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2023-07-31-accounts

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

REGISTERED COMPANY NUMBER: 03161919 (England and Wales) REGISTERED CHARITY NUMBER: 1058128

YESBE LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

Page
Reference and Administrative Details 1
Report of the Trustees (incorporating the Directors’ Report) 2 to 4
Report of the Independent Auditors 5 to 7
Consolidated Statement of Financial Activities 8 to 9
Company Statement of Financial Activities 10
Consolidated Balance Sheet and Charitable Company Balance Sheet11 to 12
Consolidated Cash Flow Statement 13
Notes to the Consolidated Cash Flow Statement 14
Notes to the Consolidated Financial Statements 15 to 23

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JULY 2023

TRUSTEES Y Z Benedikt
Y N Benedikt
Y S Benedikt
M Benedikt
C Benedikt
J Masar
M Z Kohn
COMPANY SECRETARY E Benedikt
REGISTERED OFFICE First Floor
94 Stamford Hill
London
N16 6XS
PRINCIPAL ADDRESS 4 Manor Road
London
N15 5SA
REGISTERED COMPANY NUMBER 03161919 (England and Wales)
REGISTERED CHARITY NUMBER 1058128
AUDITORS Sugarwhite Meyer Accountants Ltd
Chartered Accountants
& Statutory Auditor
First Floor
94 Stamford Hill
London
N16 6XS
BANKERS Barclays Bank plc
93 Baker Street
Marylebone
London
W1U 8ED

Page 1

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2023

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 July 2023. 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).

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details of the company are shown on page 1 of the financial statements and forms part of this report.

OBJECTIVES AND ACTIVITIES

Objectives for the public benefit

The objects of the charity are the promotion and advancement of religion in accordance with the Orthodox Jewish faith and the relief of poverty, suffering and distress among members of the Jewish faith.

To achieve these objects, the charity makes grants to charity organisations that fall within the objectives of the charity.

The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year.

Grant making policy

In general, the trustees select the institutions to be supported according to their personal knowledge of work of the institution. All applications are carefully considered, discreetly and with sympathy and help is given according to circumstances and funds then available.

Grants are made to various institutions which accord with the charity's objects. These grants are regularly monitored to ensure compliance with the objects of the charity.

STRATEGIC REPORT

Achievement and performance

On the 28 July 2023 the Charity sold its shares in its subsidiary, Pinlee Investments Ltd to Yatziv Properties Ltd after receiving Charity Commission clearance to do so, this resulted in an almost £6m gain; the subsidiary’s income has been shown under ‘discontinued operations’. During the year the group continued its philanthropic activities and maintained support of organisations engaging in education, advancement of religion, and the relief of poverty. Investment income was in line with the previous year, management costs increased by close to 39% and grant making by 6%.

The charity’s subsidiary receives its income from direct investments in property and syndicated property investments, both of which, being profitable.

Financial review

Financial position

The financial position of the charity and its subsidiary is satisfactory.

The charity receives income from its subsidiary undertaking and voluntary income from other charities.

The charity's Consolidated Statement of Financial Activities show a net surplus of £7,648,712 (2022: £124,374).

Page 2

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2023

STRATEGIC REPORT

Financial review

Investment policy and objectives

The group policy is to select suitable investments with good growth prospects and rental yields, either by way of direct real estate investments or via syndicated investments, the net income from which is donated to charitable organisations.

Reserves policy

The charity holds sufficient reserves to be able to respond to calls from charitable organisations, to invest in real estate as appropriate and to meet calls for funds should they arise.

Group reserves stood at £13,911,159 (2022: £6,297,947), of which £6,884,165 (2022: £5,045,376) is nondistributable, being the revaluation reserve.

Principal risks and uncertainties

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate those risks.

When monies are invested, the associated risks are carefully considered and reviewed regularly.

Future plans

It is anticipated, subject to satisfactory income, that the charity will continue to support charitable purposes and institutions in accordance with its objects.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

Yesbe Limited is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 20 February 1996.

