REGISTERED COMPANY NUMBER: 01807031 (England and Wales) REGISTERED CHARITY NUMBER: 299870
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
FOR
SEEKPORT LIMITED
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
SEEKPORT LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
SEEKPORT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are the furtherance of the Orthodox Jewish religion by way of support to educational institutions, assisting in the reduction of poverty and granting help for charitable causes at the discretion of the trustees.
Significant activities
The financial results of the Company's activities for the period ended 30 April 2021 are fully reflected in the attached financial statements together with the notes thereon.
The trustees are satisfied with the results and activities of the company for the year and do not anticipate any significant changes in the forthcoming year.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advancing education, when reviewing the charity's aims and objectives, and in planning future activities and setting grant making policy for the year.
Grantmaking
The trustees obtain details of all requests for assistance and ensure that good recommendations are received before any payments are made.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity received donations totalling £60,000 (2021: £8,000) and paid £123,480 (2021: £31,680) in grants to various charitable institutions.
Investment performance
During the period the charity received rent that amounted to £43,917 (2021: £48,559).
FINANCIAL REVIEW
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity including the possibility of providing capital assets for the needs of charitable institutions.
FUTURE PLANS
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.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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SEEKPORT LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
01807031 (England and Wales)
Registered Charity number
299870
Registered office
71 Fairholt Road London N16 5EW
Trustees
J Grunhut Mrs E Krausz
Independent Examiner
Malcolm Venitt Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 28 July 2023 and signed on its behalf by:
J Grunhut - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SEEKPORT LIMITED
Independent examiner's report to the trustees of Seekport Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Malcolm Venitt
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
28 July 2023
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SEEKPORT LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022
| 30.4.22 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 60,000 Investment income 2 43,917 Total 103,917 EXPENDITURE ON Raising funds 3 8,201 Charitable activities charitable 123,675 Other 1,581 Total 133,457 Net gains/(losses) on investments (203,000) NET INCOME/(EXPENDITURE) (232,540) RECONCILIATION OF FUNDS Total funds brought forward 445,586 TOTAL FUNDS CARRIED FORWARD 213,046 |
30.4.21 Total funds £ 7,999 48,559 |
|---|---|
| 56,558 | |
| 15,410 31,680 1,186 |
|
| 48,276 | |
| - | |
| 8,282 437,304 |
|
| 445,586 |
The notes form part of these financial statements
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SEEKPORT LIMITED
STATEMENT OF FINANCIAL POSITION 30 APRIL 2022
| Notes FIXED ASSETS Investment property 6 CURRENT ASSETS Debtors 7 Investments 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 10 NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
30.4.22 Unrestricted fund £ 965,738 34,770 - 28,716 63,486 (795,759) (732,273) 233,465 (20,419) 213,046 213,046 213,046 |
30.4.21 Total funds £ 965,738 19,770 203,000 62,970 285,740 (805,892) (520,152) 445,586 - 445,586 445,586 445,586 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
SEEKPORT LIMITED
STATEMENT OF FINANCIAL POSITION - continued 30 APRIL 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 28 July 2023 and were signed on its behalf by:
J Grunhut - Trustee
E Krausz - Trustee
The notes form part of these financial statements
Page 6
SEEKPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Governance costs
Goverance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment properties are properties held to earn rental income or for capital appreciation or for both.
Investment properties are recognised initially at cost.
Subsequent to initial recognition:
a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from change in fair value are recognised in profit or loss in the period that they arise; and
b. no depreciation is provided in respect of investment properties applying the fair value model.
Taxation
The charity is exempt from corporation tax on its charitable activities.
continued...
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SEEKPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 30.4.22 | 30.4.21 | |
| £ | £ | |
| Rents received | 43,917 | 48,559 |
| RAISING FUNDS | ||
| Investment management costs | ||
| 30.4.22 | 30.4.21 | |
| £ | £ | |
| Insurance | 6,727 | 7,951 |
| Repairs and renewals | 350 | 6,184 |
| Ground rent and service charge | 600 | 1,275 |
| 7,677 | 15,410 |
3. RAISING FUNDS
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2022 nor for the year ended 30 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2022 nor for the year ended 30 April 2021.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 7,999 |
| Investment income | 48,559 |
| Total | 56,558 |
| EXPENDITURE ON | |
| Raising funds | 15,410 |
| Charitable activities | |
| charitable | 31,680 |
| Other | 1,186 |
| Total | 48,276 |
| NET INCOME | 8,282 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 437,304 |
| TOTAL FUNDS CARRIED FORWARD | 445,586 |
continued...
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SEEKPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
| 6. INVESTMENT PROPERTY FAIR VALUE At 1 May 2021 and 30 April 2022 NET BOOK VALUE At 30 April 2022 At 30 April 2021 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.4.22 £ Other debtors 34,770 8. CURRENT ASSET INVESTMENTS 30.4.22 £ Unlisted investments - 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.4.22 £ Bank loans and overdrafts (see note 11) - VAT 855 Other creditors 695,385 Loan creditors 96,119 Accrued expenses 3,400 795,759 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.4.22 £ Bank loans (see note 11) 20,419 11. LOANS An analysis of the maturity of loans is given below: 30.4.22 £ Amounts falling due within one year on demand: Bank loans - Amounts falling due between two and five years: Bank loans - 2-5 years 20,419 |
£ 965,738 |
£ 965,738 |
|
|---|---|---|---|
| 965,738 | |||
| 965,738 | |||
| 30.4.21 £ 19,770 30.4.21 £ 203,000 |
|||
| 30.4.21 £ 25,000 120 682,255 96,117 2,400 |
|||
| 805,892 | |||
| 30.4.21 £ - 30.4.21 £ 25,000 - |
|||
| - |
continued...
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SEEKPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
12. SECURED DEBTS
The following secured debts are included within creditors:
Bank loans
| 30.4.22 | 30.4.21 |
|---|---|
| £ | £ |
| 20,419 | 25,000 |
Under the bank loan, £20,419 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.
13. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
follows: Incoming resources £ 103,917 103,917 |
At 1.5.21 £ 445,586 445,586 Resources expended £ (133,457) (133,457) |
Net movement At in funds 30.4.22 £ £ (232,540) 213,046 (232,540) 213,046 Gains and Movemen losses in funds £ £ (203,000) (232,540 (203,000) (232,540 |
At 30.4.22 £ 213,046 |
|---|---|---|---|---|
| 213,046 | ||||
| (232,540 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.5.20 £ 437,304 437,304 |
Net movement in funds £ 8,282 8,282 |
At 30.4.21 £ 445,586 |
|---|---|---|---|
| 445,586 |
continued...
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SEEKPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 56,558 | (48,276) | 8,282 |
| TOTAL FUNDS | 56,558 | (48,276) | 8,282 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.5.20 £ 437,304 437,304 |
Net movement in funds £ (224,258) (224,258) |
At 30.4.22 £ 213,046 |
|---|---|---|---|
| 213,046 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 160,475 160,475 |
Resources expended £ (181,733) (181,733) |
Gains and Movement losses in funds £ £ (203,000) (224,258) (203,000) (224,258) |
Gains and Movement losses in funds £ £ (203,000) (224,258) (203,000) (224,258) |
|---|---|---|---|---|
| (224,258) |
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2022.
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