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2020-12-31-accounts

Registered number: 04070371 Charity number: 1083557

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1
Trustees' report 2 - 7
Independent auditors' report on the financial statements 8 - 11
Consolidated statement of financial activities 12
Consolidated balance sheet 13
Company balance sheet 14
Consolidated statement of cash flows 15
Notes to the financial statements 16 - 32

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

Mr B Segal Mrs B Segal

Mr A M Scott Mr R Overton-Smith Mr T S Beasley Mr A W Richards

Company registered number

04070371

Charity registered number

1083557

Registered office

3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU

Independent auditors

Baldwin Scofield Ltd Chartered Accountants Statutory auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU

Bankers

NatWest Bank plc 84 Commercial Road Swindon Wiltshire SN1 5NW

Lloyds Bank plc Birmingham OSC4 Ariel House 2138 Coventry Road Brimingham B26 3JW

Page 1

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the audited financial statements of The Joseph Storehouse Trust for the 1 January 2020 to 31 December 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

Policies and objectives

The Joseph Storehouse Trust is a humanitarian aid organisation with aims to raise awareness and financial aid to help meet the Physical, Educational and Spiritual needs of communities as identified by the trustees. The charity also seeks to educate people in the UK on the needs of Israel and the Middle East through a variety of media.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Public benefit

The main activities of the charity are described under ‘Achievements and Performance'. All the charitable activities are undertaken to further our charitable purposes for the public benefit. The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Volunteers

Volunteers help in ministry activities by assisting at meetings and conferences, where they assist with the registration desk, catering, stage arrangements and looking after guest speakers. Volunteer hours had previously been estimated to be around 2,000 per annum, though such activities have been severely reduced during the year due to government restrictions relating to the pandemic and many meetings have been held on Zoom.

Strategic report

Achievements and performance

Review of activities

The Trustees believe the charity has fulfilled its aims in 2020 by providing significant financial contributions to support projects in Israel and raising awareness of Israel's current issues and through its ministry work in the UK and around the world. Projects include providing help to Holocaust Survivors, the long running 'Pack to School' programme which provides children with all school essentials such as books, writing implements and a satchel; and also the important supply of ambulances and first responder medicycles to the region. Full details of all our humanitarian aid projects appear on the Trust’s website and in our regularly produced ‘Impact Report' leaflet. Awareness in the UK has been achieved previously by holding conferences and meetings throughout the year. These meetings have been held during the pandemic by using Zoom technology. Through extensive and increasing use of Christian Television, the charity has extended its teaching and education about Israel and the Bible to a much wider audience.

Page 2

THE JOSEPH STOREHOUSE TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Strategic report (continued)

Achievements and performance (continued)

Supporters were kept informed of the activities of the charity with regular monthly mailings. These mailings focused on the various projects and the work the charity was doing. Partners responded well to these mailings during 2020 producing a slight increase in donations over the year, and we appreciate the level of donations received despite the current difficult conditions during the pandemic.

The monthly 'Moriah Gathering' meetings continued to be held for the first few months of the year in Brighton, Shepperton, Poole and Tonbridge, but were discontinued during the pandemic. Conferences similarly were cancelled.

During 2020 the charity continued broadcasting on both UK and International Christian Television Channels. The series, Roots and Reflections, provides religious, cultural and historical information that reinforces the work of the charity and generates new partners and supporters. Since 2013, we have been expanding the coverage across more international channels and are thankful to have received favourable comments from many countries, even from some we have not broadcast to directly.

The website for the UK charity, www.josephstorehouse.co.uk, continued to prove a valuable option for supporters who want to donate 'online'. The website is regularly updated to show current news and information about the charity’s activities and continues to see increased visits and further donations. The website has been re-vamped and updated on a regular basis.

We view our teaching on our Judeo-Christian roots as of equal importance to providing humanitarian aid to the poor and needy (both Arab and Jew) so are pleased with the continued success of our television and educational programmes.

