Registered numbgr. l)4070371 Charlty number: 1083557 THE JOSEPH STOREHOUSE TRUST (A company limited by guarantse) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE JOSEPH STOREHOUSE TRUST IA company limited by guarantee) CONTENTS Page Reforence and admlnlstratlve dètails of the company, Its Trust8es and advl8er8 Trusl•es' report Independont auditors. report on the flnan¢ial ststom•nts 8-11 Consolidated Statement of Ilnancial activities 12 Consolldatod balance sheet 13 Company balance shoot 14 Consolldat¢d statement of cash flows 15 Note8 to the flnancial Statements 16-34
THE JOSEPH STOREHOUSE TRUST IA company limited by guaranlge) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustoes Mr 8 Segal Mrs B Segal MrAMScott Mr R Overton-smrth Mr T S Beasley Company rogisternd number 04D70371 Charity registered number 1083557 Registered offKo 3 Newhouse Busir£ss Centre Old Crawley Road Horsham Wesl Sussex RH12 4RU Independent audltor8 Baldwin Scofield Ltd Chartered Accountants Statutory auditors 3 Newhouse Business Centre Old Crawley Road Hor5ham Wesl Sussex RH124RU Bankgrs Natwest Bank plc 84 Commeral Road Swindon Wif(shire SN1 5NW Lloyds Bank plc Bimiingham OSC4 Ariel House 2138 Coventry Road Brimingham B26 3JW Page 1
THE JOSEPH STOREHOUSE TRUST IA company limited by guarJntg9) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the audited financial statements of The Joseph Storehouse Trust for the year ended 31 December 2023. The Annual report serves the purposes of both Trustees. report and a directors, report unller 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 goveming document and the provisions of the Statement of Recomrnended Pra¢li¢e ISORPI appliCae to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 20191. Oblectlves and actlvities Pollcles and objectives The Joseph Storehouse Trust is a humanitarian aid organisalicn with aims to raise awareness and financial aid to help meet the Physrcal, Educational and Spiritual needs of communities as identrfied by the trusteès. The charity also seeks to educate Feople in the UK on the needs ot Israel and the Middle East through a variety of media. In Setting objectives and planning for actwilies, the Trustees have given due consideration to general guidance published by the Charity Commission lating lo public benefi't. including the guidance 'Public benefit. running charity {PB21'. Publle bongfit The main activities of the charity are described under 'Achievemenls and performan,. All the charitable activities are undertaken lo further our charttable purposes for the public tenefit. The Trustees confirm that they have complied wrth the duty in section 17151 of the Charities Act 2011 to have due regard to publ benefit guidan published by the Charity Commission. Volunloors Volunteers IElp in rninistry activrties including assisting at meets'ngs and cOnfnCeS, where they a55iSt with the registration desk, catering. Stage arrangements and looking after guest speakers. Stralegic report Achlevemonts and pgrfornmnce Revlew of a1ville$ The Trustees telieve the charity has fulfilled ils aims in 2023 by providing significant financial contributions to 5UPPOrt projects in Israel and raising awareness of Israel's current issues and through ils ministry work in the UK and around the workj. Proiecls include providing help to Holocaust Survivors, the long running 'Pack to Sch(M)I' programme which provides children with all school essentials such as books, wrrting implements and a satchel,. and also the important supply of ambulances and first responder medicycles lo the region. Full details of all our humanitarian aid projects appear on the Trust's website and in our regularty produced 'lmpact Reporf beafiet. Awareness in the UK has been achieved previousty by holding conferences and maetings throughout the year. These meeting5 were held during the pandemic by using Zoom technology, but since 2022 we have been able to again hold a Feast of Tabernacles conference in the UK, but monthly meetings have still been hdd on Zoom. Through extensive and increasing use of Christian Television, the charity has extended its leaching and education about15rael and the Bible to a much wider audience. Page 2
THE JOSEPH STOREHOUSE TRUST (A company limited by guarantoe) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 strategic report Icontlnuedl Achlevements and perfornmnce Icontinuedl Supporters were kept infomed of the aclivib'es of the charity with regular monthty mailings. These mailings focused on the Vari1$ projects and the work the charity wa5 doing. Partners responded well to these mailings during 2023 producing an increase in donations over the year, and we appreciate the level of donations received given the current difficult condits'ons. During 2023 the charty conb'nued broadcasting on both UK and IntemalK)nal Christian Television Channels. The series, Roots and Reflections, provides religious, cultural and historiGal information that reinforces the work of the charity and generates new partngr5 and supporters. The website for the UK charity, www.josephstorehou5e.co.uk, conb'nued to prove a valuable option for Supporte who want to donate 'online'. The website is regularly updated lo show current news and information about the charity's aclivitres. We view our teaching on our Judeo-chrisb'an roots as of equal importance lo providing humanitarian aid lo 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 rninistry centre. humanitarian aid warehouse and educational and media centre in Israel. The Millennium Commercial Centre Modiin Limited, ich opened for occupancy and operations in 2018, continues to be our adrninistrative and warehouse base and is increasingly used for 8 Variety of humanitsrBn aid projects and functions. The truslees ceiVed advice in Israel that for littk addrtional cost a building in excess of our needs could be constructed and partty 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 fvrthering our wrFose as 8 charity. The accounts of this subsidiary are incorporated in these accounts. Since December 