COMPANY REGISTRATION NUMBER: 01572646
CHARITY REGISTRATION NUMBER: 283600
NESSWALL 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
NESSWALL 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 |
NESSWALL 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 Nesswall Limited Charity registration number 283600 Company registration number 01572646 Principal office and registered New Burlington House office 1075, Finchley Road London NW11 0PU UK The trustees Mrs H Warhaftig Mr N Teitelbaum Independent examiner Moshe 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.
Objectives and activities
The Charitable company was 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.
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NESSWALL LIMITED
COMPANY LIMITED BY GUARANTEE
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
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 £64,370. Total resources expended were £49,901 of which £47,010 was donated to charitable institutions.
The value of the charity's shares in group undertakings, as per the subsidiary's draft accounts as at 31 March 2022, decreased in the year, resulting in a net deficit of £54,247.
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.
The trustees' annual report and the strategic report were approved on 31 January 2023 and signed on behalf of the board of trustees by:
Mrs H Warhaftig Trustee
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NESSWALL LIMITED
COMPANY LIMITED BY GUARANTEE
Independent Examiner's Report to the Trustees of Nesswall Limited
Year ended 31 March 2022
I report to the trustees on my examination of the financial statements of Nesswall Limited ('the charity') for the year ended 31 March 2022.
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.
Moshe Broner-Cohen FCA Independent Examiner
New Burlington House 1075 Finchley Road LONDON NW11 0PU
31 January 2023
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NESSWALL 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 | 49,970 | 49,970 | 29,960 |
| Investment income | 14,400 | 14,400 | 14,400 | |
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|
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| Total income | 64,370 | 64,370 | 44,360 | |
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|
|
||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | (49,901) | (49,901) | (65,236) |
|
|
|
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| Total expenditure | (49,901) | (49,901) | (65,236) | |
|
|
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| Net (losses)/gains on investments | 9 | (69,247) | (69,247) | 22,489 |
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| Net (expenditure)/income and net movement in funds | (54,778) | (54,778) | 1,613 | |
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| Reconciliation of funds | ||||
| Total funds brought forward | 888,935 | 888,935 | 887,322 | |
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| Total funds carried forward | 834,157 | 834,157 | 888,935 | |
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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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NESSWALL LIMITED
COMPANY LIMITED BY GUARANTEE
Statement of Financial Position
| 31 | March 2022 | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 12 | 620,494 | 689,741 | ||
| Current assets | |||||
| Debtors | 13 | 213,900 | 199,500 | ||
| Cash at bank and in hand | 2,043 | 1,854 | |||
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|
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| 215,943 | 201,354 | ||||
| Creditors: amounts falling due | |||||
| within one year | 14 | (2,280) | (2,160) | ||
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|
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| Net current assets | 213,663 | 199,194 | |||
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| Total assets less current liabilities | 834,157 | 888,935 | |||
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| Funds of the charity | |||||
| Unrestricted funds | 834,157 | 888,935 | |||
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| Total charity funds | 15 | 834,157 |
888,935 |
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 31 January 2023, and are signed on behalf of the board by:
Mrs H Warhaftig Trustee
The notes on pages 6 to 12 form part of these financial statements.
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NESSWALL 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, UK.
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.
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NESSWALL LIMITED
COMPANY LIMITED BY GUARANTEE
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
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.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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NESSWALL LIMITED
COMPANY LIMITED BY GUARANTEE
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
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.
