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2024-03-31-accounts

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

Company No: 776382 Charity Number: 1093528

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE

YEAR ENDED 31 MARCH 2024

COHEN ARNOLD

CHARTERED ACCOUNTANTS REGISTERED AUDITORS LONDON NW11 0PU

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 MARCH 2024

CONTENTS

1 Legal and Administrative Details
2 - 6 Report of the Trustees
7 - 11 Report of the Auditors
12 Consolidated Statement of Financial Activities
13 Statement of Financial Activities
14 Consolidated Balance Sheet
15 Charity Balance Sheet
16 Consolidated Cash Flow Statement
17 – 33 Notes to the Financial Statements

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Name: Gilmoor Benevolent Fund Limited Status : Incorporated: 7[th] October 1963 Registered Charity Number: 1093528 Company Number: 776382 Inland Revenue Claims Number: XN8899 Principal Office: 15 Clapton Common London E5 9AA Registered Address : New Burlington House 1075 Finchley Road London NW11 0PU Charity Trustees : Mr Elieser Low (Chairperson) Mr Oscar Low Rabbi Leon Rabinowitz Mr Dov Rabinowitz (USA) Mr Joel Freund (Israel) Mr Marcus Landau (resigned on 23 November 2023) Mr Chaim Luzer Klein (appointed on 7 December 2023) Mr Simche Bunem Finkelstein (appointed on 5 January 2024) Mr Yehuda Feiner (appointed on 19 September 2024) Auditors: Cohen Arnold New Burlington House 1075 Finchley Road London NW11 0PU Bankers: Barclays Bank Plc 155 Bishopsgate London EC2M 3XA Solicitors: Shranks Ruskin House 40/41 Museum Street London WC1A 1LT 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) YEAR ENDED 31 MARCH 2024

The Trustees, who are also directors for the purposes of Company law, have pleasure in presenting their Report (including a Strategic Report) together with the Consolidated Financial Statements of the Parent Charitable Company and its Subsidiary Undertakings for the year ended 31 March 2024 which are also prepared to meet the requirements for a Directors’ report for Companies Act purposes.

The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Company’s Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

REFERENCE AND ADMINISTRATIVE INFORMATION

Legal and Administrative Information of the Company is shown on Page 1 of the Financial Statements and forms part of this report.

ORGANISATION STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Gilmoor Benevolent Fund Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 7[th] October 1963 and amended to allow for current governance arrangement on 23[rd] March 1964.

Appointment, Training and Recruitment of Trustees

As set out in the Articles of Association the members of the charity shall not exceed twenty five. There are two classes of members:

Ordinary Members – subscribers and all persons subsequently admitted to membership. Honorary Members – persons the Council may admit from time to time with written consent.

All current trustees are ordinary members and no honorary members have been appointed. The organisation is run by the governors who are trustees. Every governor/trustee holds office until he/she shall die or shall cease to hold office by virtue of Article 49 of the Articles of Association.

New trustees are appointed based on personal competence, specialist skills, local availability and those who are able to promote the charitable activities of any institution professing and teaching the principles of traditional Judaism and the advancement of the religion in accordance with the Jewish faith. New trustees are inducted into the workings of the charity by the current trustees.

All trustees give their time voluntarily and no benefits or expenses were paid to them during the year.

Organisation

Unless and until otherwise determined by the charity the board of trustees (Council) shall consist of not less than two and not more than ten governors/trustees. The Council appoints from among its members a Chairman and a Vice- Chairman, and in the event any vacancy arises the Council shall as soon as practicable fill the vacancy. Three ordinary members present in person shall form a quorum at a general meeting.

The day-to-day affairs of the charity are administered by the trustees whose chairman is Mr E Low. None of the governors/trustees have any beneficial interest in the company.

Group Structure and Relationships

The charity has a wholly owned non-charitable subsidiary, Shirlett and Tudor Estates Limited, a property investment company which owns a wholly owned active subsidiary, Swallowtex Limited, a general trading company. Mr E Low and Mr M Landau are directors of both of the abovenamed companies.

The charity owns 9% of the issued share capital in Gatwick Investments Limited. Mr E Low and Mr M Landau are directors of this company. In addition, the Estate of late Mrs B Low is a major shareholder of this company. 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED

(LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) YEAR ENDED 31 MARCH 2024

Related Party Transactions

Details of transactions with Related Parties are disclosed in Note 23 to the Financial Statements. The Company has taken advantage of the exemption of FRS 102 – Related Party Disclosures in order to dispense with the requirement to disclose transactions with members of the Gilmoor Benevolent Fund Limited Group of Companies.

CHARITY OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable objects

The objects of the charity are:

Aims, objectives and activities for public benefit

The charity was established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law. The charity has concentrated its efforts in supporting the activities of religious Jewish organisations especially in the field of education and relief of poverty. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations, which themselves are growing not only in England but also worldwide. To this effect the charity has trustees resident in those countries to ensure the objects of the charity are being met.

The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and also through distribution of basic needs.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. In doing so, the charity has complied with its duty to act for the public benefit in accordance with section 4 of The Charities Act 2011.