Organisational structure

The trustees are responsible for the day to day running of the charity. The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, induction and training procedures in accordance with the Charity Commission's guidelines.

All trustees give their time voluntarily and no benefit or expenses were paid to them in the year in respect of the parent charity.

Group structure

Up until the 28 July 2023, the charity had the following non-charitable operating subsidiary:

Company
Pinlee Investments Limited		 Company
Registration Number

01987796		 Percentage
Shareholding
51%

Page 3

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

REPORT OF THE TRUSTEES (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Related parties

Details of transactions with Related Parties are disclosed in Notes 8, 14 and 20 to the Financial Statements.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Yesbe 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

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.

In so far as the trustees are aware:

AUDITORS

The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the 20/8/2024 company directors, on …..……………….. and signed on the board's behalf by:

(yz by:

Y Z Benedikt - Trustee 5DF7944AAB3745C...

Page 4

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESBE LIMITED

Opinion

We have audited the financial statements of Yesbe Limited (the 'parent charitable company') and its subsidiary (‘the group’) for the year ended 31 July 2023 which comprises the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is 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'.

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 5

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESBE LIMITED

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page four, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.

Page 6

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF YESBE LIMITED

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

( Ena by:

Emanuel Meyer FCA (Senior Statutory Auditor) For and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants and Statutory Auditor First Floor 94 Stamford Hill London N16 6XS

Sugarwhite Meyer Accountants Ltd is eligible to act as an Auditor in terms of Section 1212 of the Companies Act 2006

Page 7

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

2023 2023
Continuing Discontinued
operations operations
Notes £
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
-
-
Investment income
3
-
1,480,961
Total income
-
1,480,961
EXPENDITURE ON
Raising funds
4
Investment management costs
-
1,078,422
Charitable activities
5
Charitable activities
158,087
279,233
Total expenditure
158,087
1,357,655
Net gains/(losses) on investments
8
5,900,000
4,775,000
NET INCOME/(LOSS) BEFORE TAXATION
5,741,913
4,898,306
Taxation
11
-
(1,187,462)
NET INCOME/(LOSS) AFTER TAXATION
5,741,913
3,710,844
Attributable to non-controlling interest
-
(1,804,045)
NET MOVEMENT IN FUNDS
5,741,913
1,906,799
RECONCILIATION OF FUNDS
Total funds brought forward
Prior year adjustment
TOTAL FUNDS CARRIED FORWARD		 2023
Total
£
-
1,480,961
1,480,961
1,078,422
437,320
1,515,742
10,675,000
10,640,219
(1,187,462)
9,452,757
(1,804,045)
7,648,712
6,297,947
(35,500)
13,911,159

Comparative figures are shown on the immediately following page which forms an integral part of this Consolidated Statement of Financial Activities.

The notes form part of these financial statements

Page 8

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

2022 2022 2022
Continuing Discontinued Total
operations operations unrestricted
Notes £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 4,500 - 4,500
Investment income 3 - 1,454,987 1,454,987
Total income 4,500 1,454,987 1,459,487
EXPENDITURE ON
Raising funds 4
Investment management costs - 776,175 776,175
Charitable activities 5
Charitable activities 56,324 357,035 413,359
Total expenditure 56,324 1,133,210 1,189,534
Net gains/(losses) on investments 8 - - -
NET INCOME/(LOSS) BEFORE TAXATION (51,824) 321,777 269,953
Taxation 11 - (47,129) (47,129)
NET INCOME/(LOSS) AFTER TAXATION (51,824) 274,648 222,824
Attributable to non-controlling interest - (98,450) (98,450)
NET MOVEMENT IN FUNDS (51,824) 176,198 124,374
RECONCILIATION OF FUNDS
Total funds brought forward 6,173,573
TOTAL FUNDS CARRIED FORWARD 6,297,947

The notes form part of these financial statements

Page 9

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

2023
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
-
Investment income
3
11,620
Total income
11,620
EXPENDITURE ON
Raising funds
4
Investment management costs
-
Charitable activities
5
Charitable activities
158,087
Total expenditure
158,087
Net gains/(losses) on investments
8
5,899,949
NET MOVEMENT IN FUNDS
5,753,482
RECONCILIATION OF FUNDS
Total funds brought forward
(19,704)
TOTAL FUNDS CARRIED FORWARD
5,733,778		 2022
Total funds
£
4,500
33,575
38,075
-
56,323
56,325
-
(18,250)
(1,456)
(19,704)

CONTINUING OPERATIONS

All income and expenditure of the charitable company has arisen from continuing activities.

