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COMPANY REGISTRATION NUMBER: 09166135
CHARITY REGISTRATION NUMBER: 1160643
KH D'SATMAR LTD
Company Limited by Guarantee
Unaudited Financial Statements
31 August 2024
KH D'SATMAR LTD
Company Limited by Guarantee
Financial Statements
Year ended 31 August 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Statement of cash flows
7
Notes to the financial statements
8
KH D'SATMAR LTD
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 August 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 August 2024 .
Reference and administrative details
Registered charity name
KH D'SATMAR LTD
Charity registration number
1160643
Company registration number
09166135
Principal office and registered
315-317 Great Clowes Street
office
Salford
England
M7 2FZ
The trustees
Mr L Tager
Mr A Grossberger
Mr Y Horowitz
Independent examiner
I Graff FCCA
158 Cromwell Road
Salford
M6 6DE
Structure, governance and management
The directors/trustees who served the charity during the period were as follows:
Avigdor Grossberger (Director and Trustee)
Yoel Horowitz (Director and Trustee)
Lipa Tager (Director and Trustee)
The day to day affairs are undertaken by a manager on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give their time freely.
Objectives and activities
1. To extend, develop and maintain the building of the synagogue in 37 Northumberland Street, Salford, known as the Beth Hamedrash Satmar Veyoel Moshe.
2. To provide grants and donations to needy individuals / charitable organisations in the community The charity is committed to the aim of providing public benefit, and the trustees have considered the Charity Commission's published guidance on public benefit.
3. To operate an out of school club and community centre.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The trustees are pleased to present the annual report for the year, highlighting key financial and operational activities of the charity.
During the year, the charity received total incoming resources amounting to £702,901 (2023: £741,390). The year concluded with a net surplus of £115,548 (2023: £415,758).
Grants and donations totalling £394,447 (2023: £235,948) were distributed to charitable organisations and individuals. Further details regarding these grants and donations can be found in the notes to the financial statements.
An amount of £428,312 was expended during the year on the construction of a loft extension at 317 Great Clowes Street, Salford. This property is currently leased to Beis Ruchel Girls School.
Regrettably, a fire occurred during the year at the synagogue maintained by the charity. As a result, repair works were carried out at a cost of £53,587.
Additionally, a Kuf Alef Kislev event was organised to commemorate the release of the Grand Rabbi in 1944. The event was well-attended and served as a successful fundraising initiative in support of the charity's ongoing work.
Financial review
Reserves policy
The charity holds reserves in order to ensure that it can maintain the level of support that it is currently providing to the community in which it operates
Risk Management
The process of examining the risks to which the Charity is exposed is ongoing and the trustees are planning to further develop systems to monitor and control these risks in order to lessen their potential impact on the Charity.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report and the strategic report were approved on 14 May 2025 and signed on behalf of the board of trustees by:
Mr A Grossberger
Trustee
Charity Secretary
KH D'SATMAR LTD
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of KH D'SATMAR LTD
Year ended 31 August 2024
I report to the trustees on my examination of the financial statements of KH D'SATMAR LTD ('the charity') for the year ended 31 August 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
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 charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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 financial statements 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.