STRATEGIC REPORT

Strategy and business model

The charity invests in investment properties, cash deposits, fixed asset listed investments and subsidiary and associated undertakings to generate income with which it makes grants, donations and loans to charitable organisations and institutions that fall within the objectives of the charity.

Achievements and performance

The main areas of charitable activity are the provision of financial support to Jewish organisations engaging in education, advancement of religion in accordance with the Jewish faith and to give philanthropic aid to Jewish needy. The demands on the charity’s funds were higher than the previous year, and incoming resources were lower than demands, resulting in a decrease in the charity’s revenue reserves. The trustees expect the demands to increase in future years resulting in further calls on past reserves.

The charity is reliant on the income from investments, the commercial activities of its subsidiaries and voluntary income from companies connected with the trustees. Income from voluntary donations and investment income were higher than the previous year. With the demand on funds being higher than last year £2.9m (2023: £2.6m) the charity was able to finance its operations from incoming resources in the current year totalling £2.5m (2023: £2.0m) and the excess was funded from past reserves. 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) YEAR ENDED 31 MARCH 2024

STRATEGIC REPORT (continued)

Investments during the year

During the year, the trustees reviewed the charity’s position in respect of the investment policy and continued to diversify from its traditional investments in property, in view of adverse market conditions. The trustees continued to use the services of Barclays Wealth to manage the share portfolio. During the year the charity made £1.0m of revaluation surplus of its investment assets.

FINANCIAL REVIEW

Financial Position

The financial position of the Charitable Company and its subsidiaries is satisfactory. At the end of the year £49.5m (2023: £48.8m) was held as unrestricted funds, of which unrealised funds for the group was £11.9m.

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. The charity’s reserves are represented by unrestricted funds arising from past operating results. The trustees are satisfied that the present balance of distributable reserves is sufficient to support anticipated expenditure.

Risk Management

The trustees have a risk management strategy which comprises an annual review of the principal risks and uncertainties to which the company is exposed, in particular those to the operations and finances of the company; the establishment of policies, systems and procedures to mitigate those risks identified in the annual review and the implementation of procedures designed to minimise or manage any potential impact on the company should those risks materialise.

The principal risks to which the company is exposed are:

The trustees seeks to manage or mitigate such risks wherever possible through such measures as insurance, tenant screening and monitoring, rigorous reviews of acquisition and investment opportunities, external expert advice, monitoring cash and regular monitoring of the economic outlook. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Financial risk management and policies

The charity holds or issues financial instruments in order to achieve three main objectives being:

In addition, various financial instruments (e.g., trade debtors, trade creditors, accruals and prepayments) arise directly from the charity’s operations. 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) YEAR ENDED 31 MARCH 2024

FINANCIAL REVIEW (continued)

Credit risk

The charity monitors credit risk closely and considers that its current policies of credit risk checks meets its objectives of managing exposure to credit risk. The charity has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under the financial instruments. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit provided any moneys are not immediately required for use in connection with any of its objects.

The trustees, having regard to the liquidity requirements of the charity and to the reserves policy have operated a policy of keeping available funds in an interest bearing deposit account.

Grant Making Policy

Grants are made to charitable institutions and organisations which accord with the objects of the charity. The trustees are approached for donations by a wide variety of charitable institutions operating all over England (and also abroad). The trustees consider all requests which they receive and make donations based on the level of funds available. In making Grants and Donations, the trustees use their personal knowledge of the Institution, its representatives, operational efficiency and reputation. The trustees monitor the application of the Grants and Donations by meeting with representatives of the Institutions and obtaining information as to the utilisation of funds.

Key Performance Indicators (KPIs)

The trustees monitor the group’s performance progress against its strategic objectives and the financial performance of its operations on a regular basis. Performance is assessed against the strategy and expectations using financial and nonfinancial measures. The most significant KPIs used by the group are as follows:

2024 2023
Grants and donations paid out £4.0m £3.3m
Net rental income £0.7m £0.5m
Dividend income from listed investments £0.3m £0.4m
Listed investments at fair value £16.7m £17.4m
Investment property at fair value £11.0m £8.1m

PLANS FOR FUTURE PERIODS

The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory incoming resources.

FIXED ASSETS

The movements in Fixed Assets are fully reflected in Notes 15 and 16 to the Financial Statements.

Land and Buildings

The company's investment properties are included in the Financial Statements at valuation. The properties have been valued by Mr. E Low, a governor/trustee who has an extensive knowledge of the property sector. 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE) TRUSTEES REPORT (INCLUDING DIRECTORS REPORT) YEAR ENDED 31 MARCH 2024

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees (who are also the Directors of Gilmoor Benevolent Fund Ltd for the purposes of Company Law) are responsible for preparing the Trustees Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and the group and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Group for that period. 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 the income or expenditure of the group and the company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the Charitable Company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE TO AUDITORS

In so far as the Trustees are aware at the time of approving the Trustees’ Report:

AUDITORS

Cohen Arnold is deemed to be re-appointed under section 487(2) of the Companies Act 2006.