2014 the administration of Joseph StOhOUSe has continued to be carried out'in house, by our own team based in Swndon. We have found this to be the most economical and effective way of carrying out our UK administtIOn. During 2020 the lease of premises in Swindon came lo an end, and rather than renew the lease as trustees we assessed that it would be financially benefiaal to locale and purchase our own more suitable property. This was completed and 18 now in fvll Cpation. Fundralsing actlvftles and Income gonoration The charity does not use a professional fund-raiser or commercial participator for fund raising purposes. A t8levi5ion programme, Roots and Refflectns, is broadcast on Christian TV that invites people to the ¢harity'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 rnOnth newsleller. The chanty never makes any attempt to canvas for money from people who do not engage with the organi5ation either by attending the charS meetings, in person or online, or by calling the charity following their watching of Roots and Reflections. Page 3
THE JOSEPH STOREHOUSE TRUST IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strateglc report (continued) A¢hievements and performance l¢ontlnu¢d) Invoslment policy and perfomiance The Joseph Storehouse TrLSSt bankers are Lloyds and NaeSt. The Trust has current accounts and interest earning deposit accounts. The charity has knt funds to ils subsidiary company, amounting to £7,979,893 at 31 Deeember 202312022.. £7.979,893} Of this £7,132,22812022: £7.132,2281 has t*en loaned under Capital Notes, which are interest free and will not be repaid before 31 December 2024. The balan of £847,665 is covered by a loan agreement under which no interest is charged and there is no fixed repayment date. Financial review Golng concern After making appropriate enquiries, the Trustees have a reasonable expectatton that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial ststements. Further details regarding the adoption of the going concern basis can be found in the accounting poli¢ies. Result8 Our resaves policy 15 for funds to be kept separately as unrestricted and restricted in line vthh the purposes for which the funds were donated. The funds may be invested as deemed appropriate by the Board of TrusteeslDireclors, so long as the income and funds of the Charitable company are applied towards the promotion of its principal activitieslobjectives as set out atr¥JV8. At the year-end 31 Drnber 2023, the unrestricted reserves for The Joseph Storehouse Trust were £4,547,S67 {2022'. £4,290,111), and for the group as a whole We £4,193,568 {2022.' £3,827.1491. which we deemed sufficient to meet the charivs needs. At the year end restricted reserves for the group totalled £4,308,643 12022.. £4,258.401). This includes restricted fund of £4,260,511 relab'ng lo the Millennium Centre building. This propety is included in fixed assets at a cost of £7,930,246 at 31 December 2023. The accounts of the subgdiary company The Millennium Commercial Centre in Modiin Limited are prepared in its fvnctional currency of Israeli New Shekels and include the land and buildings owned by the group, wth a translated cost al 31 Dember 2023 of £7,930,246. Overall the fund5 held by the group have increased by a total of £416.861 {2022.' decreased by £161,132) dunng the year ended 31 December 2023. Trade creditors The company's current policy conceming the payment of trade ¢redrf(ors is to. settle the tems of payment with Sltppliers when agreeing the terms of each Iransactton., ensure that suppliers are made aware of the tems of payment by inclusion of the relevanl temis in contrxts., and pay in accordan with the companls contractual and other legal obligations. Page 4
THE JOSEPH STOREHOUSE TRUST IA company Ilmited by guarantoe) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Princlpal rlsks and uncertalnties The trustees have assessed the major risks lo which the charity is exposed. and are satisfied that systems are in place to mitigate exposure lo the major risks. The Board of Trustees on an ongoing basis regularly review the financial 8nd operational risks etc. lo which the Charity is exposed and strive to ensure compliance with all laws and regulations. Structure, gov¢rnan¢o and management Constftution The Joseph Slcrehouse Trust is registered as a Charitab company limited by guarantee and was set up by a Memorandum of Ass¢xiation. Methods of appolntm•nt or election of Trustees The management of the Group and the company is the responsibility of the Trustees who are elected and cc i)pted under the terms of the Memorandum of ASslation. The trustees are elected onlo the board of trustees al board meetings following recommendations from existing trustees. Training is provided to trustees where the Board of Trustees considers it to be approprrate Oryanl$atlonal structure and declslon-making policies Much of the day to day management of the charity is carried out by Susie Gray, who martages the UK offi, including all finance and administration. The Trustees a responsible for overseeing aid distribution, marketing, media and presentations. The Trustees lay down frameworks for all acb'vity including agr88ing activrty, expenditure and budgets. Susie Gray manages the day to day activities on the Trustees, behalf, liaising with Trustees on a regular b8S15. She also reports monthw to the Trustees on key activities and provides regular income and administration reports. Board meetings are held during the year where all income and expendrture, planning and future devebpments are discussed and agreed. Bafry Segal manages the activities of the subsKliary undertaking, The Millennium Commercial Centre in Modiin Limited. and he is a trustee of both this company and of the Joseph Storehouse Trust. Co-operathie ¢haritles. related partles and subsldlary undortakings The tharity works closely with Vision for Israel, which is a charty based in Israel. This charity works towards the same goals as The Joseph Storehouse Trust and works within the same area$ of Israel, co-operating on