DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
COMPANY REGISTRATION NUMBER: 01572575
CHARITY REGISTRATION NUMBER: 283153
Netzuk Limited
Company Limited by Guarantee Unaudited Financial Statements
For the year ended 31 March 2021
COHEN ARNOLD
Chartered Accountants New Burlington House 1075 Finchley Road London NW11 0PU
DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2021
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 3 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities (including income and expenditure | |
| account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 to 11 |
DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2021
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 2021.
Reference and administrative details
Registered charity name Netzuk Limited Charity registration number 283153 Company registration number 01572575 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU The trustees Mr L Zucker Mrs M Simons Company secretary Mrs S Zucker 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 day-to-day affairs of the Charity are administered by the council of trustees. None of the trustees who are also the Directors have any beneficial interest in the Company.
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 procedures.
Risk Management
The trustees have identified and reviewed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Charity, and are satisfied that systems are in place to manage those risks.
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Netzuk Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2021
Objectives and activities
The Company which is a registered Charity (No.283153) is established for the following objects:-
-
(i) The advancement of religion in accordance with the orthodox Jewish faith.
-
(ii) The relief of poverty.
(iii) To further both in the United Kingdom and abroad those purposes recognised as charitable by English law.
The Charity's principle activity throughout the year was the provision and distribution of donations and grants to Charities, and no change is envisaged in the immediate future.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
There were donations made in the year of £61,000 (2020: £ Nill).
The financial results of the Charity's activities for the year ended 31 March 2021 are fully reflected in the attached Financial Statements together with the Notes thereon.
Financial review
The main source of income for the Charity is the interest earned on investments and cash deposits, as well as voluntary donations from individuals. Interest from investments has remained stable as has the donations received. No voluntary donations (2020: £6,000) were received in the period.
As at 31 March 2021 the Charity had £1,039,858 in Unrestricted Funds.
Reserve Policy
It is the policy of the Charity to maintain free reserves at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.
As at 31 March 2021 the Charity had £1,039,858 in free reserves.
Investment Powers and Policy and Objectives
Under the Memorandum and Articles of Association, the Charity has the power to make any investment, which the trustees see fit. The trustees regularly review the Charity's position and needs in respect of the investment policy.
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DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2021
Financial review (continued)
Grant making policy
Grants are made to charitable institutions and organisations which accord with the objects of the Charity.
The trustees are approached for donations by a wide variety of charitable institutions operating all over England (and also abroad). The trustees consider all requests which they receive and make donations based on the level of funds available.
Plans for future periods
The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
The trustees' annual report and the strategic report were approved on 22 December 2021 and signed on behalf of the board of trustees by:
Mr L Zucker Trustee
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DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Netzuk Limited
Year ended 31 March 2021
I report to the trustees on my examination of the financial statements of Netzuk Limited ('the charity') for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the 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 the 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:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr M Broner-Cohen FCA Independent Examiner
22 December 2021
_____ Date
New Burlington House 1075 Finchley Road London NW11 0PU
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DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | – | – | 7,500 |
| Investment income | 6 | 56,250 | 56,250 | 56,250 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total income | 56,250 | 56,250 | 63,750 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 7,8 | (62,041) | (62,041) | (1,761) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | (62,041) | (62,041) | (1,761) | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net (expenditure)/income and net movement in funds | (5,791) | (5,791) | 61,989 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,045,649 | 1,045,649 | 983,660 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 1,039,858 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
1,039,858 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
1,045,649 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
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 7 to 11 form part of these financial statements.
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DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Current assets | |||||
| Debtors | 13 | 806,250 | 786,688 | ||
| Cash at bank and in hand | 235,685 | 261,338 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| 1,041,935 | 1,048,026 | ||||
| Creditors: amounts falling due | |||||
| within one year | 14 | (2,077) | (2,377) | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Net current assets | 1,039,858 | 1,045,649 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Total assets less current liabilities | 1,039,858 | 1,045,649 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Net assets | 1,039,858 | 1,045,649 | |||
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ||||
| Funds of the charity | |||||
| Unrestricted funds | 1,039,858 | 1,045,649 | |||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||||
| Total charity funds | 15 | 1,039,858 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
1,045,649 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
For the year ending 31 March 2021 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 22 December 2021, and are signed on behalf of the board by:
Mr L Zucker Trustee
The notes on pages 7 to 11 form part of these financial statements.
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DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2021
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.
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.
Going concern
There are no material uncertainties about the charity's ability to continue.