SMALL COMPANY PROVISIONS

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

23/12/2024 Approved by the Trustees on ……………………….., including, in their capacity as Company Directors, the Strategic Report contained therein.

On behalf of the Board of Trustees

| ........................................[Elser] DocuSigned[low] by: E90C71E4AF064B3... Mr Elieser Low - Trustee

23/12/2024 Dated: …………………..

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF GILMOOR BENEVOLENT FUND LIMITED

(LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 MARCH 2024

OPINION

We have audited the financial statements of Gilmoor Benevolent Fund Limited (the 'parent charitable company') and its subsidiaries (‘the group’) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Statement 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 FRS 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 auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

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. 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 MARCH 2024

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report or the Strategic Report included within the Trustees’ Report.

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

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 MARCH 2024

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ responsibilities statement, the Trustees who are also the Directors of the parent 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.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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

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: 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 MARCH 2024

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS ( Continued )

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF GILMOOR BENEVOLENT FUND LIMITED

(LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 MARCH 2024

USE OF OUR REPORT

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

MOSHE BRONER-COHEN (Senior Statutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Auditor

New Burlington House 1075 Finchley Road LONDON NW11 0PU

23/12/2024

Our audit was completed on …………………….. and our opinion was expressed at that date.

Cohen Arnold is eligible to act as an Auditor in terms of Section 1212 of the Companies Act 2006.

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE) GROUP STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Notes 2024 2023
Unrestricted Funds Unrestricted Funds
£ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 685,000 237,600
Income from trading subsidiary 5 - 151,169
Investments 6 2,652,434 2,091,714
____ _____
Total Income 3,337,434 2,480,483
EXPENDITURE ON:
Raising Funds:
Expenditure of trading subsidiary 7 98,625 179,092
Investment Management Costs 8 321,304 199,620
Charitable Activities:
Charitable Donations 9,10 3,968,405 3,299,940
Support and Governance costs 11 57,986 72,127
____ ____
Total Expenditure (4,446,320) (3,750,779)
____ _____
Net Expenditure Before
Gains and Losses on Investments (1,108,886) (1,270,296)
Gains/(Losses) on Investments:
Disposals of Investment Assets 146,531 32,943
Valuation of Investment Assets 15,16 1,651,221 (1,156,047)
____ _____
Net Income/(Expenditure) Before Taxation 688,866 (2,393,400)
Taxation – credit 13 - 205,726
____ _____
Net Movement in Funds 688,866 (2,187,674)
RECONCILIATION OF FUNDS
Total Unrestricted Funds Brought Forward 48,826,144 51,013,818
____ _____
Total Unrestricted Funds Carried Forward 20 £49,515,010
____		 £48,826,144
_____

The charity has no other recognised gains or losses other than those reflected in the above Statement of Financial Activities for the financial year or for the previous year.

All income and expenditure derive from continuing activities.

The notes on pages 17 to 33 form part of these Financial Statements. 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Notes 2024 2023
Unrestricted Funds Unrestricted Funds
£ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 685,000 437,600
Investments 6 1,845,517 1,569,011
____ _____
Total Income 2,530,517 2,006,611
EXPENDITURE ON:
Raising Funds:
Investment Management Costs 8 110,895 60,309
Charitable Activities:
Charitable Donations 9,10 2,890,405 2,639,440
Support and Governance Costs 11 57,986 72,127
____ _____
Total Expenditure (3,059,286) (2,771,876)
____ _____
Net Expenditure Before
Gains and Losses on Investments (528,769) (765,265)
Net Gains/(Losses) on Investments:
Disposals of Investment Assets 146,531 -
Valuation of Investment Assets 15,16 1,011,221 (1,436,047)
____ _____
Net Movement in Funds 628,983 (2,201,312)
RECONCILIATION OF FUNDS
Total Unrestricted Funds Brought Forward 45,229,792 47,431,104
____ _____
Total Unrestricted Funds Carried Forward 20 £45,858,775
____		 £45,229,792
_____

The charity has no other recognised gains or losses other than those reflected in the above Statement of Financial Activities for the financial year or for the previous year.

All income and expenditure derive from continuing activities.

The notes on pages 17 to 33 form part of these Financial Statements. 

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE) Company Registration Number: 776382

GROUP BALANCE SHEET AS AT 31 MARCH 2024

Notes Notes 2024 2023
£ £ £ £
FIXED ASSETS
Tangible Assets 15 11,002,430 8,130,478
Investments 16 22,492,150 23,114,495
____ _____ _____
33,494,580 31,244,973
CURRENT ASSETS
Debtors 17 17,054,582 17,200,642
Cash at Bank 1,595,691 2,600,574
____ _____ _____
18,650,273 19,801,216
CREDITORS:Amounts falling
due within one year 18 (1,501,090) (1,091,292)
____ _____ _____
NET CURRENT ASSETS 17,149,183 18,709,924
____ _____ _____
TOTAL ASSETS LESS CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES 50,643,763 49,954,897
PROVISIONS FOR LIABILITIES 19 (1,128,753) (1,128,753)
____ _____ _____
NET ASSETS £49,515,010 £48,826,144
____ _____
____ _____
UNRESTRICTED FUNDS
Charitable funds 20 47,401,776 46,132,793
Non-Charitable funds 20 2,113,234 2,693,351
____ _____ _____
£49,515,010 £48,826,144
____ _____