The Board of Trustees have for many years supported the idea of building a ministry centre, humanitarian aid warehouse and educational and media centre in Israel. The Millennium Commercial Center Modiin Limited is the result of this vision and construction began in 2014. The building opened for occupancy and operations in 2018. Towards the end of 2013 a full scale fund raising project was launched to raise funds to create this permanent home for the ministry in Israel and will continue until all aspects of the project are complete. The Center was dedicated in May 2017 and since 2018 we have taken up occupancy, and the Center has been in operational use within government guidelines. This has simplified our administration and relief work since we previously had to operate from a variety of locations.

The trustees received advice in Israel that for little additional cost a building in excess of our needs could be constructed and partly let to a tenant. As a result we have formed a wholly owned subsidiary company and lent it funds for the construction. The building is not regarded by the trustees as an investment but as furthering our purpose as a charity. The accounts of this subsidiary are incorporated in these accounts.

Since December 2014 the administration of Joseph Storehouse has continued to be carried out 'in house' by our own team based in Swindon. We have found this to be the most economical and effective way of carrying out our UK administration. During the year the lease of premises in Swindon came to an end, and rather than renew the lease as trustees we assessed that it would be financially beneficial to locate and purchase our own more suitable property, which we were able to achieve during this financial year.

Page 3

THE JOSEPH STOREHOUSE TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Strategic report (continued)

Achievements and performance (continued)

Fundraising activities and income generation

The charity does not use a professional fund-raiser or commercial participator for fund raising purposes. A television programme, Roots and Reflections, is broadcast on Christian TV that invites people to the charity’s meetings (which are now held on Zoom), and to make donations online. Viewers are invited to sign up as members, or Vision for Israel Partners, and are sent a monthly newsletter. The charity never makes any attempt to canvas for money from people who do not engage with the organisation either by attending the charity’s meetings, in person or online, or by calling the charity following their watching of Roots and Reflections.

Investment policy and performance

The Joseph Storehouse Trust bankers are Lloyds and Natwest. The Trust has current accounts and interest earning deposit accounts.

The charity has lent funds to its subsidiary company, amounting to £7,779,472 at 31 December 2020. Of this £6,931,807 has been loaned under two Capital Notes, which are interest free and will not be repaid before 31 December 2021. The balance of £847,665 is covered by a loan agreement under which no interest is charged and there is no fixed repayment date.

Financial review

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Results

Our reserves policy is for funds to be kept separately as unrestricted and restricted in line with the purposes for which the funds were donated.

The funds may be invested as deemed appropriate by the Board of Trustees/Directors, so long as the income and funds of the charitable company are applied towards the promotion of its principal activities/objectives as set out above. At the year-end 31 December 2020, the unrestricted reserves for The Joseph Storehouse Trust were £4,189,263 (2019: £3,964,180), and for the group as a whole were £3,804,552 (2019: £3.660,588), which were deemed sufficient to meet the charity's needs.

At the year end restricted reserves for the group totalled £4,295,661 (2019: £4,287,365). This includes a restricted fund of £4,252,671 relating to the Millennium Center building. This property is included in fixed assets at a cost of £7,517,963 at 31 December 2020. The accounts of the subsidiary company Millenium Commercial Center Modiin Limited are prepared in its functional currency of Israeli New Shekels and include the land and buildings owned by the group, with a translated cost at 31 December 2020 of £7,517,,963.

Overall the funds held by the group have increased by a total of £152,260 during the year ended 31 December 2020.

Page 4

THE JOSEPH STOREHOUSE TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Trade creditors

The company's current policy concerning the payment of trade creditors is to:

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 exposure to the major risks. The Board of Trustees on an ongoing basis regularly review the financial and operational risks etc. to which the charity is exposed and strive to ensure compliance with all laws and regulations.

Structure, governance and management

Constitution

The Joseph Storehouse Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

Methods of appointment or election of Trustees

The management of the Group and the company is the responsibility of the Trustees who are elected and coopted under the terms of the Memorandum of Association.

