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COMPANY REGISTRATION NUMBER: 01436166
CHARITY REGISTRATION NUMBER: 278334
Perial Limited
Company Limited by Guarantee Unaudited Financial Statements
For the year ended
31 March 2022
COHEN ARNOLD
Chartered accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU
DocuSign Envelope ID: EBB8A5FB-EE13-4964-B8C8-BD3EABFC8403
Perial Limited
Company Limited by Guarantee Financial Statements
Year ended 31 March 2022
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities (including income and expenditure | |
| account) | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 12 |
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Perial Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
Reference and administrative details
Registered charity name Perial Limited Charity registration number 278334 Company registration number 01436166 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU United Kingdom
The trustees
Mr S Hirschler (Chairman) Mrs R Hirschler Mr B Hirschler Mrs E Beck Mrs R Lipschutz Mrs M Schechter Mr M Hirschler Mr J Hirschler Mrs G Steiner Company secretary Mrs R Hirschler Independent examiner Mr M Broner-Cohen FCA New Burlington House 1075 Finchley Road LONDON NW11 0PU
Structure, governance and management
The Charity is constituted as a Company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association.
The Governors (Trustees) administer the day-to-day affairs of the Charity. None of the Governors (Trustees) have any beneficial interest in the Charity.
It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment training and induction procedures.
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Perial Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
Objectives and activities
The Company is established to further both in the United Kingdom and abroad those purposes recognised as charitable by English Law. To achieve these objects, the Company utilises its income to make grants and donations.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
During the year the Company continued to pursue its philanthropic objects in support of educational, religious and other Charitable Organisations which was in accordance with the guidance of the Charity Commission relating to Public Benefit.
Financial review
Income from donations and investments aggregated £31,455. Total resources expended were £36,818. Including the net loss on revaluation of investments, there was a net deficit of £6,845.
The financial results of the Charity's activities for the year to 31 March 2022 are fully reflected in the attached Financial Statements together with the Notes thereon.
Reserves policy
It is the policy of the Charity to maintain unrestricted funds at a level which the Trustees consider appropriate after taking account of the future commitments of the Charity.
As at 31 March 2022, the Charity had free reserves of £86,102.
The Trusteess’ have considered the impact of the outbreak of COVID-19 on the charity and these are disclosed in the notes to the accounts.
The trustees' annual report and the strategic report were approved on 21 December 2022 and signed on behalf of the board of trustees by:
Mr S Hirschler (Chairman) Trustee
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Perial Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Perial Limited
Year ended 31 March 2022
I report to the trustees on my examination of the financial statements of Perial Limited ('the charity') for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the financial statements do not accord with the accounting records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.
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.
Mr M Broner-Cohen FCA Independent Examiner
21/12/2022
New Burlington House 1075 Finchley Road LONDON NW11 0PU
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Perial Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2022
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 24,000 | 24,000 | 26,000 |
| Investment income | 7,455 | 7,455 | 7,482 | |
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| Total income | 31,455 | 31,455 | 33,482 | |
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| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | (36,818) | (36,818) | (30,933) |
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| Total expenditure | (36,818) | (36,818) | (30,933) | |
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| Net losses on investments | 10 | (1,482) | (1,482) | (19,207) |
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| Net expenditure and net movement in funds | (6,845) | (6,845) | (16,658) | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 1,477,445 | 1,477,445 | 1,494,103 | |
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| Total funds carried forward | 1,470,600 | 1,470,600 | 1,477,445 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 12 form part of these financial statements.