The trustees have prepared group Financial Statements in accordance with section 399 of the Companies Act 2006 and section 138 of the Charities Act 2011. These Financial Statements are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

23/12/2024

The Financial Statements were approved by the Board of Trustees on ……………….. and signed on its behalf by

| .......................................................[Elser] DocuSigned[low] by: E90C71E4AF064B3... ELIESER LOW

The notes on pages 17 to 33 form part of these Financial Statements.

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Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE) Company Registration Number: 776382

BALANCE SHEET AS AT 31 MARCH 2024

Notes Notes 2024 2023
£ £ £ £
FIXED ASSETS
Tangible Assets 15 4,001,404 1,130,189
Investments 16 24,012,150 25,274,495
____ _____ _____
28,013,554 26,404,684
CURRENT ASSETS
Debtors 17 16,435,758 17,881,423
Cash at Bank 1,538,490 1,002,118
____ _____ _____
17,974,248 18,883,541
CREDITORS:Amounts falling
due within one year 18 (129,027) (58,433)
____ _____ _____
NET CURRENT ASSETS 17,845,221 18,825,108
____ _____ _____
NET ASSETS £45,858,775 £45,229,792
____ _____
____ _____
UNRESTRICTED FUNDS
Charitable funds 20 45,858,775 45,229,792
____ _____ _____
£45,858,775 £45,229,792
____ _____

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

23/12/2024

The Financial Statements were approved by the Board of Trustees on …………………. and signed on its behalf by

[low]

| .......................................................[Elser] DocuSignedE90C71E4AF064B3...by: ELIESER LOW

The notes on pages 17 to 33 form part of these Financial Statements.

15

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED

(LIMITED BY GUARANTEE)

GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2024

2024 2023 2023
Unrestricted Funds Unrestricted Funds
Note £ £ £ £
Cash Flows from Operating Activities:
Net Cash used in Operating Activities 21a (2,112,000) (3,020,508)
Tax Paid
- -
___ ____
Net Cash used in Operating Activities (2,112,000) (3,020,508)
Cash Flows from Investing Activities
Dividends and Interest 1,565,573 1,395,546
Purchase of tangible assets (2,878,552) -
Proceeds from Sale of Investments 2,607,403 1,257,943
Purchase of Investments (187,307) (788,612)
___ ____
Net Cash Provided by Investing Activities 1,107,117 1,864,877
Cash Flows from Financing Activities
Repayments of Borrowing - -
Interest Paid - -
___ ____
Net Cash Provided by Financing Activities - -
____ ____
CHANGE IN CASH AND CASH
EQUIVALENTS IN THE YEAR (1,004,883) (1,155,631)
CASH AND CASH EQUIVALENTS AT 1
APRIL 2023 2,600,574 3,756,205
____ ____
CASH AND CASH EQUIVALENTS AT 31
MARCH 2024 21b £1,595,691 £2,600,574
=================== ===================

The notes on pages 17 to 33 form part of these Financial Statements. 

16

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1. GENERAL INFORMATION

Gilmoor Benevolent Fund Limited is a charitable company limited by guarantee, incorporated in England and Wales (charity no.1093528, company no. 776382). Its registered address is New Burlington House, 1075 Finchley Road, London NW11 0PU. A description of the nature of the entity’s operations and its principal activities is disclosed in the Trustees’ Report accompanying the financial statements.

The charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)) and the Companies Act 2006. Gilmoor Benevolent Fund Limited has given due regard to the public benefit guidance issued by the Charity Commission. The Company meets the definition of a public benefit entity under FRS 102.

The presentation currency of these Financial Statements is UK Pound Sterling.

3. ACCOUNTING POLICIES

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Going Concern

There are no material uncertainties about the charity’s ability to continue as a going concern.

Group Financial Statements

These Financial Statements consolidate the results of the charitable company and its wholly-owned subsidiary Shirlett and Tudor Estates Limited and Swallowtex Limited (wholly-owned subsidiary of Shirlett and Tudor Estates Limited) on a line by line basis. A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is included in these financial statements.

Judgements and Key Sources of Estimation Uncertainty

Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below: 

17

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

NOTES TO THE FINANCIAL STATEMENTS

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES (Continued)

Incoming Recourses

This includes income from listed investments and deposits, rentals received from property assets and donations received by the Group. Non-monetary donations are recognised at fair value when this can be quantified. All donations are recognised in the Statement of Financial Activities (SOFA) of the charity when received. All other income is recognised on a receivable basis.

Investment Management Costs

Investment management costs include costs relating to the investment properties and Barclays investment portfolio on an accruals basis.