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.
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
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Incoming resources (continued)
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Limited by guarantee
Netzuk Limited is a company limited by guarantee governed by its Memorandum and Articles of Association. The liability of each member in the event of winding up is limited to £1.
5. Donations and legacies
| Donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | – | – | 7,500 | 7,500 |
| ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
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DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
6. Investment income
| 6. | Investment income | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Loan interest receivable | 56,250 | 56,250 | 56,250 | 56,250 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 7. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Charitable donations | 61,000 | 61,000 | – | – | |
| Support costs | 1,041 | 1,041 | 1,761 | 1,761 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 62,041 | 62,041 | 1,761 | 1,761 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 8. | Expenditure on charitable activities by activity type | ||||
| Grant funding | Total funds | Total fund | |||
| of activities | Support costs | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Charitable donations | 61,000 | – | 61,000 | – | |
| Governance costs | – | 1,041 | 1,041 | 1,761 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 61,000 | 1,041 | 62,041 | 1,761 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 9. | Analysis of support costs | ||||
| Total 2021 | Total 2020 | ||||
| £ | £ | ||||
| Governance costs | 1,041 | 1,761 | |||
| ৶৶৶৶ | ৶৶৶৶৶৶৶ | ||||
| 10. | Analysis of grants | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Beis Aharon Trust | 3,000 | – | |||
| Friends of Igud Hakoleilim | 37,000 | – | |||
| London Friends Of Kamenizter Yeshiva | 1,000 | – | |||
| Tomchei Yotzei Anglia | 20,000 | – | |||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ||||
| 61,000 | – | ||||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ||||
| Total grants | 61,000 ৶৶৶৶৶৶৶৶৶ |
– ৶৶৶৶ |
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DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
10. Analysis of grants (continued)
Analysis of Grants to Institutions:
| Analysis of Grants to Institutions: | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Advancement of the Jewish Religion | 18,831 | – | |
| Advancement of the Jewish Education | 3,334 | – | |
| Relief of Poverty | 38,835 | – | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total | 61,000 | – | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 11. | Independent examination fees | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 840 | 1,560 | |
| ৶৶৶৶ | ৶৶৶৶৶৶৶ |
12. Trustee remuneration and expenses
The charity has no staff other than it's 2 Trustees all of whom give freely their time and expertise without any form of remuneration or other benefit in cash of kind (2020: Nil). The charity did not meet any expenses (2020: Nil) incurred by the trustees for services provided to the charity.
13. Debtors
| 13. | Debtors | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Other debtors | 806,250 | 786,688 | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||
| 14. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 1,140 | 1,440 | |
| Director loan accounts | 937 | 937 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 2,077 ৶৶৶৶৶৶৶ |
2,377 ৶৶৶৶৶৶৶ |
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DocuSign Envelope ID: DF7A7CE0-2693-4702-8E8D-E36ABD7DEB83
Netzuk Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
15. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 April 2020 | Income | Expenditure 31 |
March 2021 | |
| £ | £ | £ | £ | |
| General funds | 1,045,649 | 56,250 | (62,041) | 1,039,858 |
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| At | At | |||
| 1 April 2019 | Income | Expenditure 31 March 2020 |
||
| £ | £ | £ | £ | |
| General funds | 983,660 | 63,750 | (1,761) | 1,045,649 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |
| Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| £ | £ | |||
| Current assets | 1,041,935 | 1,041,935 | ||
| Creditors less than 1 year | (2,077) | (2,077) | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Net assets | 1,039,858 | 1,039,858 | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ | |||
| Unrestricted | Total Funds | |||
| Funds | 2020 | |||
| £ | £ | |||
| Current assets | 1,048,026 | 1,048,026 | ||
| Creditors less than 1 year | (2,377) | (2,377) | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | |||
| Net assets | 1,045,649 | 1,045,649 | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
16. Analysis of net assets between funds
17. Related parties
A total of £Nil (2020: £Nil) of donations were received in the year from related parties.
Included in Loan interest receivable (note 6) is an amount of £56,250 (2020: £56,250) due in the year from Daleville Ltd, a company whose directors are also Governors (Trustees) of this Charity.
Included in Other debtors (Note 12) is an amount of £750,000 (2020: £750,000) owed by Daleville Ltd, a company whose directors are also Governors (Trustees) of this Charity. Interest is payable thereon at 7.5% per annum. The loan is secured by a charge on a freehold property valued in excess of £1m.
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