Charity Registration No. 1058260
Company Registration No. 03242641 (England and Wales)
CHEVRAS TSEDOKOH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
CHEVRAS TSEDOKOH LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr Abraham Klein Mr Joshua Sternlicht Mrs Sarah Padwa Mr Michael Saberski Secretary Mr Joshua Sternlicht Charity number 1058260 Company number 03242641 Auditor Cohen Arnold New Burlington House 1075 Finchley Road London NW11 0PU
CHEVRAS TSEDOKOH LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 - 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 19 |
CHEVRAS TSEDOKOH LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2020
The trustees present their report and financial statements for the year ended 30 September 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity was established for:-
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the advancement of religion in accordance with the Orthodox Jewish Faith;
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the relief of poverty; and
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for such other purposes as are recognised by English Law as charitable and in furtherance of the aforementioned objects.
In furtherance of its objects, the charity supports the activities of Jewish religious organisations, especially in the field of education and provides philanthropic aid to the Jewish needy. Donations are made to organisations providing a sound religious education in accordance with the doctrines and principles of traditional Judaism and to institutions set up to provide aid to the Jewish needy, with a view to achieving the objectives of the charity.
Chevras Tsedokoh Limited regularly supports charitable organisations and institutions both in respect of revenue expenditure and capital projects and there has been a continual call for funding of capital projects together with a concomitant need for increased revenue support.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake and has complied with its duty to act for the public benefit in accordance with Section 4 of the Charities Act 2011.
Donations are made by way of grants to charitable institutions or organisations either directly or through the services of grant making charities.
Achievements and performance
The charity derives its income from its investment property portfolio. During the year under review, its net property income after the deduction of mortgage interest amounted to £796,313 (2019: £717,198).
During the year under review £505,000 (2019: £489,000) was distributed to UK registered charities in furtherance of the charities objectives.
The charity does not engage in any public fund raising activities.
Financial review
During the year, the charity completed a small redevelopment of one of its properties which it had commenced in the previous year resulting in an enhanced future rental stream. The funds required were obtained by way of mortgage so as to enable the charity to continue to provide grants to those institutions and organisations that it supports on a regular basis.
The legal title to the charity's investment properties are held by nominee companies in whose names the bank loans associated with the properties are taken. The rationale for utilising this structure is that, whilst the charity has granted legal charges over its beneficial interest in the relevant properties, it has not granted a debenture over its other assets and undertakings which are thus safeguarded in the unlikely event of a default.
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CHEVRAS TSEDOKOH LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level which the trustees consider appropriate after considering the future commitments of the charity.
The charity has unrestricted funds of £10,607,153 (2019: £10,324,316) of which £4,305 (2019: £868,056) is distributable, the balance representing the charity's investment property from which it derives its income.
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit provided that funds so utilised are not immediately required for use in connection with any of it's objectives. The trustees regularly review the charity's position and needs in respect of the investment policy.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The charity has no significant concentrations of credit risk. Amounts shown in the Statement of Financial Position represent the maximum anticipated credit risk exposure. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The charity holds or issues financial instruments to achieve three main objectives being:
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to finance it's operations
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to manage it's exposure to interest and currency risks arising from it's operations and from it's sources of finance; and
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to generate funds.
In addition various financial instruments (e.g. debtors, creditors, prepayments and accruals) arise directly from the charity's operations.
The charity plans to continue the activities referred to above in the coming year subject to incoming resources being available as envisaged.
Structure, governance and management
The charity is an entity incorporated under the Companies Act and is governed by its Memorandum and Articles of Association dated the 28th August 1996. It has no share capital being limited by guarantee. The liability of each member in the event of a winding up is limited to £1.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr Abraham Klein
Mr Joshua Sternlicht Mrs Sarah Padwa
Mr Michael Saberski
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CHEVRAS TSEDOKOH LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
As set of in the Articles of Association the members of the charity shall not exceed twenty five. There are two classes of members:
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Ordinary members - subscribers and all persons subsequently admitted by the Council to membership.
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Honorary members - persons the Council may admit from time to time with written consent.
No person shall be admitted to the membership of the company as an ordinary member unless:
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He has signed and sent to the Secretary an application for admission framed in such terms as the Council shall from time to time prescribe, and:
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He has been elected to the membership by the Council.
All current trustees are ordinary members and no honorary members have been appointed. The organisation is run by the directors who are the trustees. Every trustee holds office until he/she shall die or shall cease to hold office by virtue of Article 48 of the Articles of Association.