The trustees are elected onto the board of trustees at board meetings following recommendations from existing trustees. Training is provided to trustees where the Board of Trustees considers it to be appropriate

Organisational structure and decision-making policies

Much of the day to day management of the charity is carried out by Susie Gray, who manages the UK office, including all finance and administration. The Trustees are responsible for aid distribution, marketing, media and presentations. The Trustees lay down frameworks for all activity including agreeing activity, expenditure and budgets. Susie Gray manages the day to day activities on the Trustees’ behalf, liaising with Trustees on a regular basis. She also reports monthly to the Trustees on key activities and provides regular income and administration reports. Trustees make periodical visits to the administration centre in Swindon. Three to four times a year there are board meetings where all income and expenditure, planning and future developments are discussed and agreed.

Barry Segal manages the activities of the subsidiary undertaking, Millennium Commercial Center Modiin Limited, and he is a trustee of both this company and of the Joseph Storehouse Trust.

Page 5

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

Co-operative charities, related parties and subsidiary undertakings

The charity works closely with Vision for Israel, which is a charity based in Israel. This charity works towards the same goals as The Joseph Storehouse Trust and works within the same areas of Israel, co-operating on both projects and methods of distributing aid to the needy. Most of the charitable giving of The Joseph Storehouse Trust is paid via Vision for Israel for onward payment for the relevant charitable purposes. Barry Segal is a Trustee of both The Joseph Storehouse Trust and of Vision for Israel. Batya Segal is a Trustee of The Joseph Storehouse Trust and is employed by Vision for Israel to manage the aid operations.

There is one subsidiary undertaking, Millenium Commercial Center Modiin Limited. This is a trading company registered in Israel, and is 100% owned by The Joseph Storehouse Trust. This company owns 90% of the land at a site in Israel purchased with the intention of building a ministry centre, humanitarian aid warehouse and educational and media centre. The other 10% of this land is owned by Vision for Israel, as detailed above. This building has been built jointly by this company and Vision for Israel, and construction commenced in early 2014. The intention was that the company would then rent part of its share of the building to Vision for Israel and rent the rest to third parties. The accounts of the company show a loan from The Joseph Storehouse Trust, which was used to purchase the land and pay for construction work, with the balance held in a bank account and investments at the year-end.

Employees

The Charity's policy is to consult and discuss with employees matters likely to affect employees' interests. Information and matters of concern to employees is provided through regular contact with the trustees who seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting our work and to promote their involvement in our aims.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort will be made to ensure that their employment within the charity continues and the appropriate training arranged. It is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Plans for future periods

The charity's plans for the future are:

Members' liability

The Members of the company guarantee to contribute an amount not exceeding £1 to the assets of the company in the event of winding up.

Page 6

THE JOSEPH STOREHOUSE TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the company 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 Group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Baldwin Scofield Ltd, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 29 October 2021 and signed on their behalf by:

Mr R Overton-Smith

Page 7

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JOSEPH STOREHOUSE TRUST

Opinion

We have audited the financial statements of The Joseph Storehouse Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2020 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 8

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JOSEPH STOREHOUSE TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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 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 Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JOSEPH STOREHOUSE TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are those that relate to the reporting framework in conformity with the requirements of the Companies Act 2006 and the relevant direct and indirect tax compliance regulations in the United Kingdom.

We understood how The Joseph Storehouse Trust is complying with those frameworks by making enquiries of management to understand how the charitable company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supporting documentation and minutes of meetings of those charged with governance.

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override to be a fraud risk. In addition, we considered the risk of management override by sampling from the entire population of journals, identifying specific transactions which did not meet our expectations based on specific criteria and investigated these to gain an understanding and then agree back to source documentation.

Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved verifying that material transactions were recorded in compliance with Financial Reporting Standards and Charities SORP in conformity with the requirements of the Companies Act 2006.

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 Auditors' report.