Debt instruments are subsequently measured at amortised cost.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
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
| Donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations received | 49,970 | 49,970 | 29,960 | 29,960 |
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6. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | 47,010 | 47,010 | 62,600 | 62,600 |
| Support costs | 2,891 | 2,891 | 2,636 | 2,636 |
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| 49,901 | 49,901 | 65,236 | 65,236 | |
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NESSWALL LIMITED
COMPANY LIMITED BY GUARANTEE
Notes to the Financial Statements (continued)
Year ended 31 March 2022
| 7. | Expenditure on charitable activities by activity type | Expenditure on charitable activities by activity type | |||
|---|---|---|---|---|---|
| Grant funding | Total funds | Total fund | |||
| of activities Support costs | 2022 | 2021 | |||
| £ | £ | £ | £ | ||
| Donations | 47,010 | – | 47,010 | 62,600 | |
| Governance costs | – | 2,891 | 2,891 | 2,636 | |
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| 47,010 | 2,891 | 49,901 | 65,236 | ||
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8. Analysis of grants
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Grants to institutions | ||
| Clearwaters Trust Limited | – | 5,000 |
| Mifal Hachesed Vehatzedokoh | – | 9,800 |
| Congregation Yetev Lev D'Satmar Antwerp Limited | – | 5,000 |
| One Heart - Lev Echod | – | 9,800 |
| Misgav Ladoch | 5,300 | 5,500 |
| Merkaz Hatorah | – | 4,000 |
| Wlodowa Charity & Rehabilitation Trust | – | 3,600 |
| Care All Limited | – | 3,600 |
| Shtibel Gur | 4,500 | – |
| Kehal Yisroel D-Chasidel Gur | 7,500 | – |
| The New Rachmistrivke Synagogue Trust | 5,000 | – |
| Freinds of Beis Chinuch Lebonos Trust | 3,800 | 5,000 |
| Friends of Beis Soroh Schneirer | 3,000 | 5,000 |
| Grants to institutions < £4,000 | 17,910 | 6,300 |
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| 47,010 | 62,600 | |
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| Total grants | 47,010 | 62,600 |
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| Analysis of grants to institutions | ||
| 2022 | 2021 | |
| £ | £ | |
| Religious Activities | 17,454 | 26,950 |
| Education/Training | 8,403 | 7,950 |
| Relief of Poverty | 16,903 | 21,950 |
| Other General Charitable Purposes | 4,250 | 5,750 |
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| Total | 47,010 |
62,600 |
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NESSWALL LIMITED
COMPANY LIMITED BY GUARANTEE
Notes to the Financial Statements (continued)
Year ended 31 March 2022
9. Net (losses)/gains on investments
| 9. | Net (losses)/gains on investments | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on investments in group | |||||
| undertakings | (69,247) | (69,247) | 22,489 | 22,489 | |
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| 10. | Independent examination fees | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 2,400 | 2,160 | |||
|
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11. 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.
12. Investments
| Shares in | |
|---|---|
| group | |
| undertakings | |
| £ | |
| Cost or valuation | |
| At 1 April 2021 | 689,741 |
| Additions | – |
| Fair value movements | (69,247) |
|
|
| At 31 March 2022 | 620,494 |
|
|
| Impairment | |
| At 1 April 2021 and 31 March 2022 | – |
|
|
| Carrying amount | |
| At 31 March 2022 | 620,494 |
|
|
| At 31 March 2021 | 689,741 |
|
All investments shown above are held at valuation.
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NESSWALL LIMITED COMPANY LIMITED BY GUARANTEE
Notes to the Financial Statements (continued)
Year ended 31 March 2022
13. Debtors
| Debtors | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Amounts owed by group undertakings | 180,000 | 180,000 |
| Other debtors | 33,900 | 19,500 |
|
|
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| 213,900 | 199,500 | |
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| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Other creditors | 2,280 | 2,160 |
|
|
14. Creditors: amounts falling due within one year
15. Analysis of charitable funds
Unrestricted funds
| At | |||||||
|---|---|---|---|---|---|---|---|
| At | Gains and | 31 March 20 | |||||
| 1 | April 2021 | Income | Expenditure | losses | 22 | ||
| £ | £ | £ | £ | £ | |||
| General funds | 888,935 | 64,370 | (49,901) | (69,247) | 834,157 | ||
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| At | |||||||
| At | Gains and | 31 March 202 | |||||
| 1 | April 2020 | Income | Expenditure | losses | 1 | ||
| £ | £ | £ | £ | £ | |||
| General funds | 887,322 | 44,360 | (65,236) | 22,489 | 888,935 | ||
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NESSWALL LIMITED COMPANY LIMITED BY GUARANTEE
Notes to the Financial Statements (continued)
Year ended 31 March 2022
16. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Investments | 620,494 | 620,494 |
| Current assets | 215,943 | 215,943 |
| Creditors less than 1 year | (2,280) | (2,280) |
|
|
|
| Net assets | 834,157 | 834,157 |
|
|
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| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Investments | 689,741 | 689,741 |
| Current assets | 201,354 | 201,354 |
| Creditors less than 1 year | (2,160) | (2,160) |
|
|
|
| Net assets | 888,935 | 888,935 |
|
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17. Related parties
During the year, the charity received donations aggregating £49,970 (2021: £29,960) from its subsidiary undertaking, Maxrose Limited.
Amounts owed by group undertakings represents a loan due from the subsidiary undertaking, Maxrose Limited. The loan bears interest at 8% per annum.
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