Charitable Activities

Charitable activities are only recognised in the accounts when paid. The charitable donations have been detailed in a separate publication entitled - Gilmoor Benevolent Fund Limited - Schedule of Charitable Donations. Copies of this schedule are available to the public by writing to the Trustee, Mr E Low, Gilmoor Benevolent Fund Limited, New Burlington House, 1075 Finchley Road, London NW11 0PU by Registered Post.

Governance Costs

Governance costs include costs of the preparation and audit of financial statements and cost of any legal advice to trustees on governance or constitutional matters, and is recognised on an accruals basis.

Taxation

The Charitable Company is not liable to direct taxation on its income as it falls within the various exemptions available to registered charities. The subsidiary undertakings are subject to Corporation Tax but it is expected that their income will be gifted for charitable purposes and should be exempt from taxation.

Notwithstanding the above, deferred tax is recognised in respect of all timing differences present in the noncharitable subsidiary undertakings. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources, it is probable that a transfer of economic benefits will be required in settlement and the amount can be measured or estimated reliably.

Fund Accounting

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account and the excess of fair value over the cost of investments. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Non-Charitable Funds are Unrestricted Funds and comprise the net aggregate reserves of the Company’s subsidiaries computed by reference to the accounting policies of the subsidiaries.

Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet date.

Designated funds are funds, which have been set-aside at the discretion of the Trustees for specific purposes. There are no designated funds as at the Balance Sheet date.

18

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES (Continued)

Fixed Assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery -25% reducing balance Motor Vehicles -25% reducing balance Books & Manuscripts -15% straight line

Properties held for Investment

Investment Properties are included in the Balance Sheet at fair value. Any gains or losses arising from changes in the fair value are recognised in the Statement of Financial Activities.

In accordance with FRS102, no depreciation or amortisation is provided in respect of freehold or long-leasehold investments properties.

Acquisitions and Disposals of Properties

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

Investment in Subsidiary Undertakings

Shareholdings acquired in Subsidiary Undertakings are shown at fair value as valued by the trustees. Investment in Related Undertakings below 20% is shown at cost. Any surplus or deficit on revaluation are shown in the Statements of Financial Activities.

Foreign Currency Transactions

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the net incoming resources.

19

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

NOTES TO THE FINANCIAL STATEMENTS

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES (Continued)

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its financial liabilities.

Basic financial instruments

Rental and other debtors

Rental and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.

Rent in advance and other creditors

Rent in advance and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the group’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Related Party Transactions

The Charitable Company has taken advantage of the exemption in FRS 102 Section 33 – Related Party Disclosures to dispense with the requirement to disclose transactions with members of the Gilmoor Benevolent Fund Limited group of Companies.

20

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

4. SUBSIDIARY UNDERTAKINGS

The wholly-owned trading subsidiary, Shirlett and Tudor Estates Limited, a property investment company incorporated in England and Wales has entered into a total profits covenant with the Charity to pay all its profits to the Charity within nine months from the financial year end.

Shirlett and Tudor Estates Limited own 100% of the issued shares in Swallowtex Limited, a company which engages in the maintenance of properties owned by associated companies. A summary of the trading results of the subsidiaries is shown below:

Summary Profit and Loss Account for Subsidiaries Year Ended 31 March 2024

Turnover
Cost of sales
Rent and charges receivable
Property outgoings
Gross profit/(loss)
Administrative expenses
Gift Aid donations
Profit on disposal of investment property
Operating loss
Interest receivable
Interest payable
Loss before taxation
Taxation - credit
Loss after taxation and Retained in Subsidiary		 Shirlett & Tudor
Estates Limited
£
-
-
857,559
(185,333)
_
672,226
(25,076)
(1,078,000)
-
_
_
(430,850)
96,814
(147,456)
_
(481,492)
-
______

£(481,492)
 Shirlett & Tudor
Estates Limited
£
-
-
857,559
(185,333)
_
672,226
(25,076)
(1,078,000)
-
_
_
(430,850)
96,814
(147,456)
_
(481,492)
-
______

£(481,492)
 Swallowtex
Limited
£
(70,000)
(18,482)
-
-
_
(88,482)
(10,143)
-
-
__
(98,625)
-
-
__
(98,625)
-
___
£(98,625)
_

Details of the subsidiaries’ assets, liabilities and funds are disclosed in Note 16.

21

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

5. INCOME FROM TRADING SUBSIDIARY

5. INCOME FROM TRADING SUBSIDIARY
6. Commercial Trading Operations
Turnover – trading income
INVESTMENT INCOME		 2024
Group
Unrestricted Funds
£
-
_
£-
_		 2023
Group
Unrestricted Funds		 2023
Group		 2023
£
151,169
____
£151,169
____
INVESTMENT INCOME
2024 2024 2023 2023
Group Charity Group Charity
Unrestricted Funds Unrestricted Funds
£ £ £ £
Rent and Charges Receivable 924,730 67,171 630,048 58,807
Dividends from Listed Investment 336,052 336,052 444,504 444,504
Dividends from Investment
in Related Company - - - -
Bank Interest Received 6,429 6,429 2,152 2,152
Loan Interest Receivable 1,385,223 1,435,865 1,015,010 1,063,548
__ __ __ __
£2,652,434
__		 £1,845,517
__		 £2,091,714
__		 £1,569,011
__

Loan interest receivable includes interest from Lexton Investments Limited £316,737 (2023: £215,597).

