#
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|Trustees||BBorowski|||
|---|---|---|---|---|
|||R Kaufman|||
|||A Noam|||
|||Zvi Nixon|||
|Delegated Management||A Noam|||
|Charity|Number|1062357|||
|Address||16Great Queen Street|||
|||London|||
|||WC28 5DG|||
|Auditor||Harold Everett Wreford||LLP|
|||2nd Floor|||
|||38Warren|Street||
|||London|||
|||W1T 6AE|||
|Bankers||Santander|UK pic||
##
|||||Page|
|---|---|---|---|---|
|Trustees'
Report||||1—2|
|Statement of trustees'||responsibilities|||
|Independent
auditor's||report||4-7|
|Consolidated
Statement||offinancialactivities|||
|Statement
offinancial|activities||||
|Consolidated
Statement||offinancial|position|10|
|Statement
offinancial|position||||
|Consolidated
Statement||ofcash flows||12|
|Notes to the financial|statements|||13—24|
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||||Notes|2023|2022|
|---|---|---|---|---|---|
|||||6|F|
|Income and endowments||from||||
|Donations||||||
|Investments||||1,043,550|1,102,710|
|Other income||||12,754|6,750|
|Total income|and endowments|||||
|||||1,056,304|1,109,460|
|~E*
de||||||
|Raising funds||||120,036|64,123|
|Charitable
activities||||651,716|608,061|
|Other|||12|161,106|135,714|
|Total resources expended||||932,858|807,898|
|Net gain/(loss)|on investments||13||76,204|
|Net income (expenditure)||for the year/||||
|Net movement|in funds|||123,446|377,766|
|Taxation||||(20,650)|(8,787)|
|||||102,796|368,979|
|Fund balances|at 1 Apdl 2022|||10,087,294|9,718,315|
|Fund balances|at 31 llllarch 2023|||10,190,090|10,087,294|
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|||||2023|2022|
|---|---|---|---|---|---|
||||Notes|||
|Income and endowments||from||||
|Donations||||55,000|50,000|
|Investments||||517,153|569,487|
|Other income||||269,857|293,731|
|Total income|and endowments|||842,010|913,218|
|~E«dit||||||
|Raising funds||||114,075|51,831|
|Charitable
activities||||633,894|563,157|
|Other|||12|44,280|47,914|
|Total resources expended||||792,249|662,902|
|Net gain/(loss)|on investments||13||76,204|
|Net income/(expenditure)||for the year/||||
|Net movement|in funds|||49,761|326,520|
|Fund balances|at 1 April 2022|||9,960,910|9,634,390|
|||||10,010,671|9,960,910|
|Fund balances|at 31 llllarch 2023|||10,010,671|9,960,910|
##
|||||||2023|||
|---|---|---|---|---|---|---|---|---|
|||||Notes|||||
|Fixed assets|||||||||
|Investment|Properties|||14||14,724,603||14,681,249|
|Investments||||15|||||
|||||||14,724,603||14,681,249|
|Current assets|||||||||
|Debtors falling due after one year||||17|237,896||275,398||
|Debtors falling due within one year||||17|60,902||251,518||
|Cash at bank|||||322,779||651,543||
||||||621,577||1,178,459||
|Creditors:|amounts|falling due|||||||
|within one|year||||||||
|Loans and|overdrafts|||18|330,000||330,000||
|Taxation and social security|||||58,860||56,289||
|Other creditors||||19|1,572,365||1,880,152||
||||||1,961,225||2,266,441||
|Net current|liabilities|||||(1,339,648)||(1,087,982)|
|Total assets less current|||liabilities|||13,384,955||13,593,267|
|Creditors:|amounts|falling|due after||||||
|more than|one year||||||||
|Loans and|overdrafts|||18|3,194,865||3,505,973||
|||||||(3,194,865)||(3,505,973)|
|Net assets||||||10,190,090||10,087,294|
|Income funds|||||||||
|Unrestricted|funds —general|||||10,190,090||10,087,294|
|||||||10,190,090||10,087,294|
|The accounts were approved
by the Trustees on|||||.f()dR'.74||||
|R Kaufman|-Trustee||||A|Noam -Trustee|||
##
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|||||||||2023||2022|
|---|---|---|---|---|---|---|---|---|---|---|
||||||Notes||||||
||||||||5||F||
|Fixed assets|||||||||||
|Investment|Properties||||14|||7,624,603||7,581,249|
|Investments|||||15|||2,709,297||3,004,297|
|||||||||10,333,900||10,585,546|
|Current assets|||||||||||
|Debtors falling due after one year|||||17||237,896|||275,398|
|Debtors falling due within one||||year|17||1,843,678|||1,760,230|
|Cash at bank|||||||290,062|||477,439|
||||||||2,371,636|||2,513,067|
|Creditors:|amounts|falling due|||||||||
|within one|year||||||||||
|Loans and|overdrafts||||18||150,000|||150,000|
|Taxation and social security|||||||24,738|||24,471|
|Other creditors|||||19||1,543,332|||1,845,101|
||||||||1,718,070|||2,019,572|
|Net current|assets/(liabilities)|||||||653,566||493,495|