Page 10

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JOSEPH STOREHOUSE TRUST (CONTINUED)

Use of our report

This report is made solely to the charitable company'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 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Baldwin Scofield Ltd

Chartered Accountants Statutory auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU 29 October 2021

Baldwin Scofield Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 11

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Total income
Expenditure on:
Raising funds
Charitable activities
7
Total expenditure
Net income/(expenditure) before net
gains on investments
Net gains on investments
Net income/(expenditure)
Transfers between funds
17
Net movement in funds before other
recognised gains
Other recognised gains:
Foreign exchange gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
929,398
12,363
246,487
101
1,188,349
347,821
692,889
1,040,710
147,639
10,304
157,943
(16,149)
141,794
9,903
151,697
3,660,588
151,697
3,812,285		 Restricted
funds
2020
£
267,085
-
-
-
267,085
-
282,671
282,671
(15,586)
-
(15,586)
16,149
563
-
563
4,287,365
563
4,287,928		 Total
funds
2020
£
1,196,483
12,363
246,487
101
1,455,434
347,821
975,560
1,323,381
132,053
10,304
142,357
-
142,357
9,903
152,260
7,947,953
152,260
8,100,213		 Total
funds
2019
£
1,200,569
18,341
301,099
55
1,520,064
383,812
936,019
1,319,831
200,233
3,957
204,190
-
204,190
7,195
211,385
7,736,568
211,385
7,947,953

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 16 to 32 form part of these financial statements.

Page 12

THE JOSEPH STOREHOUSE TRUST (A company limited by guarantee) REGISTERED NUMBER: 04070371

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 46,450
151,007
512,285
709,742
(33,980)		 2020
£
7,424,451
675,762
8,100,213
4,287,928
3,812,285
8,100,213		 98,895
45,899
591,183
735,977
(24,863)		 2019
£
7,236,839
711,114
7,947,953
4,287,365
3,660,588
7,947,953

The company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 29 October 2021 and signed on their behalf by:

Mr R Overton-Smith

The notes on pages 16 to 32 form part of these financial statements.

Page 13

THE JOSEPH STOREHOUSE TRUST (A company limited by guarantee) REGISTERED NUMBER: 04070371

COMPANY BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 7,942,583
295,295
8,237,878
(9,224)		 2020
£
256,269
1
8,228,654
8,484,924
4,287,928
4,196,996
8,484,924		 7,929,725
329,581
8,259,306
(8,941)		 2019
£
1,179
1
8,250,365
8,251,545
4,287,365
3,964,180
8,251,545

The company's net movement in funds for the year was £ 233,379 (2019 - £282,890) .

The company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 29 October 2021 and signed on their behalf by:

Mr R Overton-Smith

The notes on pages 16 to 32 form part of these financial statements.

Page 14

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 16 to 32 form part of these financial statements		 2020
£
376,393
(339,880)
(115,411)
(455,291)
-
(78,898)
591,183
512,285		 2019
£
344,261
(69,083)
51,661
(17,422)
-
326,839
264,344
591,183

Page 15

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Joseph Storehouse Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

1.2 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 16

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance as follows.

Depreciation is provided on the following basis:

Freehold property - 2% straight line Plant and machinery - 30% reducing balance Fixtures and fittings - 30% reducing balance

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

Page 17

THE JOSEPH STOREHOUSE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.10 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. Income from donations and legacies

Unrestricted
funds
2020
£
Donations
929,398
Unrestricted
funds
2019
£
Donations
973,793		 Restricted
funds
2020
£
267,085
Restricted
funds
2019
£
226,776		 Total
funds
2020
£
1,196,483
Total
funds
2019
£
1,200,569

3. Income from charitable activities

Unrestricted Total
funds funds
2020 2020
£ £
Income from product sales 12,363 12,363

Page 18

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3.
Income from charitable activities (continued)
Unrestricted
funds
2019
£
Income from charitable activities
18,341
4.
Income from other trading activities
Income from non charitable trading activities
Unrestricted
funds
2020
£
Rent receivable
246,487
Unrestricted
funds
2019
£
Rent receivable
295,299
Other income
5,800
301,099
5.
Investment income
Unrestricted
funds
2020
£
Investment income - foreign listed investments
8
Investment income
93
Total 2020
101		 Total
funds
2019
£
18,341
Total
funds
2020
£
246,487
Total
funds
2019
£
295,299
5,800
301,099
Total
funds
2020
£
8
93
101

Page 19

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Investment income (continued)