The notes form part of these financial statements

Page 10

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED (REGISTERED NUMBER: 03161919)

CONSOLIDATED BALANCE SHEET AND CHARITABLE COMPANY BALANCE SHEET AS AT 31 JULY 2023

Notes
FIXED ASSETS
Tangible assets
12
Investments
13
Investment property
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year
17

Provisions for liabilities
19
NET ASSETS
Non-controlling interest
NET ASSETS ATTRIBUTABLE TO
THE PARENT CHARITABLE COMPANY
FUNDS OF THE CHARITY
Unrestricted funds
20
Fair value reserve
20
TOTAL CHARITY FUNDS		 Group
2023
2022
£
£
8,251
10,314
785,007
758,241
22,089,500
17,314,500
22,882,758 18,083,055
7,365,464
3,428,481
3,610,396
601,099
10,975,860 4,029,580
(7,075,853)
(515,712)
3,900,007
3,513,868
26,782,765
21,596,923
(3,160,648)
(8,561,203)
(1,863,196)
(694,056)
21,758,921
12,341,664
(7,847,762)
(6,043,717)
13,911,159
6,297,947
7,026,994
1,252,571
6,884,165
5,045,376
13,911,159
6,297,947		 Group
2023
2022
£
£
8,251
10,314
785,007
758,241
22,089,500
17,314,500
22,882,758 18,083,055
7,365,464
3,428,481
3,610,396
601,099
10,975,860 4,029,580
(7,075,853)
(515,712)
3,900,007
3,513,868
26,782,765
21,596,923
(3,160,648)
(8,561,203)
(1,863,196)
(694,056)
21,758,921
12,341,664
(7,847,762)
(6,043,717)
13,911,159
6,297,947
7,026,994
1,252,571
6,884,165
5,045,376
13,911,159
6,297,947		 Group
2023
2022
£
£
8,251
10,314
785,007
758,241
22,089,500
17,314,500
22,882,758 18,083,055
7,365,464
3,428,481
3,610,396
601,099
10,975,860 4,029,580
(7,075,853)
(515,712)
3,900,007
3,513,868
26,782,765
21,596,923
(3,160,648)
(8,561,203)
(1,863,196)
(694,056)
21,758,921
12,341,664
(7,847,762)
(6,043,717)
13,911,159
6,297,947
7,026,994
1,252,571
6,884,165
5,045,376
13,911,159
6,297,947
22,882,758
7,365,464
3,610,396
10,975,860
(7,075,853)
3,900,007
26,782,765
(3,160,648)
(1,863,196)
21,758,921
(7,847,762)
13,911,159
7,026,994
6,884,165		 4,029,580
(515,712)
3,513,868
21,596,923
(8,561,203)
(694,056)
12,341,664
(6,043,717)
6,297,947
1,252,571
5,045,376
6,297,947
13,911,159

The immediately following page forms an integral part of this balance sheet.

The notes form part of these financial statements

Page 11

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED (REGISTERED NUMBER: 03161919)

BALANCE SHEET - CONTINUED AS AT 31 JULY 2023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023, but as a charity, it is subject to audit under the Charities Act 2011.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

20/8/2024

The financial statements were approved by the Board of Trustees on …..……………….. and were signed on its behalf by:

Y Z Benedikt - Trustee (yz5DF7944AAB3745C... by:

The notes form part of these financial statements

Page 12

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Tax paid
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Net cash provided by (used in) investing
activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Amount introduced by directors
Amount withdrawn by directors
Net cash provided by (used in) financing
activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the end
of the reporting period
2		 2023
£
(3,426,737)
(545,239)
(41,185)
(4,013,161)
(68,579)
5,941,813
1,081
5,874,315
1,175,960
(5,556)
25,421
(47,682)
1,148,143
3,009,297
601,099
3,610,396		 2022
£
(189,308)
(264,699)
(15,561)
(469,568)
(41,557)
36,498
53
(5,006)
-
(98,673)
125,300
-
26,627
(447,947)
1,049,046
601,099

The notes form part of these financial statements

Page 13

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the statement of
Financial activities)
Adjustments for:
Prior year adjustment on consolidation
(Gains)/losses on investments
(Gains)/losses on revaluation of fixed asset investments
Depreciation charges
Interest paid
Interest received
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Cash generated from operations		 2023
£
10,640,219
(35,500)
(5,900,000)
(4,775,000)
2,063
545,239
(1,081)
(3,900,592)
(2,085)
(3,426,737)		 2022
£
269,953
-
-
-
2,579
264,698
(53)
(768,896)
42,411
(189,308)

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2023

Cash and cash equivalents
Year ended 31 July 2022
Cash and cash equivalents		 31.7.23
£
3,610,396
31.7.22
£
601,099		 1.8.22
£
601,099
1.8.21
£
1,049,046

The notes form part of these financial statements

Page 14

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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, as modified by the revaluation of certain assets.

Basis of consolidation

The group financial statements include the accounts of Yesbe Limited, the accounts of its subsidiary and any material transactions between the balance sheet date of the subsidiary and the balance sheet date of Yesbe Limited.

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 - 20% on reducing balance

Significant judgements and estimates

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. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The valuation of investments properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

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 cost cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Support costs are those incurred to assist the work of the charity but are not directly charitable.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Investment management costs

Investment management costs include costs relating to the investment properties on an accrual basis.

The notes form part of these financial statements

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Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

1. ACCOUNTING POLICIES – continued

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the Statement of Financial Activities.

Acquisitions and disposals of properties

Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the Financial Statements accordingly.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.

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. DONATIONS AND LEGACIES

Donations received
3.
INVESTMENT INCOME
Rents receivable
Interest receivable
Gift aid from subsidiary		 Group
2023
2022
£
£
-
4,500
Group
2023
2022
£
£
1,479,880
1,454,934
1,081
53
-
-
1,480,961
1,454,987		 Company
2023
2022
£
£
-
4,500
Company
2023
2022
£
£
-
-
-
-
11,620
33,575
11,620
33,575		 Company
2023
2022
£
£
-
4,500
Company
2023
2022
£
£
-
-
-
-
11,620
33,575
11,620
33,575
33,575

The notes form part of these financial statements

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Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

4. RAISING FUNDS Investment management costs

RAISING FUNDS
Investment management costs
Group Company
2023 2022 2023 2022
£ £ £ £
Portfolio management 463,717
462,852		 - -
Bank interest payable 545,239
264,698		 - -
Administrative expenses 69,466 48,625 - -
1,078,422
776,175		 - -
CHARITABLE ACTIVITIES COSTS
Group
Grant
funding of Support
activities costs Totals
(See note 6) (See note 7)
£ £ £
Charitable activities 408,925 28,395 437,320
Company
Grant
funding of Support
activities costs Totals
(See note 6) (See note 7)
£ £ £
Charitable activities 145,200 12,887 158,087
GRANTS PAYABLE
Group Company
2023 2022 2023 2022
£ £ £ £
Grants 408,925 386,715 145,200 44,926
All grants were institutional and are as follows:
2023 2022
£ £
Advancement of religion 99,500 96,400
Advancement of education 83,700 177,550
General purpose 6,200 2,500
Relief of poverty 205,275 95,265
Social welfare 14,250 15,000
408,925 386,715

5. CHARITABLE ACTIVITIES COSTS Group

6. GRANTS PAYABLE

The notes form part of these financial statements

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Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