|Total assets less current|||liabilities|||||10,987,466||11,079,041|
|Creditors:|amounts|falling|due after||||||||
|more than|one year||||||||||
|Loans and|overdrafts||||18|||(976,795)||(1,118,131)|
|Net assets||||||||10,010,671||9,960,910|
|Income funds|||||||||||
|Unrestricted|funds —general|||||||10,010,671||9,960,910|
|||||||||10,010,671||9,960,910|
|The accounts were approved||||by the Trustees||on ...|||||
|R Kaufman|-Trustee||||||A|Noam|Trustee||
##
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||||||2023||2022||
|---|---|---|---|---|---|---|---|---|
|||||Notes|6||8||
|Cash flows from operating|||activities||||||
|Cash absorbed
by operations||||24||(1,042,314)||(879,664)|
|Investing|activities||||||||
|Rent and interest received|||||1,043,550||1,102,710||
|Purchase|ofunlisted
investments||||||||
|Proceeds|ofsale of unlisted|investments|||||458,775||
|Net cash|(used in)/generated||from||||||
|investing|activities|||||1,043,550||1,561,485|
|Financing|activities||||||||
|Repayment|of bank loans||||(330,000)||(330,000)||
|Net cash|used in financing||activities|||(330,000)||(330,000)|
|Net increase/(decrease)
in||cash and|||||||
|cash equivalent||||||(328,764)||351,821|
|Cash and|cash equivalents|at|||||||
|beginning|ofyear|||||651,543||299,722|
|Cash and|cash equivalents||at||||||
|end ofyear||||||322,779||651,543|
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|4|Investmsnts||Group|Charity||
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||E|E|E|E|
||Rental income|1,043,550|1,102,709|517,153|569,487|
||Interest receivable||1|||
|||1,043,550|1,102,710|517,153|569,487|
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|5|Other inc|ome|||||Group|Charity||
|||||||2023|2022|2023|2022|
|||||||||E|E|
||Net income due from||a subsidiary||LLP|||258,313|287,731|
||Insurance|commission||||12,754|6,750|11,544|6,000|
|||||||12,754|6,750|269,857|293,731|
|6|Raising funds||||||Group|Charity||
|||||||2023|2022|2023|2022|
|||||||E|E|E|E|
||Investment|ro ert|ex enses|||||||
||Agents' fees and property|||related|expenses|120,036|64,123|114,075|51,831|
|||||||120,036|64,123|114,075|51,831|
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|7|Charitable|activities|activities||Group||Charity||
|---|---|---|---|---|---|---|---|---|
|||||2023|2022|2023||2022|
|||||6|E|E||E|
||Grant funding||ofactivities (see note 8)|636,000|586,000|636,000||586,000|
||Governance||costs (see note 9)|15,716|22,061|(2,106)||(22,843)|
|||||651,716|608,061|633,894||563,157|
##
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|||||||||
|---|---|---|---|---|---|---|---|
|Support|Costs|||Group||Charity||
||||2023|2022|2023|2022||
||||Governance|Governance|Governance
Governance||Basis of|
||||Costs|Costs|Costs|Costs|allocation|
||||E|E|E|E||
|Amortised|lease incentives||(43,354)|(43,354)|(43,354)|(43,354)|Governance|
|Audit and|accountancy|fees|22,951|24,100|12,600|12,650|Governance|
|Legal and|professional||34,797|39,944|27,521|7,065|Governance|
|Bank charges|||1,322|1,371|1,127|796|Governance|
||||15,716|22,061|(2,106)|(22,843)||
|Analysed|between|||||||
|charitable|activities||15,716|22,061|(2,106)|(22,843)||
##
|10|Auditor's
remuneration|Auditor's
remuneration|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||The analysis
ofauditor's||remuneration||is as follows:|Group|||Charity||
||Fees payable to the|charity's||auditor|||||||
||and associates:||||2023||2022|2023||2022|
||||||E|||E||E|
||Audit ofthe charity's|annual accounts|||12,451||10,800|6,000||3,250|
|11|Employees||||||||||
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|Fixed asse|t investments||||||
|---|---|---|---|---|---|---|
|||||Group||Charity|
||||2022|2022|2023|2022|
|||Notes|E|F|F|E|
|Investments|in subsidiaries|22|||3|3|
|Loans to subsidiaries|||||2,709,294|3,004,294|
|Unlisted
investments|||||||
||||||2,709,297|3,004,297|
|Movement|in fixed asset|investments|||||
|Group|||||Shares|Total|
||||||E|E|
|Cost or valuation|||||||
|At 31 March|2022||||||
|Additions|||||||
|Disposals|||||||
|At 31 March|2023||||||
|Carrying
amount|||||||
|At 31 March|2023||||||
|At 31 March|2022||||||
|Movement|in fixed asset|investments|||||
|Charity|||||||
|||||Loans|Shares|Total|
|||||E|E|E|
|Cost or valuation|||||||
|At 31 March|2022|||3,004,294|3|3,004,297|