Investment income
6.
Analysis of grants
Grants for charitable purposes
Grants for charitable purposes
7.
Analysis of expenditure on charitable activities
Summary by fund type		 Unrestricted
funds
2019
£
55
Grants to
Institutions
2020
£
593,500
Grants to
Institutions
2019
£
525,500		 Total
funds
2019
£
55
Total
funds
2020
£
593,500
Total
funds
2019
£
525,500
Unrestricted
funds
2020
£
Direct costs - Charitable activities
692,889
Unrestricted
funds
2019
£
Direct costs - Charitable activities
612,519		 Restricted
funds
2020
£
282,671
Restricted
funds
2019
£
323,500		 Total
funds
2020
£
975,560
Total
funds
2019
£
936,019

Page 20

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Analysis of expenditure by activities

Direct costs - Charitable activities
Direct costs - Charitable activities
Analysis of direct costs
Product purchases
Printing, postage and mailing costs
Conference expenses
Media expenditure
Travel and accommodation
Legal and consultancy fees
Trustee expenses
Other charitable expenses
Total 2020		 Activities
undertaken
directly
2020
£
244,819
Activities
undertaken
directly
2019
£
283,877		 Grant
funding of
activities
2020
£
593,500
Grant
funding of
activities
2019
£
525,500		 Support
costs
2020
£
137,241
Support
costs
2019
£
126,642
Total
funds
2020
£
3,878
34,537
100
101,007
138
86,881
17,071
1,207
244,819		 Total
funds
2020
£
975,560
Total
funds
2019
£
936,019
Total
funds
2019
£
5,523
38,106
13,083
72,638
5,393
101,928
40,072
7,134
283,877

Page 21

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Rent, rates, water and insurance
Warehouse expenses and repairs
Telephone, light and heat
Printing, postage and stationery
Computer expenses
Bank charges
Governance costs
Total 2020
9.
Auditors' remuneration
Fees payable to the company's auditor for the audit of the company's
annual accounts
10.
Staff costs
Group
Group
2020
2019
£
£
Wages and salaries
52,968
47,385
Social security costs
-
154
Contribution to defined contribution pension
schemes
1,824
2,045
54,792
49,584		 Total
funds
2020
£
54,792
12,429
9,342
4,973
6,580
22,212
13,283
13,630
137,241
2020
£
7,850
Company
2020
£
52,968
-
1,824
54,792		 Total
funds
2019
£
49,584
19,056
2,592
4,248
4,967
24,839
13,000
8,356
126,642
2019
£
7,850
Company
2019
£
47,385
154
2,045
49,584

Page 22

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Staff costs (continued)

The average number of persons employed by the company during the year was as follows:

Group Group
2020 2019
No. No.
4 3

No employee received remuneration amounting to more than £60,000 in either year.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

None of the trustees (or any persons connected with them) received any remuneration from the charity in the year. Trustees' expenses were paid by the charity of £8,424 (2019: £28,288) to Barry and Batya Segal, and their son. Alistair Scott was reimbursed in the amount of £1,342 (2019: £6,886). The aforementioned are all trustees and directors, and received the stated amounts in relation to travel, accommodation and subsistence costs incurred on behalf of the charity.

Consultancy fees of £65,000 (2019: £76,250) and purchases of goods of £110 (2019: £454) were payable for the year to Greetings from Jerusalem Ltd, a company owned 100% by Barry Segal, trustee.

Consultancy fees of £5,400 (2019: £14,000) were paid to Alistair Scott, a trustee and director.

Page 23

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Tangible fixed assets

Group

Cost or valuation
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
Company
Cost or valuation
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020		 Freehold
property
£
7,445,746
332,217
7,777,963
250,493
150,591
401,084
7,376,879
7,195,253
Freehold
property
£
-
260,000
260,000
-
5,200
5,200		 Plant and
machinery
£
6,310
920
7,230
5,627
481
6,108
1,122
683
Plant and
machinery
£
6,310
920
7,230
5,627
481
6,108		 Fixtures and
fittings
£
48,889
6,743
55,632
7,986
1,196
9,182
46,450
40,903
Fixtures and
fittings
£
7,826
-
7,826
7,330
149
7,479		 Total
£
7,500,945
339,880
7,840,825
264,106
152,268
416,374
7,424,451
7,236,839
Total
£
14,136
260,920
275,056
12,957
5,830
18,787