6. GRANTS PAYABLE - continued

Recipients of institutional grants:
Achisomoch Aid Company Limited
The Yeshivas Ohel Shimon Trust
Dushinsky Trust
Toldos Aharon Trust Limited
Chasdei Aharon Limited
Other grants (below £20,000)		 135,500
23,650
23,400
23,000
22,500
180,875
408,925

7. SUPPORT COSTS

Support costs Group
Governance costs
2023
2022
£
£
28,395
26,644		 Company
Governance costs
2023
2022
£
£
12,887
11,399

Support costs, included in the above, are as follows:

Auditors' remuneration
Auditors' remuneration for non audit work
General expenses		 Group
2023
2022
£
£
5,400
5,400
17,200
16,400
5,795
4,844
28,395
26,644		 Company
2023
2022
£
£
5,400
5,400
5,400
5,400
2,087
599
12,887
11,399		 Company
2023
2022
£
£
5,400
5,400
5,400
5,400
2,087
599
12,887
11,399
11,399

8. NET GAINS/(LOSSES) ON INVESTMENTS

Group
2023
2022
£
£
Gain on disposal of investment assets
5,900,000
-
Gain (loss) on reval’n of investment property 4,775,000
-
10,675,000
-		 Company
2023
2022
£
£
5,899,949
-
-
-
5,899,949
-		 Company
2023
2022
£
£
5,899,949
-
-
-
5,899,949
-
-

9. TRUSTEES' REMUNERATION AND BENEFITS

For the year ended 31 July 2023 the following fees were payable by the subsidiary:

Mr YZ Benedikt - £101,500 (2022: £75,000)

The notes form part of these financial statements

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Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

9. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.

10. AVERAGE STAFF NUMBERS

The average number of staff in the year was 3 (2022: 3), subsidiary only.

11. TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

Current tax:
UK corporation tax
Deferred tax
Tax on profit		 2023
£
18,322
1,169,140
1,187,462		 2022
£
47,619
(490)
47,129

No current tax was payable in respect of the charitable company. Current tax payable in respect of the non-charitable subsidiary was £18,322 (2022: £47,619).

12 . TANGIBLE FIXED ASSETS

Group

COST
At 1 August 2022
and 31 July 2023
DEPRECIATION
At 1 August 2022
Charge for year
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022		 Fixtures and
fittings
£
70,622
(60,308)
(2,063)
(62,371)
8,251
10,314

The notes form part of these financial statements

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Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

13 . FIXED ASSET INVESTMENTS

Group


COST
At 1 August 2022
Additions
Distributions
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022		 Unlisted
Investments
£
758,241
68,579
(41,813)
785,007
785,007
758,241

Company

Company
Shares in
group Unlisted
undertakings investments Totals
£ £ £
COST
At 1 August 2022 51 - 51
Additions - - -
Disposals (51) - (51)
At 31 July 2023 - - -
NET BOOK VALUE
At 31 July 2023 - - -
At 31 July 2022 51 - 51
There were no investment assets outside the UK.
Until 28 July 2023, Yesbe Limited owned 51% of the equity share capital of Pinlee Investments Ltd,
a property investment company registered in the UK (year ended 31 March).
The results of the subsidiary included in the consolidated accounts are as follows:
Subsidiaries
Pinlee Investments Limited
Registered number: 01987796
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 51.00
31.3.23 31.3.22
£ £
Aggregate capital and reserves 16,015,840 12,334,116
Profit/(Loss) for the year 3,681,724 200,919

The notes form part of these financial statements

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Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

14. INVESTMENT PROPERTY

Group
FAIR VALUE
At 1 August 2022
Revaluations
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022		 Total
17,314,500
4,775,000
22,089,500
22,089,500
17,314,500

The historical cost of the investment properties at 31 July 2023 is £6,729,510 (2022: £6,729,510).