both projects and methods of distributing aid lo the needy. Most of the charitable gNing of The Joseph Storehouse Tnjst is paid via Vrsion for Israel for onward paymert for the relevant Chantable purposes. Barry Segal is Trustee of both The Joseph Storehouse Trust and of Vision for Israel. Batya Segal is a Trustee of The Jos8ph Storehouse Trust and is employ&J by Vision for Israel to manage the aid operations. There is one subsidiary undertaking, The Millennium Commer¢lal Centre in Modiin Limitsd. This is a trading company registered in Israel, and is 1000kn owned by The Joseph Storehouse Trust. This company 90% of the land at a site in Israel purchased wth the intention ol building a ministry centre, humanrtarian aid warehouse and educational and media centre. The other 10% of this land is 0ed by Vision for Israel, as detsiled above. This building has been built jointty by this company and Vision for Israel, and con$lru¢tion ¢ommen¢ed in earty 2014. The intention was that the company would then rent part of its share of the building to Vision for Israel and rent the rest to third parties. The accounts of the company show a loan from The Joseph Storehouse Trust, which was used to purchase the land and pay for construction work, with the balan held in a bank 2¢count and investments al the year-end. Page 5
THE JOSEPH STOREHOUSE TRUST IA company Ilmlted by guarantefrl TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure. governance and management Icontinuedl Employees The Charty's wlicy 1$ to consutt and discuss with employees matters likety to affect employees, interests. Inform81icJn and matters of concern lo employees is provided through regular conlaet 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 lo promote their involvement in our aims. Applications for employment by d1$aled perwns are afways fully considered, bearing in mind the aptitudes of the applicant concemed. In the event of members of staff becoming disabled, every effort will be made to ensu that their employment within the charity continues and the appropriate training arranged. It is the FX)licy of the charity that the training, career development and promotion of disabled persons should, as far as possible. be identul lo that of other employees. Plans for future periods The charity's plans for the future are.. to increase project funding to Israel to help meet growing needs to work closer wth Vision for Israel to ensure growth of the Israel organisation in line with futu developments to finalise development of the Millennium Centre Building to continue to improve quality and reach of media lo both educate and promote the charity to extend coverage of the series 'Roots and Reflections. wf(h the aim of reaching a wider worfd-wide audien to consider filming a new TV series similar to Roots and Reflections but dealing with wider issues to build closer relationships with the Vision for Israel Partners of the charity. Members. liability The Members of the company guarantee to contrbute 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 ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees. rosponslbllltles The Trustees (who are also the directors of the company for the purposes of company lawl 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 Tnjstees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial slalements unless they are sats'sfied 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 appli&ilion of resources, including their income and expenditure, for that period. In preparing these financial staternents, the Trustees are required to.. select suitable accounting p)licies and then apply them con$islenYy', observe the rnethods and principles of the Charities SORP IFRS 1021". make judgments and accounting estimates that are reasonab and pnJdent'. state whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures diselosed and explained in the financial statements.. prepare the financial statements on the going ¢on¢ern basis unless it is inappropriate to presume that the Group will continue in busin&s5. The Trusl&es are responsible for keeng adequate aountIng records that are sufficient to show and explain the Group and the companrfs transactions and disclose with reasonable accuracy at any b'me the ffinancial posrtion of the Group and the Company and enable them lo ensure that the financial statements compty wtth 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 detectw)n of fraud and other iTgularitieS. Disclosure of InfOatIOn lo auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confimed thaL' so far as that Trustee is aware, there is no relevant audit infomiation of which the charitable group's auditors are unaware, and that Twslee has L8ken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit informatk)n and to establish that the charitable group's audrtors are aware of that inform*'on. Auditors The auditors, Baldwin Scofield Ltd. have induted their willingness to continue in office. The designated Trustees wll propose a mOtn reapFointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees on 18 September 2024 8nd signed on their beha by.. MrAMScott Page 7
THE JOSEPH STOREHOUSE TRUST (A company limited by guarnntee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE JOSEPH STOREHOUSE TRUST Opinion We have audited the financial statements of The Joseph Storehouse Trust Ithe 'parenl charitable company'l and its subsidiaries (the 'group'l for the year ended 31 December 2023 which comprise the Consolidated statement of financial activrties. the Consolidated balance shee( the Company balance sheet, the Consolidated statement of cash fflows 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 practi). In our opinion the financial statements.. give a true and fair view of the stale of tre Group's and of the parent charitable company's affairs as at 31 Dernber 2023 and of the Group's incoming resources and application of resou$, including its income and expenditure for the year then ended., have been property prepared in accordan with United Kingdom Generalty Accepted