I Graff FCCA Independent Examiner
158 Cromwell Road Salford M6 6DE
14 May 2025
KH D'SATMAR LTD
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 August 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
644,562
644,562
705,865
Investment income
58,339
58,339
35,525
---------
---------
---------
Total income
702,901
702,901
741,390
---------
---------
---------
Expenditure
Expenditure on raising funds:
Costs of raising donations
6
12,418
12,418
18,662
Investment management costs
64,584
64,584
Expenditure on charitable activities
7,8
510,351
510,351
307,150
---------
---------
---------
Total expenditure
587,353
587,353
325,812
---------
---------
---------
---------
---------
---------
Net income
115,548
115,548
415,578
---------
---------
---------
Other recognised gains and losses
Gains from revaluation of fixed assets
100,000
100,000
---------
---------
---------
Net movement in funds
215,548
215,548
415,578
Reconciliation of funds
Total funds brought forward
1,511,213
1,511,213
1,095,635
------------
------------
------------
Total funds carried forward
1,726,761
1,726,761
1,511,213
------------
------------
------------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
KH D'SATMAR LTD
Company Limited by Guarantee
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
15
1,292
1,615
Tangible fixed assets
16
2,556,659
2,031,417
------------
------------
2,557,951
2,033,032
Current assets
Debtors
17
233,337
363,337
Cash at bank and in hand
34,689
75,077
---------
---------
268,026
438,414
Creditors: amounts falling due within one year
18
526,735
349,069
---------
---------
Net current liabilities
( 258,709)
89,345
------------
------------
Total assets less current liabilities
2,299,242
2,122,377
Creditors: amounts falling due after more than one year
19
572,481
611,164
------------
------------
Net assets
1,726,761
1,511,213
------------
------------
Funds of the charity
Unrestricted funds:
Revaluation reserve
100,000
Other unrestricted income funds
1,626,761
1,511,213
------------
------------
Total unrestricted funds
1,726,761
1,511,213
------------
------------
Total charity funds
20
1,726,761
1,511,213
------------
------------
For the year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
KH D'SATMAR LTD
Company Limited by Guarantee
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of trustees and authorised for issue on 14 May 2025 , and are signed on behalf of the board by:
Mr A Grossberger
Trustee
KH D'SATMAR LTD
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 August 2024
2024
2023
£
£
Cash flows from operating activities
Net income
115,548
415,578
Adjustments for:
Depreciation of tangible fixed assets
3,071
3,839
Amortisation of intangible assets
323
404
Dividends, interest and rents from investments
(33,635)
(24,039)
Other interest receivable and similar income
( 24,704)
( 11,486)
Interest payable and similar charges
48,120
38,293
Accrued expenses
610
200
Changes in:
Trade and other debtors
130,000
( 205,000)
Trade and other creditors
177,056
( 60,000)
---------
---------
Cash generated from operations
416,389
157,789
Interest paid
( 48,120)
( 38,293)
Interest received
24,704
11,486
---------
---------
Net cash from operating activities
392,973
130,982
---------
---------
Cash flows from investing activities
Dividends, interest and rents from investments
33,635
24,039
Purchase of tangible assets
( 428,313)
( 105,323)
---------
---------
Net cash used in investing activities
( 394,678)
( 81,284)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 38,683)
( 42,273)
---------
---------
Net cash used in financing activities
( 38,683)
( 42,273)
---------
---------
Net (decrease)/increase in cash and cash equivalents
( 40,388)
7,425
Cash and cash equivalents at beginning of year
75,077
67,652
--------
--------
Cash and cash equivalents at end of year
34,689
75,077
--------
--------
KH D'SATMAR LTD
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 315-317 Great Clowes Street, Salford, England, M7 2FZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
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.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software
-
20% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
4. Limited by guarantee
KH D'Satmar LTD is a company limited by guarantee incorporated on 7 August 2018 and is governed by its memorandum and articles of association. The Directors/Trustees are responsible for the governance of the organisation and are active in all operational aspects of strategic management. Major policy decisions are decided at full directors/trustees meetings.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations and Legacies
644,562
644,562
705,865
705,865
---------
---------
---------
---------
6. Costs of raising donations
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Fundraising costs
12,418
12,418
18,662
18,662