The fair value of the investment properties has been arrived at on the basis of valuations carried out by GL Hearn Limited in 2020 and subsequent valuations carried out on certain of the group’s properties by Lambert Smith Hampton and Cluttons LLP in 2023. The valuations have been carried out in accordance with the RICS Valuation – Global Standards effective January 2020.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors Group
2023
2022
£
£
7,365,464
3,428,481
7,365,464
3,428,481		 Company
2023
2022
£
£
2,634,000
-
2,634,000
-

Included in debtors is £4,547,651 (2022: £3,299,647) owed by companies with Directors in common.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans (secured) and overdrafts
VAT
Trade creditors
Amounts owed to group undertakings
Taxation and social security
Other creditors
Accruals and deferred income		 Group
2023
2022
£
£
6,576,516
5,556
63,485
43,521
16,949
1,079
-
-
65,941
88,804
317,779
316,216
35,183
60,536
7,075,853
515,712		 Company
2023
2022
£
£
-
-
-
-
-
-
144,804
-
-
-
-
-
21,600
20,103
166,404 20,103
166,404

The bank loans are secured by legal charges over certain of the groups’ properties.

The notes form part of these financial statements

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Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans (see note 18) Group
2023
2022
£
£
3,160,648
8,561,203

The bank loans are secured by legal charges over certain of the groups’ properties.

18. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due between two and
five years:
Bank loans - 2-5 years
Amounts falling due in more than five
years:
Repayable by instalments
Bank loans more than 5 years by instalments		 Group
2023
2022
£
£
3,147,222
8,540,000
13,426
21,203		 Group
2023
2022
£
£
3,147,222
8,540,000
13,426
21,203
21,203

19. PROVISIONS FOR LIABILITIES

Balance at beginning of the year
Charge/(credit) for the year
Balance at end of the year		 Group
2023
2022
£
£
694,056
694,546
1,169,140
(490
1,863,196
694,056		 Group
2023
2022
£
£
694,056
694,546
1,169,140
(490
1,863,196
694,056
694,056

Deferred tax is recognised in respect of timing differences arising from the revaluation of assets classified as investments in the non-charitable subsidiary undertakings.

20. MOVEMENT IN FUNDS

Group

Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 At 1.8.22
£
1,252,571
5,045,376
6,297,947		 Incoming
resources
£
1,480,961
-
1,480,961		 Resources
expended
£
(1,569,564)
-
(1,569,564)		 Transfers
and gains
£
5,900,000
3,605,860

Minority
interest
At 31.7.23
£
£

(36,974)
7,026,994
(1,767,071)
6,884,165
9,505,860 (1,804,045)
13,911,159

The notes form part of these financial statements

Page 22

Docusign Envelope ID: 6A77E067-7905-4094-9543-7A37DEE34D8C

YESBE LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2023

20. MOVEMENT IN FUNDS

Company


Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 At 1.8.22
£
(19,704)
-
(19,704)		 Incoming
resources
£
11,620

-
11,620		 Resources
expended
£
(158,088)
-
(158,088)		 Gains and
losses
£
5,899,949

-
5,899,949		 At 31.7.23
£
5,733,777
-
5,733,777

21. RELATED PARTY DISCLOSURES

The parent charity sold the shares in its subsidiary Pinlee Investments Ltd to Yatziv Properties Ltd, a company with shareholders/trustees in common with the charity, after receiving Charity Commission clearance to do so. At the balance sheet date £2,634,000 was outstanding in respect of the sale, this was subsequently repaid post year end.

At the year end the amount owed by the group to the Directors of the subsidiary was £205,134 (2022: £227,395).

The wife of a Trustee was in receipt of consultancy fees in the sum of £20,000 from the subsidiary (2022: £25,000).

Fees were paid by the subsidiary to companies with Trustees/Directors in common in the sum of £104,000 (2022: £154,000)

Additional related party information is given in Notes 9 and 15.

22. ULTIMATE CONTROLLING PARTY

The group is ultimately controlled by the board of trustees of Yesbe Limited.

23. AUDITOR LIABILITY LIMITATION AGREEMENT

The charity has entered into a liability limitation agreement with Sugarwhite Meyer Accountants Ltd, the statutory auditor, in respect of the statutory audit for the period ended 31 July 2023. The liability agreement follows the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements.

The notes form part of these financial statements

Page 23