor’s report to the Governors
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
•the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- •the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the 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’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
•adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
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•the financial statements are not in agreement with the accounting records and returns;
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•certain disclosures of trustees’ remuneration specified by law are not made; or
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•we have not obtained all the information and explanations necessary for the purposes of our audit.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement, 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 they 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.
Our 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
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We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:
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identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
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We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
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VIVDALE LIMITED
For the Year Ended 5 April 2022
Independent Auditor’s report to the Governors
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We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
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We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located 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 Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members 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 Charity and the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG
Date: 26/01/2023
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VIVDALE LIMITED
For the Year Ended 5 April 2022
Statement of Financial Activities
(Including Income and Expenditure Account)
| Notes Income from: Investment Income 2 HMRC-JRS Grants Expenditure on: Charitable activities 3 Total expenditure Net income before net gains on investments Net gains on investments Net income for the year Total funds brought forward Total funds carried forward |
2022 £ 179,840 2,301 182,141 152,300 152,300 29,841 195,081 224,922 4,058,526 4,283,448 ======== |
2021 £ 230,374 6,236 |
|---|---|---|
| 236,610 113,046 |
||
| 113,046 | ||
| 123,564 357,920 |
||
| 481,484 3,577,042 |
||
| 4,058,526 ======== |
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VIVDALE LIMITED
BALANCE SHEET
AS AT 5 APRIL 2022
| Notes Fixed Assets Investments 6 Current Assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ 4,033,662 160,469 113,642 274,111 (24,325) 249,786 4,283,448 ======== 4,283,448 ======== |
2021 £ 3,838,581 |
|---|---|---|
| 148,750 148,641 |
||
| 297,391 (77,446) |
||
| 219,945 | ||
| 4,058,526 ======== 4,058,526 ======== |
The financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
The accounts were approved by the Board on 24 January 2023.
............................... Mrs L Marks Governor
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VIVDALE LIMITED
For the Year Ended 5 April 2022
Notes to the Accounts
1. Accounting policies
a) Basis of preparation
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 - effective 1 January 2015) - (Charities SORP FRS 102).
The charity 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 or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income
Incoming resources are recognised in the period in which the charity is entitled to receive them and the amount can be measured with reasonable certainty and it is probable that income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.
d) Interest receivable and investment income
Interest receivable is credited to the Statement of Financial Activities when it is receivable. Dividends and interest from investments, including associated tax credits, are credited to the Statement of Financial Activities when they are receivable.
e) Expenditure
Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered.
Expenditure comprises the following:
a. The costs of generating funds comprise the expenditure incurred by the charity in relation to investment fees.
b. The costs of activities in furtherance of the charity's objectives comprise expenditure on the charity's primary charitable purposes as described in the trustees' report, i.e., grants payable. Audit fees are included as part of support costs.
f) Fund accounting Unrestricted funds are available for use at the discretion of the Trustees and in furtherance of the general objective of the charity.
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VIVDALE LIMITED
For the Year Ended 5 April 2022
Notes to the Accounts (Continued)
| 2. Investment Income Rental income Dividends receivable 3. Total expenditure Charitable activities Educational grants to institutions Premise costs Other support costs Governance costs |
2022 £ 164,519 15,321 179,840 ====== 2022 £ 89,491 43,438 14,803 4,568 152,300 ====== |
2021 £ 215,918 14,456 230,374 ====== 2021 £ 66,987 33,753 10,387 1,919 113,046 ====== |
|---|---|---|
4. Analysis of staff costs, trustees’ remunerations and expenses, and the cost of key management personnel
There was no employee during the year (2021: one).
The charity trustees were not paid or received any benefits from employment with the charity neither were they reimbursed expenses during the year. One charity trustee received payment of £12,592 for professional or other services supplied to the charity.
The total employee benefits including pension contributions of the key management personnel were Nil.
5. Net income / (expenditure) for the year
This is stated after charging / (crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Auditor’s fees- Net of VAT | 4,000 | - |
| Independent examiner's fees- Net of VAT | - | 2,200 |
| ====== | ====== |
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VIVDALE LIMITED
For the Year Ended 5 April 2022
Notes to the Accounts (Continued)
6. Fixed asset investments
| Market value at the beginning of the year Additions in year Disposal proceeds Net gains in the year Market value at the end of the year Historic cost Unquoted investments: Britbourne Properties Ltd, Wood Green Finance Company Ltd & Ermo Developments Ltd Equities listed on a recognised stock exchange Investment properties |
2022 £ 3,838,581 - - 195,081 4,033,662 2,550,107 2022 58,062 245,600 3,730,000 4,033,662 |
2021 £ 3,480,661 1 - 357,919 |
|---|---|---|
| 3,838,581 | ||
| 2,550,107 | ||
| 2021 50,404 233,177 3,555,000 |
||
| 3,838,581 |
The following investments represent more than 5% of the portfolio at market value:
| Invesco Perpetual Exchange | 192,000 | 183,000 |
|---|---|---|
| BP PLC | 11,800 | 11,230 |
The company holds more than 20% of the share capital of the following companies:
| Company | Country of Registration | ||
|---|---|---|---|
| or Incorporation | Shares Held | ||
| Class | |||
| % | |||
| Subsidiary undertakings | |||
| Britbourne Properties Limited | United Kingdom | Ordinary | 100 |
| Woodgreen Finance Company Limited | United Kingdom | Ordinary | 90 |
| Ermo Developments Ltd | United Kingdom | Ordinary | 100 |
Investment properties are valued at fair value by the governors at the year end.
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VIVDALE LIMITED
For the Year Ended 5 April 2022
Notes to the Accounts (Continued
The aggregated amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
| Principal Activities Britbourne Properties Limited Property Investment Woodgreen Finance Company Limited Financing Ermo Developments Ltd Property refurbishment . Debtors Other Debtors |
Capital and reserves £ 19,593 39,533 2,989 ========= 2022 £ 160,469 |
(Loss)/ Profit for the year £ 2,868 1,182 3,701 ======== 2021 £ 148,750 |
|---|---|---|
7. Debtors
Other debtors include the amounts of £124,250 (2021: £124,250), £15,200 (2021: £15,200), nil (2021: Nil) £9,300 (2021: £9,300) owed by Britbourne Properties Ltd, Ermo Developments Ltd, Wood Green Finance Co Ltd and Kerrobert Business System Ltd, companies respectively of which Mrs L Marks is a director.
Other debtors also include loans of £11,719 (2021: Nil) made to Mrs L Marks and her family.
8. Creditors: amounts falling due within one year.
| . Creditors: amounts falling due within one year. | ||
|---|---|---|
| Other Creditors | 2022 £ 24,325 24,325 ========= |
2021 £ 77,446 |
| 77,446 ========= |
Other creditors include loans of nil (2021: £53,788) made by Mrs L Marks and her family.
9. Related party transactions
During the year, charity paid £26,520 for management services to GS Property Management Services Ltd, a company in which one of the trustees is a director.
One charity trustee received payment of £12,592 for professional or other services supplied to the charity.
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