|Additions|||||||
|Repayments||||(295,000)||(295,000)|
|At 31 March|2023|||2,709,294|3|2,709,297|
|Carrying
amount|||||||
|At 31 March|2023|||2,709,294|3|2,709,297|
|At 31 March|2022|||3,004,294|3|3,004,297|
##
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|16|Financial|instruments|instruments||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Group||Charity||
|||||||2023|2022|2023||2022|
|||||||8|E|E||E|
||Carrying|amount|offinancial||assets||||||
||Debt instruments||measured|at amortised cost||298,798|526,916|4,790,868|5,039,922||
||Equity instruments||measured||at cost less||||||
||impairment||||||||||
||Carrying|amount|offinancial||liabilities||||||
||Measured|at amortised cost||||5,097,230|5,716,124|2,670,127|3,113,231||
|17|Debtors||||||||||
||||||||Group||Charity||
|||||||2023|2022|2023||2022|
|||||||E|E|8||8|
||Amounts|falling|due within|one year:|||||||
||Other debtors|||||60,902|251,518|46,822||221,686|
||Amounts|due from subsidiary|||undertaking|||1,796,856|1,538,544||
|||||||60,902|251,518|1,843,678|1,760,230||
||Amounts|falling|due after more than one||||||||
||year:||||||||||
||Other debtors|||||237,896|275,398|237,896||275,398|
||Total debtors|||||298,798|526,916|2,081,574|2,035,628||
##
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|||||Group||Charity|
|---|---|---|---|---|---|---|
||||2023|2022|2023|2022|
||||6|6|6|F|
|Bank loans|||3,560,000|3,890,000|1,137,500|1,287,500|
|Unamortised||finance costs|(35,135)|(54,027)|(10,705)|(19,369)|
||||3,524,865|3,835,973|1,126,795|1,268,131|
|Payable|within one year||330,000|330,000|150,000|150,000|
|Payable|after|one year|3,194,865|3,505,973|976,795|1,118,131|
##
||||Group||Charity||
|---|---|---|---|---|---|---|
|||2023|2022|2023||2022|
|||F.|F|8||F|
|Other creditors||1,396,818|1,708,714|1,385,791|1,708,714||
|Accruals and deferred|income|175,547|171,438|157,541||136,387|
|||1,572,365|1,880,152|1,543,332|1,845,101||
##
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||||Charity|and Group|
|---|---|---|---|---|
||||2022|2022|
||||E|E|
|Other|related|parties|1,385,791|1,708,714|
##
##
|Details of|the charity's
subsidiaries|at|31|March 2023 are as follows:|||
|---|---|---|---|---|---|---|
|Name of|undertaking
and country|||Nature ofbusiness|Class of|'lo Held|
|of incorporation
or residency|||||Shareholding|Direct|
|Gilgamesh|Hull LLP- United
Kingdom|||Property
Investment|Ordinary|100.00|
|Gilgamesh|(Broxbourne
8||||||
|Portslade)|Limited- United
Kingdom|||Property
Investment|Ordinary|100.00|
|At 31 March 2023 the aggregate
of||the share capital and reserves amounted
as follows:|||||
|Gilgamesh|Hull LLP -E1,796,859surplus||||||
|Gilgamesh|(Broxbourne
& Portslade)||Limited -E179,420 surplus||||
##
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##
||Gilgamesh
Hull LLP|||||||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
|||||||E|E|
||Income|||||356,980|363,345|
||Administrative
expenses|||||(98,667)|(75,615)|
||Interest receivable||||||1|
||Surplus
retained for the year|||||258,313|287,731|
||Gilgamesh
(Broxbourne
&Portslade)|||Limited||||
||Income|||||170,627|170,627|
||Administrative
expenses|||||(96,942)|(119,381)|
||Interest receivable|||||||
||Increase/(decrease)
in|fair value of investment|||properties|||
||Corporation
tax|||||(20,650)|(8,787)|
||Surplus/(loss)
for the year|||||53,035|42,459|
|24|Cash generated
from|operations||||2023|2022|
|||||||F|E|
||Surplus for the year|||||102,796|368,979|
||Adjustments
for:|||||||
||Investment
income recognised||in profit|or loss||(1,043,550)(1,102,710)||
||Fair value losses/(gains)|on investment||properties||||
||Gain on sale ofunlisted|investments|||||(76,204)|
||Unamortised
lease incentives|||||(43,354)|(43,354)|
||Movements
in working|capital:||||||
||(Increase)/Decrease
in|debtors||||228,118|52,084|
||Increase/(Decrease)
in|creditors||||(286,324)|(78,459)|
||Cash absorbed
by operations|||||(1,042,314)|(879,664)|
##
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|||At||At|
|---|---|---|---|---|
|||1April|Cashflowe|31 March|
|||2022||2023|
|||||E|
|Cash|at bank and in hand|651,543|(328,764)|322,779|
|Loans|falling due within one year|(330,000)||(330,000)|
|Loans|falling due after more than one year|(3,505,973)|311,108|(3,194,865)|
|||(3,184,430)|(17,656)|(3,202,086)|