The trustees, Mr E Low and Mr M Landau are directors of Lexton Investments Limited.

Investment income receivable during the year relates to UK held investments.

7. EXPENDITURE OF TRADING SUBSIDIARY

EXPENDITURE OF TRADING SUBSIDIARY
Commercial Trading Operations
Cost of sales
Administration expenses		 2024
Group
Unrestricted Funds
£
88,482
10,143
____
£98,625
 2023
Group
Unrestricted Funds
£
171,180
7,912
____
£179,092
 2023
Group
£
171,180
7,912
____
£179,092

22

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

8. INVESTMENT MANAGEMENT COSTS

2024
2024
Group
Charity
Unrestricted Funds
£
£
Investment property outgoings
255,582
70,249
Investment portfolio management fees
40,646
40,646
Administration expenses
25,076
-
_
_
£321,304
£110,895
_
_
9.
CHARITABLE DONATIONS BY FUND TYPE
2024
2024
Group
Charity
Unrestricted
Unrestricted
Funds
Funds
£
£
Charitable Donations (see note 3)
3,968,405
2,890,405
_
_
£3,968,405
£2,890,405

 2023
2023
Group
Charity
Unrestricted Funds
£
£
144,836
20,741
39,568
39,568
15,216
-
_
_
£199,620
£60,309
_
_
2023
2023
Group
Charity
Unrestricted
Unrestricted
Funds
Funds
£
£
3,299,940
2,639,440
_
_
£3,299,940
£2,639,440

ANALYSIS OF GRANTS PAYABLE

The following grant payments were made during the year ended 31 March 2024:

GRANTS TO INSTITUTIONS £
Boroughlea Limited 520,000
Biala Synagogue Trust 455,000
Zoreya Tzedokos 362,000
Yeitev Lev Eretz Israel Ltd 180,700
The ABC Trust 180,000
Chesed Shel Emes Limited 177,500
Ezer Viznitz Foundation 175,000
Tchabe Kollel Limited 165,000
Yizal Education Limited 150,000
Amud Hatzdokoh Trust 140,160
Kollel And Co Limited 108,000
Chevras Mo'oz Ladol 107,200
College For Higher Rabbinical Studies 86,000
Chasdei Aharon Limited 82,500
Mars Org. Ltd 82,500
Congregation Yetev Lev Dsatmar Antwerp 72,945
Congregation Yetev Lev Synagogue 70,000
Heichalei Hakodesh Centre Machnovke Belz 60,000
Mercaz Hatorah Belz Machnovke 90,000

23

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

ANALYSIS OF GRANTS PAYABLE ( Continued )

The following grant payments were made during the year ended 31 March 2024:

GRANTS TO INSTITUTIONS
Zlotchiv
Beis Yoel
Friends of Beis Soroh Schenierer
Live And Learn
Moreshet Hatorah Ltd
Start Upright
One Heart - Lev Echod
Mifal Hachesed Vehatzdokoh
Yesamach Levav Trust
Revach Vehazola Trust
Mifal Tzedoko V'chesed Limited
Nextgrant Ltd
Bait Limud Vchesed
Yeshuos Shabbos
Amounts below £20,000
Total Grants Payable
COST OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE
Grant
Funding
activities
£
Charitable Donations
3,968,405
 Total Funds
2024
£
3,968,405		 __
 £
55,000
50,000
50,000
50,000
50,000
50,000
45,200
40,000
36,000
35,000
30,000
27,800
23,000
20,000
141,900
_
3,968,405
_
Total Funds
2023
£
3,299,940
__

10. COST OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE

The charity has during the year made charitable donations to charitable institutions and the donations have been made for various charitable purposes. The donations can be analysed as follows:

Advancement of Jewish Religion and Education
Relief of poverty
General charitable purposes
Total		 2024
£
2,256,987
1,214,715
496,703
____
3,968,405

24

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

11. SUPPORT AND GOVERNANCE COSTS

SUPPORT AND GOVERNANCE COSTS
Auditors' Remuneration
Bank Charges
General Expenses
Consultancy Fees
Legal and Professional
Depreciation – Books & Manuscripts		 2024
Group/Charity
Unrestricted Funds
£
36,120
4
1,674
14,160
-
6,028
____
£57,986
 2023
Group/Charity
Unrestricted Funds
£
34,200
5
200
3,000
27,630
7,092
____
£72,127

12. STAFF COSTS AND EMOLUMENTS

The average number of staff employed by the group during the year amounts to Nil (2023: Nil)

No salaries or wages have been paid to employees, including the members of the committee, during the year in respect of the Charity. The Charity did not meet any individual expenses incurred by the Trustees for services provided to the Charity.