Accounting Practice: and have been pPared in accordance wth the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intefflational Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial ststements 5eclKn of our report. We are independent of the Group in accordance wtth the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fu¢filled our other ethical responsibilities in accordance with these requirements. We believe that the aLKlit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lu$ions relating to going concern In auditing the financial statement5, we hav8 conduded that the Trustee5' use of the going concern basis of accounting in the preparab'on of the ffinancial statements is appropriate. Based on the work we have perfomed, we have not identsfied any material UnrtaInlieS relating to events or conditions that, individually or colleth"vety, may cast significanl doubt on the Group'5 Qr the parent charitable company's ability lo continue as a going concem for a peri¢xI of at least tsvelve months from when the financial ststements are authorised for issue. Our SpOnsibl[leS and the responsibilities of the Trustees wth resFect to goirrfJ ccncem are describei1 in the relevant seCtn$ of this report. Page 8
THE JOSEPH STOREHOUSE TRUST IA company limited by guarantoel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE JOSEPH STOREHOUSE TRUST {CONTINUEDI Othgr informatlon The other infomiats'on compri5e5 the infomiab'on included in the Annu81 report other than the financial statements and our Auditors, report Ihereon. 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 otherwse explicilty staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knoedge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise to a material misstatement in the financial ststements themselves. If, based on the work we have performed, we conclude that there is a material misststemenl of this other infomiation, we are required to report that fxt We have nothing to report in this regard. Matter¥ on which we are requlred to report ty exceptlon We have nothing to report in respect of the foll¢Jwing matters where the Charities (Accounts and Reports) Regulab'ons 2008 requires us to report to you if, in our oplnion.. information given in the Trustees, report is inconsistent in any material resFect the financial ststemenls,. or the parent Charitable company has not kept sufficient accounting records", or the parent charitsble Company financial statements are not in agreement wth the accounting rewrds and returns.. or we have not received all the information and explanations we require for our audit. Responsibilltles of tru$le As explained more fulty in the Trustee5' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purpose5 of cornpany lawl are responsible for the preparab'on of the financial $tatements and for being satisfied Ihal they give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the weparation of finanGial statemen15 that are free from material misstatement, whether due lo fraud or error. In preparing the financial staternents, the Trustees are responsib for assessing the Group's and the parent charitable companls ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going ¢oncem basis of accounting unless the Trustees either intend to liquidate Ihe Group or the parent charitsble ¢omp?ny or to cease operations. or have no realistic altemative but to do so. Page 9
THE JOSEPH STOREHOUSE TRUST IA company limitod by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE JOSEPH STOREHOUSE TRUST (CONTINUED) Auditots. responslbllltles for the audit of the financlal 81atements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordan(* with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assuran about whether the financial statements as a whole are free from material misstslement, whether due lo fraud or error, and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wrth ISA5 {UKI will aayS detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the econom decisions of users taken on the basis of these financial statements. IrregularitEs, including fraud, are in$tan¢es of non-compliance with laws and regulations. We design prdureS in line with our responsibilrties, outyined above, to detect material misstslements in respect of irregularities, including fraud. The extent to which our prcKedure5 are capable of detecb'ng irreguLqrities, including fraud is detailed bek)w. We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the m05t significant are those that relate lo the reporting framework in conformity ilh the requirements of the Companies Act 2006 and the relevant direct and indirect tax Complian regulations in the United 'ngdOm. We understood how The Joseph Storehouse Ttust is comptying with those frameworks by making enquiries of management to understand how the charitsble ¢ompany rnaintsin5 and coMmunateS ils policies and procedure5 in these areas and corroborated this by reviewng supporting documentsts'on and minutes of meetsngs of those charged with governance. We assessed the suscepts'bility of the charrtable Company's financral statements to material misststement, IludIng 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 joumals. identsfying $pe¢ifi¢ transacts.ons which did not meet our expectstions based on sFeafic crrteria aTrJ invests'gated these to gain an understanding and then agree back lo source documentation. Based on thrs understanding we designed our audit procedures to identify rrfjncompliance wth such laws and regulations. Our prCedureS involved verifying that material transactions were recorded in Complian with Financial Reporting Standards and Charities SORP in Confomiity wth the requirements of the Companies kt 2006. A further description of our responsibilitse$ for the audit of the financial $tstements is located on the Financial Reporting Council's website at.. www.frc.or .ukJauditorsres onsibilitie This description fomis part of our Auditors, report. Page 10