Page 24

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Tangible fixed assets (continued)

Company (continued)

Net book value
At 31 December 2020
At 31 December 2019
13.
Fixed asset investments
company
Cost or valuation
At 1 January 2020
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Freehold
property
£
254,800
-		 Plant and
machinery
£
1,122
683		 Fixtures and
fittings
£
347
496		 Total
£
256,269
1,179
Investments
in
subsidiary
companies
£
1
1
1
1

Page 25

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Debtors

Amounts owed by group undertakings
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2020
£
-
-
24,354
2,375
19,721
46,450		 Group
2019
£
-
-
65,176
15,423
18,296
98,895		 Company
2020
£
7,900,166
7,900,166
23,792
2,375
16,250
7,942,583		 Company
2019
£
7,866,143
7,866,143
31,909
15,423
16,250
7,929,725
15. Current asset investments
Group Group
2020 2019
£ £
Marketable securities 151,007 45,899

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2020
£
349
250
150
33,231
33,980		 Group
2019
£
-
3,121
216
21,526
24,863		 Company
2020
£
349
-
150
8,725
9,224		 Company
2019
£
-
-
216
8,725
8,941

Page 26

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Statement of funds

Statement of funds - current year

The charity receives gifts restricted by the donor for the various projects that it operates as set out below:

The building fund was used to raise funds to build the property that is owned by the subsidiary in Israel and is used to conduct many of the programmes on the ground in Israel.

The Medical and Disaster relief funds have been merged and are used to ensure that those in need receive the assistance that they require.

The Children and Education fund provides finance for projects such as the "Pack to school" programme.

The Family Care and Welfare fund has now been merged with the Lonely soldiers fund and represents the donations that are related to the care and welfare provided to families in Israel supported by Vision for Israel.

Unrestricted
funds
General fund
Share capital
Subsidiary
reserves
Restricted
funds
Children and
education
Medical
Family care and
welfare
Media
Building
Disaster relief
Lonely soldiers
Total of funds		 Balance at 1
January
2020
£
3,964,180
1
(303,593)
3,660,588
327
15,951
-
107
4,248,281
15,073
7,626
4,287,365
7,947,953		 Income
£
941,854
-
246,495
1,188,349
5,693
24,476
208,049
-
4,390
24,477
-
267,085
1,455,434		 Expenditure
£
(692,889)
-
(347,821)
(1,040,710)
(10,067)
(22,360)
(227,884)
-
-
(22,360)
-
(282,671)
(1,323,381)		 Transfers
in/out
£
(16,149)
-
-
(16,149)
4,047
17,190
19,835
(107)
-
(17,190)
(7,626)
16,149
-		 Gains/
(Losses)
£
-
-
20,207
20,207
-
-
-
-
-
-
-
-
20,207		 Balance at
31
December
2020
£
4,196,996
1
(384,712)
3,812,285
-
35,257
-
-
4,252,671
-
-
4,287,928
8,100,213

Page 27

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General fund
Share capital
Subsidiary
reserves
Restricted
funds
Children and
education
Medical
Victims of
terrorism
Family care and
welfare
Media
Building
Disaster relief
Lonely soldiers
Total of funds		 Balance at
1 January
2019
£
3,701,154
1
(232,088)
3,469,067
1,996
11,690
-
-
107
4,236,804
13,047
3,857
4,267,501
7,736,568		 Income
£
984,938
-
308,350
1,293,288
14,210
8,437
15,828
160,953
-
11,477
6,202
9,669
226,776
226,776		 Expenditure
£
(612,519)
-
(383,812)
(996,331)
(15,879)
(4,176)
(81,900)
(211,469)
-
-
(4,176)
(5,900)
(323,500)
(1,319,831)		 Transfers
in/out
£
(116,588)
-
-
(116,588)
-
-
66,072
50,516
-
-
-
-
116,588
-		 Gains/
(Losses)
£
7,195
-
3,957
11,152
-
-
-
-
-
-
-
-
-
11,152		 Balance at
31
December
2019
£
3,964,180
1
(303,593)
3,660,588
327
15,951
-
-
107
4,248,281
15,073
7,626
4,287,365
7,947,953