--------
--------
--------
--------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Charitable activities
507,851
507,851
304,650
304,650
Support costs
2,500
2,500
2,500
2,500
---------
---------
---------
---------
510,351
510,351
307,150
307,150
---------
---------
---------
---------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Grant funding of activities
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
£
Charitable activities
113,404
394,447
507,851
304,650
Governance costs
2,500
2,500
2,500
---------
---------
-------
---------
---------
113,404
394,447
2,500
510,351
307,150
---------
---------
-------
---------
---------
9. Analysis of support costs
Analysis of support costs activity 1
Total 2024
Total 2023
£
£
£
Governance costs
2,500
2,500
2,500
-------
-------
-------
10. Analysis of grants
2024
2023
£
£
Grants to institutions
Tchabe Kollel Ltd
25,000
Bederech Kovod
57,148
20,751
Yeshuas Chaim Synagogue
2,500
Beis Ruchel School
12,539
Chasdei Aharon Ltd
20,000
35,000
Choimel Dalim
5,000
Tov Vochesed
3,792
Congregation Sharei Sholom Ltd
20,000
Grants under £2000
8,687
2,562
Start Upright
25,000
20,000
Bemosh Ltd
9,925
Chernobel Shul
45,000
Menicho Vesimcho
3,000
Shir Chesed Beis Yisroel
10,000
Talmud Torah Yetev Lev
40,000
Yeshiva Ketane D'satmar
5,300
5,200
Zoreya Tzedokos
26,313
Chasdei Sholom Trust
7,000
Chasdei Yoel Charitable Trust
85,127
25,960
Hadras Kodesh
8,000
Yeshuos Shabbos
25,000
---------
---------
349,262
204,542
Grants to individuals
Relief of poverty
45,185
31,406
---------
---------
Total grants
394,447
235,948
---------
---------
11. Net income
Net income is stated after charging/(crediting):
2024
2023
£
£
Amortisation of intangible assets
323
404
Depreciation of tangible fixed assets
3,071
3,839
Operating lease rentals
180
-------
-------
12. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,500
2,500
-------
-------
13. Staff costs
The average head count of employees during the year was Nil (2023: 1 ).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Intangible assets
Development costs
£
Cost
At 1 September 2023 and 31 August 2024
4,815
-------
Amortisation
At 1 September 2023
3,200
Charge for the year
323
-------
At 31 August 2024
3,523
-------
Carrying amount
At 31 August 2024
1,292
-------
At 31 August 2023
1,615
-------
16. Tangible fixed assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 September 2023
2,016,060
29,697
2,045,757
Additions
428,313
428,313
Revaluations
100,000
100,000
------------
--------
------------
At 31 August 2024
2,544,373
29,697
2,574,070
------------
--------
------------
Depreciation
At 1 September 2023
14,340
14,340
Charge for the year
3,071
3,071
------------
--------
------------
At 31 August 2024
17,411
17,411
------------
--------
------------
Carrying amount
At 31 August 2024
2,544,373
12,286
2,556,659
------------
--------
------------
At 31 August 2023
2,016,060
15,357
2,031,417
------------
--------
------------
17. Debtors
2024
2023
£
£
Other debtors
233,337
363,337
---------
---------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
3,310
2,700
Other creditors
523,425
346,369
---------
---------
526,735
349,069
---------
---------
19. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
572,481
611,164
---------
---------
20. Analysis of charitable funds
Unrestricted funds
At 1 September 2023
Income
Expenditure
Gains and losses
At 31 August 2024
£
£
£
£
£
General funds
1,511,213
702,901
(587,353)
1,626,761
Revaluation reserve
100,000
100,000
------------
---------
---------
---------
------------
1,511,213
702,901
(587,353)
100,000
1,726,761
------------
---------
---------
---------
------------
At 1 September 2022
Income
Expenditure
Gains and losses
At 31 August 2023
£
£
£
£
£
General funds
1,095,635
741,390
(325,812)
1,511,213
Revaluation reserve
------------
---------
---------
----
------------
1,095,635
741,390
(325,812)
1,511,213
------------
---------
---------
----
------------
21. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Intangible assets
1,292
1,292
Tangible fixed assets
2,456,659
2,456,659
Current assets
268,026
268,026
Creditors less than 1 year
(526,735)
(526,735)
Creditors greater than 1 year
(572,481)
(572,481)
------------
------------
Net assets
1,626,761
1,626,761
------------
------------
Unrestricted Funds
Total Funds 2023
£
£
Intangible assets
1,615
1,615
Tangible fixed assets
2,031,417
2,031,417
Current assets
438,414
438,414
Creditors less than 1 year
(349,069)
(349,069)
Creditors greater than 1 year
(611,164)
(611,164)
------------
------------
Net assets
1,511,213
1,511,213
------------
------------
22. Analysis of changes in net debt
At 1 Sep 2023
Cash flows
At 31 Aug 2024
£
£
£
Cash at bank and in hand
75,077
(40,388)
34,689
Debt due after one year
(611,164)
38,683
(572,481)
---------
--------
---------
( 536,087)
( 1,705)
( 537,792)
---------
--------
---------