REGISTERED COMPANY NUMBER: 02328974 REGISTERED CHARITY NUMBER: 803149
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2021
for
Holdville Limited
Martin + Heller, Chartered Accountants 5 North End Road, London NW11 7RJ
Holdville Limited
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Report of the Independent Auditors | 3 | to | 5 |
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
Holdville Limited
for the Year Ended 31 March 2021
Report of the Trustees
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 31 March 2021. 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02328974 (Not specified/Other)
Registered Charity number
803149
Registered office
4 Quex Road London NW6 4PJ
Trustees
Mrs. H. Rokach Mrs. E. Hoffman Mrs. M. Feingold Mrs. A. Gefilhaus Mrs. N. Brenig
Company Secretary
Auditors
Martin + Heller, Chartered Accountants 5 North End Road, London NW11 7RJ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Holdville Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements 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 period. In preparing those financial statements, the trustees 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 Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Page 1
Holdville Limited
Report of the Trustees for the Year Ended 31 March 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements 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.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Martin + Heller, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 30 March 2022 and signed on its behalf by:
Mrs. M. Feingold - Trustee
Page 2
Report of the Independent Auditors to the Trustees of Holdville Limited
Opinion
We have audited the financial statements of Holdville Limited (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's 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 charitable company'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 trustees 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 Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 3
Report of the Independent Auditors to the Trustees of Holdville Limited
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 the trustees 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also;
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Identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
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Conclude on the appropriateness of the Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, amount other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 Report of the Independent Auditors.
Page 4
Report of the Independent Auditors to the Trustees of Holdville Limited
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Martin + Heller, Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 5 North End Road, London NW11 7RJ
30 March 2022
Page 5
Holdville Limited
Statement of Financial Activities for the Year Ended 31 March 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Charitable activities Charitable donations paid Support costs Investment management costs Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.21 Unrestricted fund £ 355,205 203,627 8,273 115,450 327,350 35 27,890 7,020,498 7,048,388 |
31.3.20 Total funds £ 383,598 250,720 7,703 105,186 |
|---|---|---|
| 363,609 315 |
||
| 20,304 7,000,194 |
||
| 7,020,498 |
The notes form part of these financial statements
Page 6
Holdville Limited
Balance Sheet 31 March 2021
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
31.3.21 Total funds £ 8,125,018 5,646 8,130,664 3,889 241,744 245,633 (1,327,909 ) (1,082,276 ) 7,048,388 7,048,388 7,048,388 7,048,388 |
31.3.20 Total funds £ 8,125,022 5,611 8,130,633 3,514 207,019 210,533 (1,320,668 ) (1,110,135 ) 7,020,498 7,020,498 7,020,498 7,020,498 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
continued...
Page 7
Holdville Limited
Balance Sheet - continued
31 March 2021
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 30 March 2022 and were signed on its behalf by:
M. Feingold - Trustee
The notes form part of these financial statements
Page 8
Holdville Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Rents received Dividend income Interest receivable |
31.3.21 £ 354,532 373 300 355,205 |
31.3.20 £ 382,592 202 804 |
| 383,598 |
continued...
Page 9
Holdville Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
3. GRANTS PAYABLE
| CHARITABLE DONATIONS | 31.3.21 | 31.3.20 |
|---|---|---|
| Achisomoch Aid Company Limited | 1,600 | |
| A V Trust | 7,000 | |
| Before Trust | 4,066 | |
| Belz Foundation | 720 | |
| Comet Charities Limited | 4,600 | |
| Beth Jacob Grammar School | 2,300 | |
| Bonei Olam Limited | 1,000 | |
| British Friends of Boys Town Jerusalem | 1,300 | |
| Camp Simcha | 1,100 | |
| Chaverim Youth Organisation | 250 | |
| Community Concern London | 250 | |
| Chana Charity | 500 | |
| Dover Sholem Community Trust | 5,000 | |
| Ezra Umarpeh | 2,750 | |
| Gateshead Kolel Haro'ah | 180 | |
| Hasmonean High School Charitable Trust | 500 | |
| Hatzolah | 1,300 | |
| Keren Amha | 36,000 | |
| Kesher Limited | 250 | |
| Kisharon Limited | 1,000 | |
| L & N Brenig Trust | 72,000 | |
| Maalos Kedoshim | 250 | |
| Matan Esther Limited | 36,000 | |
| Meonorah High School | 4,500 | |
| Friends of Mercaz Hatorah | 1,360 | |
| Moreshat Hatorah | 800 | |
| North london Welfare & Educational Foundation | 8,650 | |
| Ohel Sarah UK | 500 | |
| Project S.E.E.D Limited | 100 | |
| Sassov Beis Hamedrash | 185 | |
| The North West London Talmudical College Limited | 250 | |
| The British Friends of Zichoron Menachem | 200 | |
| The Golders Charitable Trust | 500 | |
| The Jewish Association for Mental Illness | 100 | |
| Yar Eliezer Trust | 600 | |
| Yeshiva Melcor Chaim | 1,200 | |
| WST | 500 | |
| Other | 4,266 | |
| Total for the year | 203,627 | 250,720 |
continued...
