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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 2024

FOR

SATMAR LIMITED

SATMAR LIMITED






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 13

SATMAR LIMITED (REGISTERED NUMBER: 05544490)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024


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 2024. 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 main objective of the charity was that of relief of poverty, sickness and infirmity amongst persons of the Jewish faith, advancement of orthodox Jewish religious education and Jewish faith.

Significant activities
The financial results of the charity's activities for the period ended 31 August 2020 are fully reflected in the attached financial statements together with the notes thereon.

The trustees are satisfied with the results and activities of the charity 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'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.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity received donations totalling £71,868 (2023: £62,415) and made grants to various charitable institutions whose objective closely aligns to it's own totalling £63,656 (2023: £51,876).

Investment performance
The charity received rental income of £105,698 (2023: £96,237) from its investment properties.

FINANCIAL REVIEW
Principal funding sources
The charity is financially dependent on income from investment property and generous charitable donation.

Investment policy and objectives
The governing document of the charity, memorandum and article of association, authorizes 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.

Going concern
The trustees are confident that the charity will continue to operate for foreseeable future.

SATMAR LIMITED (REGISTERED NUMBER: 05544490)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024

FUTURE PLANS
There are no current plans to change the activities or modus operandi in the foreseeable future.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by it's governing document, it's 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.

Related parties
The details of transactions and account balance with related parties are disclosed in the notes to the financial statements wherever necessary.

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.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05544490 (England and Wales)

Registered Charity number
1115025

Registered office
71 Fairholt Road
London
N16 5EW

Trustees
J Grunhut
A Matyas
J Posen

Company Secretary

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 11 March 2025 and signed on its behalf by:





J Posen - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
SATMAR LIMITED

Independent examiner's report to the trustees of SATMAR LIMITED ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.

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.








M A Venitt

Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

11 March 2025

SATMAR LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 71,868 - 71,868 62,415

Investment income 2 105,698 - 105,698 96,237
Total 177,566 - 177,566 158,652

EXPENDITURE ON
Raising funds 3 115,867 - 115,867 86,954

Charitable activities
General 63,656 - 63,656 51,876

Other 21,369 - 21,369 18,507
Total 200,892 - 200,892 157,337

NET INCOME/(EXPENDITURE) (23,326 ) - (23,326 ) 1,315


RECONCILIATION OF FUNDS
Total funds brought forward 923,413 580,449 1,503,862 1,502,547

TOTAL FUNDS CARRIED FORWARD 900,087 580,449 1,480,536 1,503,862

CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.

SATMAR LIMITED (REGISTERED NUMBER: 05544490)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   
FIXED ASSETS
Tangible assets 9 3,118 3,678
Investment property 10 3,061,815 3,061,815
3,064,933 3,065,493

CURRENT ASSETS
Cash at bank 1,413 8,406

CREDITORS
Amounts falling due within one year 11 (470,598 ) (441,122 )

NET CURRENT ASSETS (469,185 ) (432,716 )

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,595,748

2,632,777

CREDITORS
Amounts falling due after more than one year 12 (1,115,212 ) (1,128,915 )

NET ASSETS 1,480,536 1,503,862
FUNDS 16
Unrestricted funds 900,087 923,413
Restricted funds 580,449 580,449
TOTAL FUNDS 1,480,536 1,503,862

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 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.


SATMAR LIMITED (REGISTERED NUMBER: 05544490)

BALANCE SHEET - continued
31 AUGUST 2024

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 11 March 2025 and were signed on its behalf by:





J Posen - Trustee

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

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.

Critical accounting 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.

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
Governance costs are associated with the governance arrangements of the charity and relate to the general
running of the charity. These costs include independent examination, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.

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 fair value is recognised in the Statement of Financial Activities.

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.


SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES - continued

Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME
31.8.24 31.8.23
£    £   
Rents received 105,698 96,237

3. RAISING FUNDS

Investment management costs
31.8.24 31.8.23
£    £   
Management commission 6,923 6,383
Administrative expenses 184 425
Property repairs 18,098 12,996
Interest payable and similar charges 90,662 67,150
115,867 86,954

4. SUPPORT COSTS
Governance
Management Finance Other costs Totals
£    £    £    £    £   
Other resources expended 17,926 483 560 2,400 21,369
General 3,646 536 1,361 - 5,543
21,572 1,019 1,921 2,400 26,912

5. NET INCOME/(EXPENDITURE)

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

31.8.24 31.8.23
£    £   
Depreciation - owned assets 560 665

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023.



SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

7. STAFF COSTS

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

31.8.24 31.8.23
Staff 2 2

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

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 62,415 - 62,415

Investment income 96,237 - 96,237
Total 158,652 - 158,652

EXPENDITURE ON
Raising funds 86,954 - 86,954

Charitable activities
General 51,876 - 51,876

Other 18,507 - 18,507
Total 157,337 - 157,337

NET INCOME 1,315 - 1,315


RECONCILIATION OF FUNDS
Total funds brought forward 922,098 580,449 1,502,547

TOTAL FUNDS CARRIED FORWARD 923,413 580,449 1,503,862


SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

9. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 September 2023 and 31 August 2024 32,206 1,500 33,706
DEPRECIATION
At 1 September 2023 28,575 1,453 30,028
Charge for year 545 15 560
At 31 August 2024 29,120 1,468 30,588
NET BOOK VALUE
At 31 August 2024 3,086 32 3,118
At 31 August 2023 3,631 47 3,678

10. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 3,061,815
NET BOOK VALUE
At 31 August 2024 3,061,815
At 31 August 2023 3,061,815

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Other creditors 321,650 294,574
Loan creditors 133,780 133,780
Accrued expenses 15,168 12,768
470,598 441,122


SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans (see note 13) 1,115,212 1,128,915

13. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 39,892 44,036
Amounts falling due in more than five years:

Repayable by instalments:
Bank loans more 5 yr by instal 1,075,320 1,084,879

14. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 1,115,212 1,128,915

1. Long term bank loan is secured by first charge over the company's investment property.

2. Under the bank loan, £39,892 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.

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
31.8.24 31.8.23
Unrestricted Restricted Total Total
fund fund funds funds
£    £    £    £   
Fixed assets 3,118 - 3,118 3,678
Investments 2,481,366 580,449 3,061,815 3,061,815
Current assets 1,413 - 1,413 8,406
Current liabilities (470,598 ) - (470,598 ) (441,122 )
Long term liabilities (1,115,212 ) - (1,115,212 ) (1,128,915 )
900,087 580,449 1,480,536 1,503,862


SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

16. MOVEMENT IN FUNDS
Net
movement At
At 1.9.23 in funds 31.8.24
£    £    £   
Unrestricted funds
General fund 923,413 (23,326 ) 900,087

Restricted funds
Fair value Reserve 580,449 - 580,449

TOTAL FUNDS 1,503,862 (23,326 ) 1,480,536

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 177,566 (200,892 ) (23,326 )

TOTAL FUNDS 177,566 (200,892 ) (23,326 )


Comparatives for movement in funds

Net
movement At
At 1.9.22 in funds 31.8.23
£    £    £   
Unrestricted funds
General fund 922,098 1,315 923,413

Restricted funds
Fair value Reserve 580,449 - 580,449

TOTAL FUNDS 1,502,547 1,315 1,503,862

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 158,652 (157,337 ) 1,315

TOTAL FUNDS 158,652 (157,337 ) 1,315

SATMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.9.22 in funds 31.8.24
£    £    £   
Unrestricted funds
General fund 922,098 (22,011 ) 900,087

Restricted funds
Fair value Reserve 580,449 - 580,449

TOTAL FUNDS 1,502,547 (22,011 ) 1,480,536

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 336,218 (358,229 ) (22,011 )

TOTAL FUNDS 336,218 (358,229 ) (22,011 )

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2024.