13. TAXATION

Major components of tax expense/(income)

2024
Group
Unrestricted Funds
£
Current year tax
-
Deferred tax:
Origination and reversal of timing differences – charge/(credit)
-
Impact of change in tax rate
-
__
Tax charge/(credit)
£ -
 2023
Group
Unrestricted Funds
£
-
(205,726)
-
__
£(205,726)

There are no deferred tax provisions for the company: it is exempt from tax due to its charitable status on the basis that all income and gains will be applied solely for qualifying charitable purposes.

25

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

14. NET MOVEMENT IN FUNDS

This is stated after charging the Group:

Auditor’ Remuneration
Audit fees - Charity
Audit fees – Subsidiary undertakings
Other fees
Depreciation		 2024
2023
Unrestricted Funds
£36,120
£34,200
£20,800
£19,500
£14,160
£30,630
£6,600
£7,855

Of the Net Movement in Funds of the Group a credit amount of £628,983 (2023: £2,201,312 – debit) has been dealt with in the Statement of Financial Activities of the Company itself.

15. TANGIBLE ASSETS

TANGIBLE ASSETS
GROUP
Cost/Fair Value
At 01 April 2023
Additions
Disposals
Revaluation
At 31 March 2024
Depreciation
At 01 April 2023
Charge for the year
Disposals
At 31 March 2024
Net Book Value
At 31 March 2024
At 31 March 2023
Historical costs
at 31 March 2024		 Freehold
Investment
I
Properties

£
8,088,000
1,309
-
-
_
£8,089,309

_
-
-
-
_
£-
_
£8,089,309

_
£8,088,000
_
£1,647,817

 Leasehold
nvestment
Properties
£
-
2,877,243
-
-
_
£2,877,243
_
-
-
-
_
£-
_
£2,877,243
_
£-
_
£2,877,243
 Books &
Manuscripts
£
60,476
-
-
-
_
£60,476
_
20,287
6,028
-
_
£26,136
_
£34,161
_
£40,189
_
£34,161
 Plant &
Equipment
£
18,463
-
-
-
_
£18,463
_
17,424
260
-
_
£17,684
_
£779
_
£1,039
_
£779		 _
 Motor
Vehicle
Total
£
4,690
8,171,629
-
2,878,552
-
-
-
-
_
_
£4,690
£11,050,181
_
_
3,440
41,151
312
6,600
-
-
_
_
£3,752
£47,751
_
_
£938
£11,002,430
_
_
£1,250
£8,130,478
_
_
£938
£4,560,938


_
_
_

26

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

15. TANGIBLE ASSETS (Continued)

CHARITY
Cost/Fair Value
At 01 April 2023
Additions
Disposals
Revaluation
At 31 March 2024
Depreciation
At 01 April 2023
Charge for the year
Disposals
At 31 March 2024
Net Book Value
At 31 March 2024
At 31 March 2023
Historical costs at 31 March 2024		 Freehold
Investment
Properties
£
1,090,000
-
-
-
_
£1,090,000
_
-
-
-
_
£-
_
£1,090,000
_
£1,090,000
_
£787,932
 Leasehold
Investment
Properties
£
-
2,877,243
-
-
_
£2,877,243
_
-
-
-
_
£-
_
£2,877,243
_
£-
_
£2,877,243		 Books &
Manuscripts
Total
£
60,476
1,150,476
-
2,877,243
-
-
-
-
_
_
£60,476
£4,027,719
_
_
20,287
20,287
6,028
6,028
-
-
_
_
£26,315
£26,315
_
_
£34,161
£4,001,404
_
_
£40,189
£1,130,189
_
_
£34,161
£3,699,336

a) All properties are UK held and are stated at fair value as at 31 March 2024 by Mr. E Low, a trustee.

b) The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2024 by the Charity’s Trustee who is considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location. The latest professional valuation of the subsidiary’s investment portfolio was carried out at 31 May 2017 by the Group’s valuers, Colliers International. The valuation figures are based on open market value assessed in accordance with the Practice Statements in the R.I.C.S. Appraisal and Valuation Manual.

27

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

16. INVESTMENTS HELD AS FIXED ASSETS GROUP

At Market Value 01 April 2023
Additions
Disposals
Revaluation*

Market Value at 31 March 2024

Historical Costs at 31 March 2024
 Unlisted
Investment
£
5,680,000
-
-
140,000
_
£5,820,000
_
£2,187,772
 Listed
Investment
£
17,434,495
187,306
(2,460,872)
1,511,221
_
£16,672,150
_
£13,751,823		 Total
£
23,114,495
187,306
(2,460,872)
1,651,221
_
£22,492,150
_
£15,939,595

*All unlisted investments have been revalued at the Balance Sheet date by Mr. E Low, a trustee. All investments held are in the UK only.

Listed investments have been professionally valued at the Balance Sheet date by the investment managers at Barclays Wealth.