THE JOSEPH STOREHOUSE TRUST (A company limited by guarnnteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE JOSEPH STOREHOUSE TRUST ICONTINUEDI Usè 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) Regulation5 2008. Our audit work has been undertaken so that we might State lo the charitable company's trustees those matters we are required to state lo them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not a¢¢ept or assume responsibility to anyone other than the charitable company and its members, as a dy, for our audit work, for this report, or for the opinions we have ft)rrned. Baldwln Scofield Ltd Chartered Accountants Statutory auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH124RU 18 September 2024 Baklwn Scofield Ltd are eligible to act as audilixs in terms of 5tIOn 1212 of the Companies A¢t 20C6. Page11
THE JOSEPH STOREHOUSE TRUST A company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Restrlcted fund6 2023 Total funds 2023 Total funds 2022 Nots Income from: Donab'ons and legacies Charitable activities other trading activities Investsnents 883,481 19,817 459.785 15,1)66 448.693 1.332,174 19,817 459.785 15,066 1,066,637 18.292 321.443 (67.945) Total In¢ome 1.378,149 448.693 1,B26,842 1,338.427 Expenditure on: Raising funds Charitable aGtivities 363,674 566.507 363,674 1.046.507 340.358 1. 159,201 480.000 Totsl gxpgnditure 930,181 480,000 1N10,181 1,499.559 Net Incomo11gxpenditure) Transfers beeen funds 447.968 (81.549) 131.307 81,549 416.661 (161. 132) 16 Net movement In funds 366,419 416.661 (161. 132) Reconciliation of fund8- Total funds brought foTrrd Net movement in funds 3,827,149 366,419 4,258,401 50.242 8,085,550 416,661 8,246.682 (161, 132) Total funds carried forward 4.193.568 4,308,643 8,502,211 8,085,550 The ConsolKlated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 16 to 34 form part of these financial statements. Page 12
THE JOSEPH STOREHOUSE TRUST {A company limited by guaranleel REGISTERED NUMBER: 04070371 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investments Current assets 12 13 7,331.642 151.213 7,444, 167 38,835 Debtors Cash at bank and in harKI 14 87,038 978,708 60,335 5T4,560 1.065,746 634.895 Cfeditors.. amounts falling due wrthin one year 15 146?90) (32,347) Net curr•nt assets 1,019,356 602.548 Total n•t assets 8.502,211 8.085,550 Charity funds Restrrted funds Unrestricted funds 16 16 4.308.643 4,193,568 4,258,401 3,827.149 Total funds 8,502,211 8,085,550 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 wth section 476 of the Companies Act 2006. However, an audit is required in accordance with seclion 151 of the Charib'es Act 2011. The Trustees acknowledge their re5ponsibilitses for comptying with the requirements of the Act wth respect to a¢ntIng rec¢Jrds and pparation of financial statements. The financial statements have teen prepar&J in accordan with the provisions applicable to 8ntities subject to the small companEs regime. The financial Statements were appmved and authorised for rssue by the Trustees on 18 September 2024 and signed on their Mr R Overton-smtth The notes on page$ 16 to 34 forrn part of these financial statements. Page 13
THE JOSEPH STOREHOUSE TRUST (A company limited by guaran¢g0) REGISTERED NUMBER: 04070371 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed asset5 Tangible assets Investments Current as$&ts 12 240,492 245,598 13 Debtors Cash at bank and in hand 14 ,062,409 582,206 8,019.635 292,884 8,624,615 8,312.519 Creditors.. amounts falling due within one year 15 (8,898) (9,606) Net current as$gt8 8.615,717 8,302.913 Total net assets 8.856,210 8,548.512 Charity funds Restricted funds unstriCted funds 16 16 4,308.64J 4.547.567 4,258.401 4.290,711 Total funds 8,856,210 8,548,512 The companys net movement in funds for the year was W307,698 (2022- £(74,272)). The company was entitled to exemption from audit under seth'on 477 of the Companies Act 2006. The members have not required th8 entity lo obtain an audr( for the year in quests'on in aordanCe with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Art 2011. The Trustees acknowledge their pOnsIbIlitieS for comy1j with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have ken prepared in aordan with the provisions applicable to ente$ subject to the small companies regim8. The financial statements were approved and authorIs for issue by the Trustees on 18 September 2024 and stgned on their alfb o. 6.0 Mr R Ovorton-smllh The notes on pages 16 to 34 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 2023 2023 2022 Cash flows from oporating activltles Net cash used in OFerating acts'vilies 573.246 76,224 Cash fl¢)ws from Investing actlvities Proceeds from the sale of investments Purchase of tsngible fixed assets (112.3781 156,7201 283.859 {326. 117) Net cash used in inve8tlng a¢tlvitigs (169.0981 {42.258) Cash Ilows frorn financing a¢tivitie$ N&t cash provlded by flnancing actlvitie8 Change in cash and cash equfvalents In the year Cash and cash equNalents at the beginning of the year 404,148 S74,$60 33,966 540.594 Cash and cash equlvalonts at the end of the year 978,708 574,560 The note5 on pages 16 to 34 form part of these financial ststements Page 15
THE JOSEPH STOREHOUSE TRUST IA company limitgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢counling policles 1.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance wth the Charities SORP {FRS 1021 - Accounting and Reporting by Charities.. Slaternenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Joseph Storehouse Trust meets the definits'on of a public benefit entity under FRS 102 Assets and Ik8bililies are inib.ally recognised at historical cost or transaction value unless otheThvise stated in the relevant accounting policy. The Consolidated statement of finanaal actThiits'es ISOFAI and Consolidated balance sheet consolidate the financial statements of the Group and its SubSlary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Group has tsken advantage of the exemption allowed under section 408 of the Companies knt 20C6 and has not presented ils own Statement of financial activities in these financial statements. 