Kermaville Limited - Charities report - 19.1
Kermaville Limited - Charities report - 19.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| KERMAVILLE LIMITED |
| (A COMPANY LIMITED BY GUARANTEE) |
| REPORT OF THE TRUSTEES AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED |
| 31 MARCH 2019 |
| KERMAVILLE LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| Page |
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 8 |
| KERMAVILLE LIMITED |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| TRUSTEES | L Rabinowitz |
| COMPANY SECRETARY | M Landau |
| REGISTERED OFFICE | First Floor |
| 94 Stamford Hill |
| London |
| N16 6XS |
| REGISTERED COMPANY NUMBER | 01099142 (England and Wales) |
| REGISTERED CHARITY NUMBER | 266075 |
| INDEPENDENT EXAMINER | Sugarwhite Meyer Accountants Ltd |
| First Floor |
| 94 Stamford Hill |
| London |
| N16 6XS |
| BANKERS | Barclays Bank plc |
| 1 Churchill Place |
| London |
| E14 5HP |
| KERMAVILLE LIMITED |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 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 2019. 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 2015). |
| Reference and administrative information |
| Reference and administrative information is shown on page 1 of the financial statements and forms part of |
| this report. |
| OBJECTIVES AND ACTIVITIES |
| Objects for public benefit |
| The objects of the charity are to advance religion in accordance with the Orthodox Jewish Faith and such |
| other purposes as are considered charitable. |
| The trustee confirms he has given due regard to the Charity Commission's general guidance on public |
| benefit. |
| ACHIEVEMENT AND PERFORMANCE |
| The trustee is satisfied with the results for the year. Investment income was in line with the previous year and |
| grantmaking increased, resulting in a deficit for the year funded from reserves held. Free reserves at the year |
| end were £1,658. |
| FINANCIAL REVIEW |
| Reserves policy |
| The trustee does not seek to maintain reserves, other than to ensure that he can continue the activities of the |
| charity. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Constitution |
| The charity is constituted by Memorandum and Articles of Association dated 28th February 1973. |
| Organisational structure |
| The day-to-day affairs of the company are administered by the trustee. |
| Risk management |
| The trustee confirms that there are no major risks to which the charity is exposed. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act |
| 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| KERMAVILLE LIMITED |
| Independent examiner's report to the trustees of Kermaville Limited ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2019. |
| 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: |
| 1. | 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 |
| 3. | 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 |
| 4. | 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 |
| E Meyer FCA BSc |
| Sugarwhite Meyer Accountants Ltd |
| First Floor |
| 94 Stamford Hill |
| London |
| N16 6XS |
| 31 July 2019 |
| KERMAVILLE LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 2019 | 2018 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Investment management costs | 3 | 2,934 | 3,996 |
| Charitable activities | 4 |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 254,677 |
| KERMAVILLE LIMITED (REGISTERED NUMBER: 01099142) |
| BALANCE SHEET |
| AT 31 MARCH 2019 |
| 2019 | 2018 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 8 | 250,000 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS |
| Unrestricted funds: |
| General fund | 251,658 | 254,677 |
| TOTAL FUNDS | 254,677 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 31 March 2019. |
| The members have not required the company to obtain an audit of its financial statements for the year ended |
| 31 March 2019 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. |
| These financial statements have been prepared in accordance with the special provisions of Part 15 of the |
| Companies Act 2006 relating to charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| KERMAVILLE LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 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 2015)', 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, as modified by the revaluation of certain |
| assets. |
| Judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, the directors are required to make judgements, |
| estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
| apparent from other sources. These estimates and associated assumptions are based on historical |
| experience and other factors that are considered to be relevant. The estimates and underlying |
| assumptions are reviewed on an ongoing basis. |
| 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 in the year in which they are incurred and includes irrecoverable VAT. |
| Support costs are those incurred to assist the work of the charity but are not direct charitable activities. |
| Governance costs are those incurred in connection with administration of the charity and compliance |
| with constitutional and statutory requirements. |
| Investment property |
| Investment property is initially recorded at cost, which includes purchase price and any directly |
| attributable expenditure. It is revalued to its fair value at each reporting date and any changes are |
| transferred to the Statement of Financial Activities. No depreciation is provided in respect of |
| investment properties applying the fair value. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Going concern |
| There are no material uncertainties about the charity's ability to continue. |
| 2. | INVESTMENT INCOME |
| 2019 | 2018 |
| Unrestricted | Total |
| funds | funds |
| £ | £ |
| Rents received |
| 3. | INVESTMENT MANAGEMENT COSTS |
| 2019 | 2018 |
| Unrestricted | Total |
| funds | funds |
| £ | £ |
| Property repairs |
| KERMAVILLE LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 4. | CHARITABLE ACTIVITIES COSTS |
| Grant funding of activities |
Support costs |
Totals |
| (See note 5) | (See note 6) |
| £ | £ | £ |
| Charitable activities | 27,000 | 1,105 | 28,105 |
| 5. | GRANTS PAYABLE |
| 2019 | 2018 |
| £ | £ |
| 27,000 | 17,000 |
| The total grants paid to institutions during the year was as follows: |
| 2019 | 2018 |
| £ | £ |
| Education | 7,000 | - |
| Relief of poverty | 8,000 | 7,000 |
| Advancement of religion | 12,000 | 10,000 |
| Chasdei Aharon | 8,000 |
| Start Upright | 7,000 |
| Tchabe Kollel | 6,000 |
| Congregation Sharei Sholom Tchabe Limited | 6,000 |
| Total | 27,000 |
| 6. | SUPPORT COSTS |
| Governance costs |
| £ |
| 1,105 |
| Support costs, included in the above, are as follows: |
| 2019 | 2018 |
| Charitable activities |
Total activities |
| £ | £ |
| Independent examiner's fee | 390 | 390 |
| Independent examiner's other fee | 390 | 390 |
| General expenses | 325 | 323 |
| 1,105 | 1,103 |
| KERMAVILLE LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 7. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2019 nor for the |
| year ended 31 March 2018. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 March 2019 nor for the year ended |
| 31 March 2018. |
| 8. | INVESTMENT PROPERTY |
| £ |
| MARKET VALUE |
| At 1 April 2018 and 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| The fair value of the investment properties has been arrived at on the basis of a valuation carried out |
| by the trustee who is considered to have the experience and expertise required to undertake such an |
| exercise. The valuation was made on an open market value basis by reference to market evidence of |
| transaction prices for similar properties in the same location. |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other creditors |
| Accruals and deferred income |
| 10. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 31 March 2019. |