It is not currently the intention of the trustees of the Charity to appoint further trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures.
Unless and until otherwise determined by the charity the board of trustees (Council) shall consist of not less than three or not more than ten trustees. The Council appoints from among its members a Chair and a Vice Chair, and in the event any vacancy arises the Council shall as soon as practicable fill the vacancy. Ten percent of the members present or three ordinary members present in person shall form a quorum at a general meeting.
None of the trustees have any beneficial interest in the charity.
Auditor
The auditor, Cohen Arnold, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The trustees' report was approved by the Board of Trustees.
Mr Joshua Sternlicht
Trustee Dated: 4 October 2021
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CHEVRAS TSEDOKOH LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The trustees, who are also the directors of Chevras Tsedokoh Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CHEVRAS TSEDOKOH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF CHEVRAS TSEDOKOH LIMITED
Opinion
We have audited the financial statements of Chevras Tsedokoh Limited (the ‘charity’) for the year ended 30 September 2020 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 September 2020 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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:
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the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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.
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CHEVRAS TSEDOKOH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CHEVRAS TSEDOKOH LIMITED
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 is 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 charity’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.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 an auditor's report 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity'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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Moshe Broner-Cohen (Senior Statutory Auditor) for and on behalf of Cohen Arnold
4 October 2021
Chartered Accountants Statutory Auditor
New Burlington House 1075 Finchley Road London NW11 0PU
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CHEVRAS TSEDOKOH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CHEVRAS TSEDOKOH LIMITED
Cohen Arnold is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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CHEVRAS TSEDOKOH LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 1,262,334 | 1,197,819 |
| Expenditure on: | |||
| Raising funds | 4 | 465,762 | 480,342 |
| Charitable activities | 5 | 513,735 | 494,816 |
| Total resources expended | 979,497 | 975,158 | |
| Net income for the year/ | |||
| Net movement in funds | 282,837 | 222,661 | |
| Fund balances at 1 October 2019 | 10,324,316 | 10,101,655 | |
| Fund balances at 30 September 2020 | 10,607,153 | 10,324,316 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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CHEVRAS TSEDOKOH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020
| Notes Fixed assets Tangible assets 9 Investment properties 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets Income funds Unrestricted funds General unrestricted funds Revaluation reserve |
2020 £ £ 1,776,118 18,501,730 20,277,848 134,375 419,978 554,353 (550,048) 4,305 20,282,153 (9,675,000) 10,607,153 6,305,889 4,301,264 10,607,153 10,607,153 |
2019 £ £ 1,776,118 17,655,142 19,431,260 191,452 1,208,130 1,399,582 (531,526) 868,056 20,299,316 (9,975,000) 10,324,316 6,023,052 4,301,264 10,324,316 10,324,316 |
|---|---|---|
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CHEVRAS TSEDOKOH LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2020
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2020, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 4 October 2021
Mr Abraham Klein Mr Joshua Sternlicht Trustee Trustee
Company Registration No. 03242641
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CHEVRAS TSEDOKOH LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Notes Cash flows from operating activities Cash absorbed by operations 16 Investing activities Purchase of investment property Rental income and interest received Net cash generated from investing activities Financing activities Increase/(reduction) in bank loans Net cash (used in)/generated from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2020 £ £ (903,898) (846,588) 1,262,334 415,746 (300,000) (300,000) (788,152) 1,208,130 419,978 |
2019 £ £ (956,716) (755,897) 1,197,819 441,922 1,275,000 1,275,000 760,206 447,924 1,208,130 |
|---|---|---|
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CHEVRAS TSEDOKOH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
Charity information
Chevras Tsedokoh Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is .
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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CHEVRAS TSEDOKOH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, as the charity is not registered for VAT and is classified under headings of the financial activities to which it relates:
Expenditure on raising funds includes all costs associated with the holding of its property investment.
Expenditure on charitable activities includes all costs incurred by the charity in undertaking its grant making activities that further its charitable aims including support costs and the costs related to the governance of the charity.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 0% - See note 9
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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CHEVRAS TSEDOKOH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Acquisitions and disposals of property
Acquisitions and disposals of property are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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CHEVRAS TSEDOKOH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 3 | Investments | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Rental income | 1,262,075 | 1,197,540 | |
| Interest receivable | 259 | 279 | |
| 1,262,334 | 1,197,819 | ||
| 4 | Raising funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Investment management | |||
| Property expenditure | 86,442 | 480,342 | |
| Mortgage interest | 311,584 | 310,694 | |
| Finance costs | 67,736 | 55,262 | |
| 465,762 | 480,342 | ||
| 5 | Grants payable | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Grants to institutions: | |||
| United Talmudical Associates Ltd | 505,000 | 489,000 |
All grants were made to UK registered charities in furtherance of the charity's objects.