Page 28

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. Summary of funds

Summary of funds - current year


General funds
Restricted funds		 Balance at 1
January
2020
£
3,660,588
4,287,365
7,947,953		 Income
£
1,188,349
267,085
1,455,434
Income
£
1,293,288
226,776
1,520,064		 Expenditure
£
(1,040,710)
(282,671)
(1,323,381)
Expenditure
£
(996,331)
(323,500)
(1,319,831)		 Transfers
in/out
£
(16,149)
16,149
-
Transfers
in/out
£
(116,588)
116,588
-		 Gains/
(Losses)
£
20,207
-
20,207
Gains/
(Losses)
£
11,152
-
11,152		 Balance at
31
December
2020
£
3,812,285
4,287,928
8,100,213
Balance at
31
December
2019
£
3,660,588
4,287,365
Summary of funds - prior year
General funds
Restricted funds		 Balance at
1 January
2019
£
3,469,067
4,267,501
7,736,568
7,947,953

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2020
£
Tangible fixed assets
3,171,780
Current assets
674,485
Creditors due within one year
(33,980)
Total
3,812,285		 Restricted
funds
2020
£
4,252,671
35,257
-
4,287,928		 Total
funds
2020
£
7,424,451
709,742
(33,980)
8,100,213

Page 29

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2019
£
2,988,558
696,893
(24,863)
3,660,588		 Restricted
funds
2019
£
4,248,281
39,084
-
4,287,365		 Total
funds
2019
£
7,236,839
735,977
(24,863)
7,947,953

20. Reconciliation of net movement in funds to net cash flow from operating activities

21.

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Decrease in debtors
Increase/(decrease) in creditors
Net effect of foreign exchange differences
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2020
£
142,357
152,268
10,304
52,444
9,117
9,903
376,393
Group
2020
£
512,285
512,285		 Group
2019
£
204,190
135,641
10,304
7,973
(14,751)
7,251
350,608
Group
2019
£
591,183
591,183

Page 30

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

22. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2020
£
591,183
591,183		 Cash flows
£
(78,898)
(78,898)		 At 31
December
2020
£
512,285
512,285

23. Related party transactions

The charity works closely with Vision for Israel, which is a charity based and registered in Israel. This charity works towards the same goals as The Joseph Storehouse Trust and works within the same areas of Israel, they co-operate on both projects being worked towards and methods of distributing to the needy. Much of the charitable giving of The Joseph Storehouse Trust is paid to Vision for Israel for onward payment for the relevant charitable purposes. In the year to 31 December 2020 the amount of charitable giving paid to Vision for Israel was £526,000 (2019: £507,500). Barry Segal is a trustee of both The Joseph Storehouse Trust and Vision for Israel. Batya Segal is a trustee of The Joseph Storehouse Trust and is employed by Vision for Israel to manage the aid operations.

In the year ended 31 December 2020 The Joseph Storehouse Trust paid over funds amounting to £NIL (2019: £NIL) to the American Vision For Israel charity. The charity also received £29,023, (2019: £36) from the American Vision For Israel charity towards the restricted building fund.

Included in note 14 as amounts owed by group undertakings includes a loan of £7,052,501 (2019: £6,931,807) to its 100% owned subsidiary trading company Millenium Commercial Center In Modiin Ltd. This is in the form of capital notes. The terms of the capital notes are that no interest is payable and that they will be repaid before 31 December 2021. The intention is to roll them over each year. Also included is an amount of £847,665 (2019: £847,665) to the same subsidiary. The terms of this loan are that there is no interest payable and there is no fixed term for repayment. Barry Segal, trustee, is a director of this company, along with Geoff Flashman.

Page 31

THE JOSEPH STOREHOUSE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

24. Principal subsidiaries

The following was a subsidiary undertaking of the company:

Name Registered office or principal Principal activity Class of place of business shares Millenium Commercial Center in Israel Rental of property and Ordinary Modiin Ltd delivering humanitarian aid

Holding Included in consolidation 100% Yes

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
Millenium Commercial Center in 266,702 (347,821) (81,119) (384,712)
Modiin Ltd

Page 32