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Holdville Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 4 | 7 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
6. TANGIBLE FIXED ASSETS
| COST At 1 April 2020 and 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
UK freehold and leasehold properties and improvements £ 8,125,000 - - - 8,125,000 8,125,000 |
Fixtures and fittings £ 40,998 40,976 4 40,980 18 22 |
Totals £ 8,165,998 |
|---|---|---|---|
| 40,976 4 |
|||
| 40,980 | |||
| 8,125,018 | |||
| 8,125,022 |
The UK freehold and leasehold properties and improvements are shown at valuation. Their original cost/transfer value is £4,183,532
continued...
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Holdville Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2020 Revaluation for this year At 31 March 2021 PROVISIONS At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 There were no investment assets outside the UK. The fixed asset investments are recognised at valuation. 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments & accrued income 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Related party loan - Rokach Family Charitable Trust Related party loan - Outerfield Limited Related party loan - R. & J. Diamonds Limited Directors' loan account Accruals 10. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 7,020,498 TOTAL FUNDS 7,020,498 |
31.3.21 £ 3,889 31.3.21 £ 119,514 387,544 773,776 31,833 15,242 1,327,909 Net movement in funds £ 27,890 27,890 |
Quoted investments £ 10,943 35 10,978 5,332 5,646 5,611 31.3.20 £ 3,514 31.3.20 £ 121,514 387,544 773,776 28,609 9,225 1,320,668 At 31.3.21 £ 7,048,388 7,048,388 |
|---|---|---|
continued...
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Holdville Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 355,205 355,205 |
Resources expended £ (327,350) (327,350) |
Gains and Movement losses in funds £ £ 35 27,890 35 27,890 |
Gains and Movement losses in funds £ £ 35 27,890 35 27,890 |
|---|---|---|---|---|
| 27,890 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.19 £ 7,000,194 7,000,194 |
Net movement in funds £ 20,304 20,304 |
At 31.3.20 £ 7,020,498 |
|---|---|---|---|
| 7,020,498 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 383,598 383,598 |
Resources expended £ (363,609) (363,609) |
Gains and Movement losses in funds £ £ 315 20,304 315 20,304 |
Gains and Movement losses in funds £ £ 315 20,304 315 20,304 |
|---|---|---|---|---|
| 20,304 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 13
Holdville Limited
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| Detailed Statement of Financial Activities for the Year Ended 31 March 2021 |
||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 354,532 | 382,592 |
| Dividend income | 373 | 202 |
| Interest receivable | 300 | 804 |
| 355,205 | 383,598 | |
| Total incoming resources | 355,205 | 383,598 |
| EXPENDITURE | ||
| Charitable activities | ||
| Charitable donations paid | 203,627 | 250,720 |
| Investment management costs | ||
| Rates | 7,203 | 17,899 |
| Insurance | 7,848 | 7,569 |
| Light and heat | 6,526 | 6,649 |
| Repairs,maintenance & cleaning | 68,634 | 54,160 |
| Telephone,pps & advertising | 2,028 | 1,976 |
| Collection expenses | 1,196 | 1,144 |
| Management expenses | 22,011 | 15,782 |
| Depreciation of fixed assets | 4 | 7 |
| 115,450 | 105,186 | |
| Support costs | ||
| Other | ||
| Audit fees | 1,440 | 1,440 |
| Accountancy fees | 6,343 | 5,460 |
| Bank charges & interest | 490 | 803 |
| 8,273 | 7,703 | |
| Total resources expended | 327,350 | 363,609 |
| Net income before gains and losses | 27,855 | 19,989 |
| Realised recognised gains and losses | ||
| Unrealised gain on revaluation of fixed assets | ||
| investments | 35 | 315 |
| Net income | 27,890 | 20,304 |
This page does not form part of the statutory financial statements
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