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CHEVRAS TSEDOKOH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 6 Support costs Legal and professional Accountancy fees Bank charges Administrative expenses Audit fees Analysed between Charitable activities |
Support costs Governance costs £ £ - - 2,880 - 9 - 1,526 - - 4,320 4,415 4,320 4,415 4,320 |
2020 £ - 2,880 9 1,526 4,320 8,735 8,735 |
Support costs Governance costs £ £ (2,878) - 2,880 - 186 - 1,308 - - 4,320 1,496 4,320 1,496 4,320 |
2019 £ (2,878 2,880 186 1,308 4,320 |
|---|---|---|---|---|
| 5,816 | ||||
| 5,816 |
Governance costs includes payments to the auditors of £4,320 (2019- £4,320) for audit fees.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
9 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Freehold land and buildings | |
| £ | |
| Cost | |
| At 1 October 2019 | 1,776,118 |
| At 30 September 2020 | 1,776,118 |
| Carrying amount | |
| At 30 September 2020 | 1,776,118 |
| At 30 September 2019 | 1,776,118 |
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CHEVRAS TSEDOKOH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
9 Tangible fixed assets
(Continued)
Tangible fixed assets represent the charity's functional property which is stated at cost until such time as its fair value can be reliably measured on a going concern basis.
10 Investment property
| Fair value At 1 October 2019 Additions through external acquisition At 30 September 2020 |
2020 £ 17,655,142 846,588 |
|---|---|
| 18,501,730 |
Investment property comprises principally of commercial property with a small element of residential. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30th September, 2020 by the Company's directors who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
| Cost Accumulated depreciation Carrying amount Freehold Long leasehold Short leasehold 11 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2020 £ 14,200,466 - 14,200,466 2020 £ 14,200,466 - - 2020 £ 26,029 99,838 8,508 134,375 |
2019 £ 13,353,878 - |
|---|---|---|
| 13,353,878 | ||
| 2019 £ 13,353,877 - - |
||
| 2019 £ 23,878 167,574 - |
||
| 191,452 |
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CHEVRAS TSEDOKOH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
12 Loans and overdrafts
| Loans and overdrafts | ||
|---|---|---|
| Bank loans Payable within one year Payable after one year |
2020 £ 9,975,000 300,000 9,675,000 |
2019 £ 10,275,000 |
| 300,000 9,975,000 |
The long-term loans are secured by fixed charges over the charity's beneficial interest in its property portfolio. These bank loans bear interest at variable rates over three months LIBOR.
13 Creditors: amounts falling due within one year
| 2020 Notes £ Bank loans 12 300,000 Trade creditors 212,466 Other creditors 37,582 550,048 14 Creditors: amounts falling due after more than one year 2020 Notes £ Bank loans 12 9,675,000 15 Related party transactions There were no disclosable related party transactions during the year (2019 - none). 16 Cash generated from operations 2020 £ Surplus for the year 282,837 Adjustments for: Investment income recognised in statement of financial activities (1,262,334) Movements in working capital: Decrease/(increase) in debtors 57,077 Increase in creditors 18,522 Cash absorbed by operations (903,898) |
2020 £ 300,000 212,466 37,582 550,048 2020 £ 9,675,000 |
2019 £ 300,000 195,945 35,581 |
|---|---|---|
| 531,526 | ||
| 2019 £ 9,975,000 |
||
| 2020 £ 282,837 (1,262,334) 57,077 18,522 (903,898) |
2019 £ 222,661 (1,197,819) (7,227) 25,669 |
|
| (956,716) |
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CHEVRAS TSEDOKOH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
| 17 Analysis of changes in net (debt)/funds At 1 October 2019 £ Cash at bank and in hand 1,208,130 Loans falling due within one year (300,000) Loans falling due after more than one year (9,975,000) (9,066,870) |
Cash flows At 30 September 2020 £ £ (788,152) 419,978 - (300,000) 300,000 (9,675,000) (488,152) (9,555,022) |
|---|---|
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