SATMAR LIMITED - Charities report - 18.1

REGISTERED COMPANY NUMBER: 05544490 (England and Wales)

REGISTERED CHARITY NUMBER: 1115025

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 AUGUST 2017

FOR

SATMAR LIMITED

SATMAR LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Page

Report of the Trustees

1 to 2

Trustees Responsibility Statement

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Statement of Financial Position

6 to 7

Notes to the Financial Statements

8 to 12

SATMAR LIMITED

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2017

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 August 2017. 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The relief of poverty, sickness and infirmity amongst persons of the Jewish faith, advancement of orthodox Jewish

religious education and Jewish faith.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity's Commission's general guidance on

public benefit when reviewing the charity's aims and objectives and planning future activities and setting the grant

making policy for the year.

The charity was set up to support the activities of religious Jewish organisations especially in the field of education. The

trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions

and organisations, which themselves are growing not only in England but also worldwide.

The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations

assist needy Jewish families financially and also through the distribution of basic necessities.

The income of the charity is derived from investments and donations. The trustees continued their support of those

organisations deemed to promote the objects of this charity.

Grantmaking

Grants are made at the discretion of the trustees and in accordance with the objectives of the charity.

FINANCIAL REVIEW

Investment policy and objectives

The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity.

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.

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

05544490 (England and Wales)

Registered Charity number

1115025

Registered office

10 Fairholt Close

London

N16 5EL

Trustees

A Matyas

J Posen

Company Secretary

J Posen

Independent examiner

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

Approved by order of the board of trustees on 12 April 2018 and signed on its behalf by:

J Posen - Trustee

SATMAR LIMITED

TRUSTEES RESPONSIBILITY STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2017

The trustees (who are also the directors of SATMAR 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), including Financial Reporting

Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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

-

select suitable accounting policies and then apply them consistently;

-

observe the methods and principles in the Charity SORP;

-

make judgements and estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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.

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

SATMAR LIMITED

I report on the accounts for the year ended 31 August 2017 set out on pages five to twelve.

Respective responsibilities of trustees and examiner

The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of

the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the

Charities Act 2011 (the 2011 Act)) and that an independent examination is required.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent

examination, it is my responsibility to:

-

examine the accounts under Section 145 of the 2011 Act

-

to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and

-

to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An

examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented

with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking

explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the

evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a

'true and fair view ' and the report is limited to those matters set out in the statements below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1)

which gives me reasonable cause to believe that, in any material respect, the requirements

-

to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and

-

to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the 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)

have not been met; or

(2)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Mr. M A Venitt

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

12 April 2018

SATMAR LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2017

31.8.17

31.8.16

Unrestricted fund

Total funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

65,354

46,417

Investment income

2

21,705

16,795

Total

87,059

63,212

EXPENDITURE ON

Raising funds

3

80,041

47,662

Charitable activities

General

41,900

12,311

Other

(21,483

)

7,465

Total

100,458

67,438

Net gains/(losses) on investments

430,449

-

NET INCOME/(EXPENDITURE)

417,050

(4,226

)

RECONCILIATION OF FUNDS

Total funds brought forward

261,251

265,477

TOTAL FUNDS CARRIED FORWARD

678,301

261,251

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

SATMAR LIMITED

STATEMENT OF FINANCIAL POSITION

AT 31 AUGUST 2017

31.8.17

31.8.16

Unrestricted fund

Total funds

Notes

£

£

FIXED ASSETS

Tangible assets

8

10,153

12,111

Investment property

9

1,350,000

919,551

1,360,153

931,662

CURRENT ASSETS

Cash at bank

14,040

3,257

CREDITORS

Amounts falling due within one year

10

(695,892

)

(673,668

)

NET CURRENT ASSETS/(LIABILITIES)

(681,852

)

(670,411

)

TOTAL ASSETS LESS CURRENT LIABILITIES

678,301

261,251

NET ASSETS

678,301

261,251

FUNDS

11

Unrestricted funds

678,301

261,251

TOTAL FUNDS

678,301

261,251

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended

31 August 2017 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 12 April 2018 and were signed on its behalf by:

J Posen -Trustee

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

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.

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.

Fixtures and fittings

- 15% on reducing balance

Computer equipment

- 33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

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

31.8.17

31.8.16

£

£

Rents received

21,705

16,795

3.	RAISING FUNDS

Raising donations and legacies

31.8.17

31.8.16

£

£

Disposables

5,147

2,699

Food and religious travel

10,866

12,069

Repairs and renewals

37,306

9,307

Religious books

500

-

Depreciation

1,958

2,385

Support costs

24,264

21,202

80,041

47,662

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.8.17

31.8.16

£

£

Depreciation - owned assets

1,958

2,385

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2017 nor for the year ended

31 August 2016.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2017 nor for the year ended 31 August 2016.

6.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.8.17

31.8.16

5

5

No employees received emoluments in excess of £60,000.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

46,417

Investment income

16,795

Total

63,212

EXPENDITURE ON

Raising funds

47,662

Charitable activities

Carried forward

Charitable activities

Brought forward

General

12,311

Other

7,465

Total

67,438

NET INCOME/(EXPENDITURE)

(4,226

)

RECONCILIATION OF FUNDS

Total funds brought forward

265,477

TOTAL FUNDS CARRIED FORWARD

261,251

8.	TANGIBLE FIXED ASSETS

Fixtures and fittings

Computer equipment

Totals

£

£

£

COST

At 1 September 2016 and 31 August 2017

32,206

1,500

33,706

DEPRECIATION

At 1 September 2016

20,879

716

21,595

Charge for year

1,699

259

1,958

At 31 August 2017

22,578

975

23,553

NET BOOK VALUE

At 31 August 2017

9,628

525

10,153

At 31 August 2016

11,327

784

12,111

9.	INVESTMENT PROPERTY

£

MARKET VALUE

At 1 September 2016

919,551

Revaluation

430,449

At 31 August 2017

1,350,000

NET BOOK VALUE

At 31 August 2017

1,350,000

At 31 August 2016

919,551

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Other creditors

30,714

9,450

Loan creditors

660,438

660,438

Accrued expenses

4,740

3,780

695,892

673,668

11.	MOVEMENT IN FUNDS

At 1.9.16

Net movement in funds

At 31.8.17

£

£

£

Unrestricted funds

General fund

261,251

417,050

678,301

TOTAL FUNDS

261,251

417,050

678,301

Net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Gains and losses

Movement in funds

£

£

£

£

Unrestricted funds

General fund

87,059

(100,458

)

430,449

417,050

TOTAL FUNDS

87,059

(100,458

)

430,449

417,050

Comparatives for movement in funds

At 1.9.15

Net movement in funds

At 31.8.16

£

£

£

Unrestricted Funds

General fund

265,477

(4,226

)

261,251

TOTAL FUNDS

265,477

(4,226

)

261,251

Comparative net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

63,212

(67,438

)

(4,226

)

TOTAL FUNDS

63,212

(67,438

)

(4,226

)

12.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2017.