REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED |
31 AUGUST 2017 |
FOR |
SATMAR LIMITED |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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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 |
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Report of the Trustees | 1 to 2 |
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Trustees Responsibility Statement | 3 |
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Independent Examiner's Report | 4 |
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Statement of Financial Activities | 5 |
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Statement of Financial Position | 6 to 7 |
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Notes to the Financial Statements | 8 to 12 |
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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). |
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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. |
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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. |
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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. |
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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. |
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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. |
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Grantmaking |
Grants are made at the discretion of the trustees and in accordance with the objectives of the charity. |
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FINANCIAL REVIEW |
Investment policy and objectives |
The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity. |
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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. |
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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. |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
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Registered Charity number |
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Registered office |
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Trustees |
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SATMAR LIMITED |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2017 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Company Secretary |
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Independent examiner |
Venitt and Greaves |
Chartered Accountants |
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South Tottenham |
London |
N15 6BL |
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Approved by order of the board of
trustees
on
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SATMAR LIMITED |
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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". |
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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; |
- | observe the methods and principles in the Charity SORP; |
- | 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. |
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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. |
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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. |
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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. |
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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: |
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- | examine the accounts under Section 145 of the 2011 Act |
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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. |
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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. |
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Independent examiner's statement |
In connection with my examination, no matter has come to my attention: |
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(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
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- | to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and |
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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) |
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have not been met; or |
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(2) |
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts
to be reached. |
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Mr. M A Venitt |
Venitt and Greaves |
Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
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12 April 2018 |
SATMAR LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 AUGUST 2017 |
31.8.17 | 31.8.16 |
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Unrestricted
fund |
Total
funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Investment income | 2 |
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Total |
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EXPENDITURE ON |
Raising funds | 3 |
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Charitable activities |
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Other |
( |
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Total |
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Net gains/(losses) on investments |
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NET INCOME/(EXPENDITURE) |
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( |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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261,251 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
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SATMAR LIMITED |
STATEMENT OF FINANCIAL POSITION |
AT 31 AUGUST 2017 |
31.8.17 | 31.8.16 |
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Unrestricted
fund |
Total
funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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Investment property | 9 |
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919,551 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS/(LIABILITIES) |
( |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS |
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FUNDS | 11 |
Unrestricted funds | 678,301 | 261,251 |
TOTAL FUNDS |
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261,251 |
SATMAR LIMITED |
STATEMENT OF FINANCIAL POSITION - CONTINUED |
AT 31 AUGUST 2017 |
The charitable company is entitled to exemption from audit under |
Section 477 of the Companies Act 2006 for the year ended 31 August 2017. |
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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. |
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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. |
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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. |
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The financial statements were approved by
the Board of
Trustees
on
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SATMAR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
1. | ACCOUNTING POLICIES |
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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. |
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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. |
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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. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Fixtures and fittings |
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Computer equipment |
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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. |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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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. |
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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2. | INVESTMENT INCOME |
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31.8.17 | 31.8.16 |
£ | £ |
Rents received |
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SATMAR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2017 |
3. | RAISING FUNDS |
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Raising donations and legacies |
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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 |
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Support costs |
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80,041 | 47,662 |
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4. | NET INCOME/(EXPENDITURE) |
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Net income/(expenditure) is stated after charging/(crediting): |
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31.8.17 | 31.8.16 |
£ | £ |
Depreciation - owned assets |
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5. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31 August 2017 nor for the year ended |
31 August 2016 . |
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Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 August 2017 nor for the year ended 31 August 2016 . |
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6. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
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31.8.17 | 31.8.16 |
5 | 5 |
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No employees received emoluments in excess of £60,000. |
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7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
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Unrestricted
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Investment income |
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Total |
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EXPENDITURE ON |
Raising funds |
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Charitable activities |
Carried forward |
SATMAR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2017 |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
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Unrestricted
fund |
£ |
Charitable activities |
Brought forward |
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Other |
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Total |
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NET INCOME/(EXPENDITURE) |
( |
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RECONCILIATION OF FUNDS |
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Total funds brought forward | 265,477 |
TOTAL FUNDS CARRIED FORWARD | 261,251 |
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8. | TANGIBLE FIXED ASSETS |
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Fixtures and
fittings |
Computer
equipment |
Totals |
£ | £ | £ |
COST |
At 1 September 2016 and 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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SATMAR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2017 |
9. | INVESTMENT PROPERTY |
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£ |
MARKET VALUE |
At 1 September 2016 |
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Revaluation | 430,449 |
At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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31.8.17 | 31.8.16 |
£ | £ |
Other creditors |
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Loan creditors | 660,438 | 660,438 |
Accrued expenses |
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11. | MOVEMENT IN FUNDS |
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At 1.9.16 |
Net movement
in funds |
At 31.8.17 |
£ | £ | £ |
Unrestricted funds |
General fund | 261,251 | 417,050 | 678,301 |
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TOTAL FUNDS |
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417,050 | 678,301 |
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Net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Gains and
losses |
Movement in
funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 87,059 | (100,458 | ) | 430,449 | 417,050 |
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TOTAL FUNDS |
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( |
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417,050 |
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SATMAR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 AUGUST 2017 |
11. | MOVEMENT IN FUNDS - continued |
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Comparatives for movement in funds |
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At 1.9.15 |
Net movement
in funds |
At 31.8.16 |
£ | £ | £ |
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Unrestricted Funds |
General fund | 265,477 | (4,226 | ) | 261,251 |
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TOTAL FUNDS | 265,477 | (4,226 | ) | 261,251 |
Comparative net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 63,212 | (67,438 | ) | (4,226 | ) |
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TOTAL FUNDS | 63,212 | (67,438 | ) | (4,226 | ) |
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12. | RELATED PARTY DISCLOSURES |
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There were no related party transactions for the year ended 31 August 2017. |
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