1.2 In¢orne All income is recognised On the company has entitlement to the income. it is probable that the income will be received and the amoLrnt of income receivable can be measured reliably. Income tax recoverable in relatn to donations received under Grft Aid or deeds of covenant is recognised at the b.me of the donation. 1.3 Expendlture EXndItUre is recognised once there is a legal or construGlive obligation lo transfer economic benefit to a third paty. it is probable that a transfer of noMiC benefits will be required in settlement and the amount of the obligatn can be Measured reliabty. Expendilure 6 dassified by activity. The costs of each activity are made up of the total of direct costs and shad costs, including support CA)sts involved in undertaking each activity. Dire¢l costs 8ttributsb lo a single activity are althated d1Ctty to that activity. Shared Costs which contribute to more than one activity and support costs which are not attributsble to a single activity are app)rtioned betmeen those activities on a basis consistent with the use of resources. Central staff costs are all(xaled on the basis of time spent. and depreciation harges allocated on the portion of the assevs use. Expendtture on charitable aclimlies Is incuffed on direcuy undertaking the actrvities 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 recoanised 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 commitmen( but not accrued as expenditure. Atl expenditu is inclusive of irrecoverable VAT. 1.4 Int&rnst feceivable Interest on fijnds held on deposit is included when r4Vable and the amount can be measur& reliatY by the Group,- this is nomially upon nots'ficab'on of the interest paid or payable by the 1nstitLjtn 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 2023 Accounting policies {contlnued) 1.5 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capitalL8ed and reccgnised when future economic benefits a probab and the cost or value of the asset can be measured reliably. Tangible fixed assets are inits'ally recognised al cost. After reccgnition. under the cost model, tangible fixed assets are measured at cost les5 accumulated depreciation and any accumulated impaiment losses. All costs incurred to bring a tsngible red asset into ils intended working condition should te included in the measufement 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 folknwing basis.. Freehold propety Plant and machinery Fixtures and fittings 2Yo straight line 300h reducing bala[e 30% reducing balance 1.6 Investments Fixed as58t investments are a form of financial in5trum8nt and are initially reo)gnised at their transacb-on cost and subsequently measured at fair value at the Balance sheet dale, unless the value cannot be measured reliably in which case it is measured at cost less impaimienl. Investment gains and losses, whether realised or unrealised, ar8 combined and presented as 'GainsllL05sesl on investments. in the Consolidated statement of financial activrties. Investrnents in subsKliaries are valued at cost less provision for impaiment. 1.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amounl 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-tem highty Itquid investments wth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar attount. 1.9 Llabilities and prov151ons Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past ever¢( it is probable that a transfer of economic benefit will be required in settlemenL and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company ant1pateS ft will pay to settle the debt or the amount it has received as advanced payments for the goods or Serv it must provide. Provisions a 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 specrfic to the liability. The unwinding of the discount 15 recognised in the Consolidated statement of financial actnif(ies 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 2023 Accounting policies {continued) 1.10 Pensions The Group operat85 a defin contrtbution 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 fvnd5 are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and whh have not been designated for other purposes. Restricted funds are fund5 which are lo be used in accordance wth specffic restn'ctions imwsed by donors or which have been raised by the Group for partular purposes. The costs of raising and administering such funds are Gharged 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 lo the appropriate fund. Incomo from donations and lega¢i95 Unrestricted Restrfcted funds funds 2023 2023 Total funds 2023 Donations 883.481 448,693 1,332,174 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Donab'ons 874, 659 191,978 1,066,637 Income from charitable a¢liviti•s Unrn5tricted funds 2023 Total funds 2023 Income from charitable a¢b'vitie5 19,817 19,817 Page 18
THE JOSEPH STOREHOUSE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income froffl charitsble activlties Icontlnuedl Unrestricted funds 2022 Total funds 2022 Income from charitable activities 18,292 18.292 Income from other tradlng act5vltle8 Income from non charitable Iradlng actlvltles Unrestrlcted funds 2023 Total funds 2023 Rent receivable Other IrMe 419,989 39,796 419,989 39,796 Total 2023 459.785 4S9,785 unStrid funds 2022 Total funds 2022 Rent receivab Other income 300,922 20.521 300.922 20,521 321,443 321,443 Page 19
THE JOSEPH STOREHOUSE TRUST IA company limit•d by guar•ntw) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment Income Unrestrlcted funds 2023 Tolal funds 2023 Investment income Interest recewable Profiullossl on investments 2,214 6,876 5,976 2,214 6,876 5.976 Total 2023 15,066 15.066 Unr8str7cted funds 2022 Total ftinds 2022 Profivllossl on investments (67.945) (67,945) Anatysb of grants Grants to Inslitutlon5 2023 Total funds 2023 Grants for charitable purFoses 726,2C 726.200 Grdnts to Institutions 2022 Total fvnds 2022 Grants for charitable purp)ses 847,500 847,500 Page 20