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Perial Limited
Company Limited by Guarantee
Statement of Financial Position
| 31 | March 2022 | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 13 | 1,384,498 | 1,385,980 | ||
| Current assets | |||||
| Debtors | 14 | 58,625 | 57,313 | ||
| Cash at bank and in hand | 86,547 | 93,052 | |||
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| 145,172 | 150,365 | ||||
| Creditors: amounts falling due | |||||
| within one year | 15 | 59,070 | 58,900 | ||
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| Net current assets | 86,102 | 91,465 | |||
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| Total assets less current liabilities | 1,470,600 | 1,477,445 | |||
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| Net assets | 1,470,600 | 1,477,445 | |||
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| Funds of the charity | |||||
| Unrestricted funds | 1,470,600 | 1,477,445 | |||
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| Total charity funds | 16 | 1,470,600 |
1,477,445 |
For the year ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 21 December 2022, and are signed on behalf of the board by:
Mr S Hirschler (Chairman) Trustee
The notes on pages 6 to 12 form part of these financial statements.
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Perial Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The charity meets the definition of a public benefit entity under FRS 102.
Going concern
The Covid-19 pandemic has adversely affected the wider macro economy and has presented the charity with some challenges regarding its operations and sources of income. These risks are beyond the control of the charity and represent uncertainty to the cashflow of the charity in the next 12 months.
Notwithstanding the uncertainty, the financial statements have been prepared in accordance with the accounting principle appropriate to a going concern, as the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees also recognise that they have the ability to exercise control over the charity's grant making charitable activities due to the absence of any legally binding obligations.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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Perial Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when the Charity becomes entitled to the resources; the Trustees are virtually certain they will receive the resources; and The monetary value can be measured with sufficient reliability.
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising Contract or investment income) the incoming resources and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and donations are only included in the SOFA when the Charity has unconditional entitlement to the resources. Donations represent voluntary amounts receivable during the year.
Investment Income
This is included in the Accounts when receivable.
Resources expended
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of Statutory Accounts, the costs of trustee meetings and cost of any legal advice to Trustees on governance or constitutional matters.
Taxation
The Charity is not liable to direct taxation (corporation tax) on its income as it falls within the various exemptions available to registered Charities.
Financial instruments
Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of the liabilities.
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Perial Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
4. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
5. Donations and legacies
| 5. | Donations and legacies | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations received | 24,000 | 24,000 | 26,000 | 26,000 | |
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| 6. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Donations Paid | 33,954 | 33,954 | 28,269 | 28,269 | |
| Support costs | 2,864 | 2,864 | 2,664 | 2,664 | |
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| 36,818 | 36,818 | 30,933 | 30,933 | ||
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| 7. | Expenditure on charitable activities by activity type | ||||
| Grant funding | Total funds | Total fund | |||
| of activities | Support costs | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Donations Paid | 33,954 | 2,864 | 36,818 | 30,933 | |
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| 8. | Analysis of support costs | ||||
| Support Costs | Total 2022 | Total 2021 | |||
| £ | £ | £ | |||
| General office | 2,864 | 2,864 | 2,665 | ||
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Perial Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
9. Analysis of grants
| 9. | Analysis of grants | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Kahal Chassdim Bobov | 4,000 | 4,000 | |||
| Beis Chinuch - Antwerp | – | 1,000 | |||
| Avreichei Gur Synagogue | 1,270 | 1,470 | |||
| Friends of Gur Foundation Israel | 100 | 2,750 | |||
| Areivim | 1,317 | 1,633 | |||
| Gerer Shtiebel Synagogue | 2,500 | 2,100 | |||
| Ichud Mosdos Gur Limited | 4,650 | 3,400 | |||
| Talmud Torah D'chasidei Gur Limited | 886 | 1,250 | |||
| Yeshivas Lev Simcha Limited | 2,360 | 2,000 | |||
| Yesamach Levav | 2,500 | 2,000 | |||
| Kupat Ezer Lenisuin Beth Yisroel | 1,600 | – | |||
| Friends of Wiznitz Limited | 3,450 | – | |||
| British Friends of Mosdos Tchernobel | 3,050 | – | |||
| Grants below £1,000 | 6,271 | 6,666 | |||
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| 33,954 | 28,269 | ||||
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| Total grants | 33,954 | 28,269 | |||
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| Analysis of Grants to Institutions: | |||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Religious activities | 10,360 | 8,602 | |||
| Education/Training | 15,032 | 9,635 | |||
| Relief of poverty | 7,962 | 6,183 | |||
| Other general charitable purposes | 600 | 3,849 | |||
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| Total | 33,954 | 28,269 | |||
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| 10. | Net losses on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on Listed investments | |||||
| and subsidiary | (1,482) | (1,482) | (19,207) | (19,207) | |
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Perial Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
11. Independent examination fees
| Independent examination fees | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,400 |
2,400 |
12. Trustee remuneration and expenses
The charity has no staff other than the trustees all of whom give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2021: £nil). The charity did not meet any expenses (2021: £nil) incurred by the trustees for services provided to the charity.