THE JOSEPH STOREHOUSE TRUST (A company limited by guarant8•1 NOTES TO THE FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysis of gxpendlture on charltsble activltles Summary by fund type Unrestrlcted Rostricted lunds funds 2023 2023 Total 2023 Direct costs - Charitable activities 566,507 480.000 1,046,507 Unrestricted funds 2022 Restrirted funds 2022 Total 2022 Direct costs - Charitable acts'vith'es 523,201 636,000 1, 159.201 Page21
THE JOSEPH STOREHOUSE TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysl$ of oxpendlturo by a¢thltle8 Actlvltlos undertaken directly 2023 Grant funding of aCtltIeS 2023 Support costs 2023 Totsl funds 2023 Direct costs - Charitable activities 217,593 726.200 102.714 1,046,507 Activify85 undertaken dI{Y 2022 Grant funding ol a¢tivib"es 2022 Support costs 2022 Total fvnds 2022 Direct costs- Charitable aclivib'es 211,484 847.500 100,217 1. 159,201 Anatysls of dlrect costs Total funds 2023 Total fvnds 2022 PrTrJuct purchases Printing, postsge and mailing c05tS cOnferee exFnses Media expenditure Travel and axommodation Legal and consultancy fees Trustee expenses Other charitable expenses SA59 28,S36 3,174 20.051 12,765 71,653 249 74,014 29,548 66.086 95 78,927 29,959 57 Total 2023 217,593 211.484 Page 22
THE JOSEPH STOREHOUSE TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysis of expenditure by a¢tivili0s (continued) Analysls of support costs Total funds 2023 Total funds 2022 Staff costs Rent. rates, water 2nd insuran Warehouse expenses and repairs Telephone. light and heat Printing, postage and stationery Computer expenses Bank charges Governan costs 52,174 5,295 1,943 4,461 3,956 4,365 15,412 15.108 48,540 5.344 4,404 3,361 5.523 7,664 10,516 14,865 Total 2023 102,714 100.217 Audltors, remuneratlon 2023 2022 Fees payable to the company's auditor for the audit of the companls annual acc4)unts 8,700 8,ILK* Page 23
THE JOSEPH STOREHOUSE TRUST IA company limited ty guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Staff cos15 Group 2023 Gmup 2022 Company 2023 Company 2022 Wages and salaries Contribution to defined contribution Fension schemes 50,331 46,879 50,331 46,819 1043 1. 721 1,843 1.721 52,174 48.540 52,174 48,540 The average number of Fersons employed by the company during the year was as follows.. Group 2023 No. Gmup 2022 No. Company 2023 No. Company 2022 No employee received remuneration amounting to more than £60,000 in either year. 11. Trustee5' remuneratlon and expensas During the year. no Trustees received any remuneration or other beneffls (2022- £NIL). None of th8 trustees lor any persons connected wth Iheml weNed any remuneration from the charity in the year Trustees. expenses were paid by the charity of £19,392 {2022'. £9,715) to Bary and Batya Segal, and their son. Aistair ScA)tt was reimbursed in the amount of £1,409 12022.. £1.139). The aforementioned are all trustees and directors, and received the stated arnount5 in relation to travel, accommodation and Subsisten costs incurred on behalf of the charity. Consultancy fees of £65.000 12022.. £65,000) and purchases of goods of £1.545 12022.. £1,940) were payable for the year to Greetings from Jerusalem Ltd. a company owned 100Qh by Bary Segal. trustee. Consultancy fees of £Nil12022.' £Nill were paid to Alistair Scot( a trustee and diredor. A compary owned by Ariel Se9al. the son of two of the truslee5, CeiVed £43,8C6 12022.. £50,855) in payment for services provided to the chanty for the development and maintenance of th8 charitys websile. Page 24
THE JOSEPH STOREHOUSE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tangibl• red asGet$ Group Fre•hold property Plant and Fixtures and machinery fittings Total Cost or valuation Al 1 January 2023 Addibon5 8,145,266 44.980 8,206 647 57.918 11,093 8,211,390 56.720 At 31 December 2023 8,190,246 8,853 69.011 8,268,110 Dopreclatlon At 1 January 2023 Charge for the year 746,989 144,678 7.178 502 13.056 24,065 767,223 169.246 At 31 December 2023 891,667 7,680 37,121 936,468 Net book volue At 31 December 2023 7,298,579 1,173 31.890 7,331,642 At 31 Decemb8r 2022 7.398,27T 1.028 44,862 7.444, 167 Page 25
THE JOSEPH STOREHOUSE TRUST IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tangible flxed assots l¢onlinued) Company Freehold property Plant and Fixtures and machinery fitting$ Totsl Cost or valuation At 1 January 2023 Additions 260,000 8,206 647 7,826 276.032 647 At 31 December 2023 260,000 B,853 7,826 276,679 Dopreciation At 1 January 2023 Charge for the year 15.600 5,200 7.178 502 7.656 51 30,434 5,753 At 31 Decemi*r 2023 20,800 7,680 7,707 36,187 Net book value At 31 December 2023 239,200 1.173 119 240.492 At 31 December 2022 244,400 1,028 t70 245.598 Page 26
THE JOSEPH STOREHOUSE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Flxed asset investmonts Unllsted investments Group Cost or valuation At 1 January 2023 Ad(Jitions 38.835 112,378 At 31 December 2023 151,213 Not book valug At 31 December 2023 151,213 At 31 December 2022 38,835 Investments In subsldlary companleg company Cost or valuatlon At 1 January 2023 At 31 December 2023 Not book value At 31 December 2023 At 31 December 2022 Page 27
THE JOSEPH STOREHOUSE TRUST (A company limitgd by guarant901 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Debtors Group 2023 Group 2022 Company 2023 Company 2022 Due after more than one year Amounts owed by group undertakings 7,979,893 7.979, 893 7,979,893 7.979,893 Due within one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable 1,099 2,771 19,673 63,495 6,522 15,399 19,628 18.186 4, 706 2,771 16.250 63fv95 16,250 18,786 87.038 60.335 8,062,409 8,019,535 15. Creditors: Amounts falling due within one year Group 2023 Group 2022 Company 2023 Company 2022 other creditors Accruals and deferred income 173 46,217 149 32,198 173 8,725 149 9.457 46,390 32.34T 8,898 9,606 Page 28
THE JOSEPH STOREHOUSE TRUST IA company limited by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Statement of funds Statement of fund8 - current year The charity receves gifts restricted by the donor for the varuS 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 Di8a3tfrr rellef funds have been merged and are used to ensure that those in need receive the assistsnce that they requi. The Chlldren and Edu¢atlon fund provides finance for projects such as the "Pack to school" programme. The Farnlly Carg and Welfare fund has now been merged with the Lonely soldiers lund and represents the donations that are related to the care and welfare provided to families in Israel supported by Vision for Israel. Balance at 31 Decembor 2023 Balance at 1 January 2023 Transfers Inlout Income Expendlture Unre$tri¢tod funds General fund Subsidjary reserves 4,290,111 (462.962) 911,489 466.660 1572.484) {357,697) 181W) 4,547,567 1353,999 3,827,149 1,378,149 {930.181) (81.5491 4.193.568 Restrictsd funds Children and UcatiOn Medical 12,253 295,879 138,451 2,110 15,0001 1255.0001 {220,000) 7,253 40,879 Family care and welfare Building 81.549 4.258.401 4,260,511 4,258.401 448.693 (480,000) 81,549 4,308,643 Total of funds 8,085,550 1,826,842 11.410.181) 8.502,211 Page 29
THE JOSEPH STOREHOUSE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 16. Ststement of funds Icontlnuedl Statement of fund5 - prlor year B818n¢e al 31 December 2022 Balance at l January 2022 Transfer in/oul Incomè Expenditu Unrestrictsd funds General fund Subsidiary reseNes 4,366, 838 (376, 10¥ 825.006 321,443 (455,256) (408,303) (446.47T) 4,290.1tI (462.962) 3.990. 736 1, 146,449 (863, 559) (446,477) 3, 82T, t49 Rostrictsd funds Children and education Medical 8,973 27.574 152,976 2,455 (t6.000) (215,()) {405,000) 7.02T 187.426 252,024 Family ¢¥re and welfare Building 4,255,946 4,258,401 4,255,946 191,978 (636,000) 446,477 4,258,401 Total of funds 8,246,682 1.338,427 (1,499.559) 8.085,550 Page 30
THE JOSEPH STOREHOUSE TRUST {A company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Summary of funds Surnmary offunds- Current year Balance at 31 Oecember 2023 Balance at 1 January 2023 Transfers Inlout In¢ome Expenditure General funds Restricted funds 3,827,149 4,258,401 1,378.149 448,693 {930.1811 {480,0001 181,549} 4.193.568 81,549 4,308.643 8,085,550 1,826.842 {1.410.181) 8,502,211 Summary of funds - prior year Balanc8 al 31 Transf8rs Decembei in/oul 2022 Balance at l January 2022 Income E¥penditure General fvnds Restricted funds 3,990, 736 4,255,946 1,146.449 191.978 (863.559) (446,477J (636.000) 446,4T7 3,827, 149 4.258,401 8.246,682 1,338.427 (1.499,559) 8,085,5XI 18. Analysis of assets between funds Anatysi$ of net assets between funds - current y•ar Unr•stri¢tod RoStri¢tsd funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets 3,071,131 151,213 1.017,614 146,3901 4,260,511 7,331.642 151,213 1,065,746 146,390 48.132 Creditors due within one year Total 4,193,568 4,308,643 8,502,211 Page 31
THE JOSEPH STOREHOUSE TRUST IA company limited by guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Analysis of net assots between funds Icontinuedl Analysis of net a88et8 between funds - prior year unstrIded funds 2022 R&stricted fvnds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Cr&Jitors due within one year 3, 185, 766 38,835 634.895 (32,347) 4.258,491 T.444, 167 38, 835 634,895 (32,347) Total 3,827,149 4,258,401 8,085,550 19. Reconclllatlon of net movom•nt in funds to net cash Ilow from oporating a¢tivitles Group 2023 Gmup 2022 Net Incomelexpenditure for the year las per Statement of Financial Aclwitiesl 416,661 (161, 132) Adjustments for. Depreciation charges Lossesllgainsl on investrnents Decreasellin¢reasel in debtors Increaselldecrease) in cieditors 169,245 176,712 67.958 310 (7.624) (26,7031 14.043 Net cash provlded by operatlng •ctivitie8 573,246 76.224 20. Anatys18 of ca8h and cash equivalents Group 2023 Gmup 2022 Cash in hand 978,708 574,560 Total ¢ash and cash oquiyalents 978.708 574,560 Page 32
THE JOSEPH STOREHOUSE TRUST IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Analysis of changes In nel debt At1 January 2023 Cash flows At31 Decembgr 2023 Cash at bank and in hand 574,560 404,148 978,708 574,560 404,148 978,708 Related party transacllons The charity works closely with Vision for Israel. which is a charity based and registered in Israel. This harity 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. Muth of the charitable gwing of The Joseph Storehouse Trusl is paid to Vision for Israel for onward payrnenl for the relevant charitable purposes. In the year to 31 December 2023 the amount of charitable giving paid to Vision for Israel was £S95.000 (2022.. £800,000) Barry Segal is a trustee of t(Jth 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 lo manage the aid operations. In the year ended 31 December 2023 The Joseph storehSe Trust paid over funds amounting to £122,50012022'. £47,500) lo the American Vision For Israel charity. The tharity also ceiVed £Nil,12022.' £33,916) from the American vlon FOT Israel charity towards the reslricted building fund. Included in note 14 as amounts owed ty group undertakings includes a loan of £7.132,228 12022.. £7.132,2281 to its 100% owned subsidiary trading company The Millennium Commercial Centre In Modiin Ltd. This is in the fom of capital notes. The terms of the cspitsl notes are that no interest is payable and that they wll not repaid before 31 December 2D24. The intentn is to roll them over &ach year. Also included is an amount of £847,66512022.' £847,665) to the same subsidiary. The temis of this loan are that there is no Inte$1 payable and there is no fixed term for repaymenl. Barry Segal, trustee, is a director of this company, along wf(h Geoff Flashman. Page 33
THE JOSEPH STOREHOUSE TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. PrinGipal subsidiarfes The following was a subsidiary undertaking of the company.. Name Re915tered offlce or principal Princlpal actlvity place of business Class of Shares The Millennium Commercial Centre Israel in Modiin Ltd Rental of property and Ordinary delivering humanitarian aid Holdlng Included in consolidation 100% Yes The financial results of the subsidiary for the year We.. Namg Income Expendlture ProflVILos$1 I Surplusl (Deflclt) for the year Net assets The milnlum Commercial Cenlre in Modiin Ltd 466,661 {357,697) 108.963 1353,998) Page 34