13. Investments
| Investments | |||
|---|---|---|---|
| Shares in | |||
| Listed | group | ||
| investments | undertakings | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 April 2021 | 300 | 1,385,680 | 1,385,980 |
| Additions | – | – | – |
| Fair value movements | (60) | (1,422) | (1,482) |
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| At 31 March 2022 | 240 | 1,384,258 | 1,384,498 |
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| Impairment | |||
| At 1 April 2021 and 31 March 2022 | – | – | |
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| Carrying amount | |||
| At 31 March 2022 | 240 | 1,384,258 | 1,384,498 |
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| At 31 March 2021 | 300 | 1,385,680 | 1,385,980 |
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All investments shown above are held at valuation.
Financial assets held at fair value
a) The market value of the Investment in Wingham Estates Ltd, the Subsidiary Undertaking shown above, is based on the underlying value of assets less liabilities of the Subsidiary at 31 March 2022. The valuation of the properties in the Subsidiary Company has been made by the Governors (Trustees) of this Company and provisions have been made for latent liabilities to Corporation Tax on unrealised surpluses resulting from the revaluation.
b) The Company holds the whole of the issued share capital in Wingham Estates Limited which is incorporated in Great Britain and registered in England.
Group Financial Statements have not been prepared under the exemption conferred by Section 398 Companies Act 2006.
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Perial Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
14. Debtors
| Debtors | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Prepayments and accrued income | 2,625 | 1,313 |
| Other debtors | 56,000 | 56,000 |
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| 58,625 | 57,313 | |
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| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Amounts owed to group undertakings | 56,500 | 56,500 |
| Accruals and deferred income | 2,400 | 2,400 |
| Other creditors | 170 | – |
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| 59,070 | 58,900 | |
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15. Creditors: amounts falling due within one year
16. Analysis of charitable funds
Unrestricted funds
| At | Gains and | At | ||||
|---|---|---|---|---|---|---|
| 1 | April 2021 | Income | Expenditure | losses | 31 March 2022 | |
| £ | £ | £ | £ | £ | ||
| General funds | 1,477,445 | 31,455 | (36,818) | (1,482) | 1,470,600 | |
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| At | Gains and | At | ||||
| 1 | April 2020 | Income | Expenditure | losses | 31 March 2021 | |
| £ | £ | £ | £ | £ | ||
| General funds | 1,494,103 | 33,482 | (30,933) | (19,207) | 1,477,445 | |
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Perial Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
17. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Investments | 1,384,498 | 1,384,498 |
| Current assets | 145,172 | 145,172 |
| Creditors less than 1 year | (59,070) | (59,070) |
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| Net assets | 1,470,600 | 1,470,600 |
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| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Investments | 1,385,980 | 1,385,980 |
| Current assets | 150,365 | 150,365 |
| Creditors less than 1 year | (58,900) | (58,900) |
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| Net assets | 1,477,445 | 1,477,445 |
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18. Related parties
(i) During the year, the Charity received donations aggregating £24,000 from its subsidiary undertaking.
(ii) Other debtors represents £22,000 due from the subsidiary undertaking and £34,000 due from a Company of which one of the Directors of this Company is a Director. The loans bore interest at 10% and 15.44% respectively .
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