INVESTMENTS HELD AS FIXED ASSETS CHARITY

CHARITY
At Market Value 01 April 2023
Additions
Disposals
Revaluation*
Market Value at 31 March 2024
Historical Costs at 31 March 2024		 Investment
Investment
In Subsidiary
in Related
Undertakings
Company

£
£
7,600,000
240,000
-
-
-
-
(500,000)
-
_
_
£7,100,000
£240,000
_
_
£750,100
£240,000

 Listed
Investments
Total
£
£
17,434,495
25,274,495
187,306
187,306
(2,460,872)
(2,460,872)
1,511,221
1,011,221
_
_
£16,672,150
£24,012,150
_
_
£13,751,823
£14,741,923

All investments are held in the UK only.

The fair value at 31 March 2024 of the Investments in Subsidiary Undertakings and unquoted Related Company is based on the underlying value of assets less liabilities of these companies. The valuation of properties and other assets in these companies has been made by Mr E Low, a trustee.

28

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

16. INVESTMENTS HELD AS FIXED ASSETS ( continued ) CHARITY

Subsidiaries

Description & Proportion
of Share Capital Owned Nature of Business
Shirlett & Tudor Estates Limited 100% Property Investment
Shirlett & Tudor Estates Limited has the following active subsidiary:
Swallowtex Limited 100% Property Maintenance

In addition, the subsidiary, Shirlett & Tudor Estates Limited owns 16.2% of the issued ordinary shares in Lexton Investments Limited, a company trading and incorporated and registered in England.

The Financial Statements of the subsidiary undertakings are made up annually to 31 March. The assets, liabilities, capital and reserves of the subsidiary undertakings at 31 March 2024 are as follows:

Fixed Current Current Net Assets/ Aggregate Capital
Assets Assets Liabilities Provisions (Liabilities) and Reserves
£ £ £ £ £ £
Shirlett and Tudor Estates Ltd 8,947,862 1,875,278 (2,561,439) (1,128,753) 7,132,948 7,132,948
Swallowtex Limited 938 17,124 (27,001) - (8,939) (8,939)

17. DEBTORS

DEBTORS
2024 2023
Group
Charity		 Group
Charity
£
£		 £
£
Trade Debtors 45,201
17,847		 164,041
21,758
Amount due from Subsidiary Undertakings -
1,068,921		 -
1,928,921
Loan Debtors 15,096,891
13,526,891		 14,746,391
13,657,391
Benevolent Loans 571,415
571,415		 584,550
584,550
Other Debtors and Prepayments 1,341,075
1,250,684		 1,705,660
1,688,803
__
__		 __
__
£17,054,582
__
£16,435,758

__		 £17,200,642
__
£17,881,423

__

29

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

17. DEBTORS ( Continued )

Included in loan debtors is an amount of £3,714,978 (2023: £3,714,978) due from Lexton Investments Limited. The majority shareholder of Lexton Investments Limited has pledged 6.57 million shares representing 54.75% of the issued share capital as security for the loan. The estate of late Mrs B Low together with other family members of the Low family control 45% of the Issued Share Capital of Lexton Investments Limited. The above loan bears interest of 3.5% above base rate per annum and is repayable on demand. Similarly, interest is charged at 3.5% above base rate on loans to subsidiary undertakings.

Also included in loans debtors are amounts totalling £11,261,913 (2023: £10,282,413) which bear interest at various rates ranging from 2.5% above base rate to 10.5% per annum and are repayable on demand. Included are amounts due from various companies which have some connection with the trustees as follows:

Interest Rate 2024 2023 2023
Per annum Group
Charity		 Group Charity
£ £ £ £
Amounts falling due within one year
Allpark Estates Ltd 10.5% - - 910,000 910,000
Eben Investments Ltd 3.5% over Base Rate 250,000 - - -
Elteam Ltd 2.5% over Base Rate 4,838,350
4,838,350		 3,610,850 3,610,850
Elteam Ltd 3.5% over Base Rate 700,000 - 700,000 -
EPA Estates Ltd 5% 70,000 70,000 70,000 70,000
Stellacorp Limited 6% - - 610,000 610,000
Timepark Properties Ltd 3.5% over Base Rate 150,000 - 150,000 -
Wigmore Estates Ltd 3.5% over Base Rate 250,000 - - -
Williard Properties Ltd 5% 6,000 6,000 6,000 6,000
Amounts falling after more than one year
Dexbay Properties Ltd 5% 2,263,681
2,263,681		 2,051,681 2,051,681
__ __ __ __
£8,528,031
__		 £7,178,031
__		 £8,108,531
__		 £7,258,531
__

Benevolent Loans represent unsecured advances and are repayable on demand.

Other debtors include interest receivable from Lexton Investments Limited £86,710 (2023: £72,413) and £1,174,643 (2023: £993,575) from companies which have some connection with the trustees.

The loan debtors include the following amounts falling due after more than one year:

2024 2023
Group
Charity		 Group
Charity
£
£		 £
£
Loan Debtors £6,070,063
__
£6,070,063

__		 £4,635,563
__
£4,635,563

__

30

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
Group
Charity
Group
£
£
£
Bank Loans and Overdraft
-
-
-
Trade Creditors
87,871
-
101,244
Other Taxes
-
-
-
Other Creditors and Accruals
1,413,219
129,027
990,048
_
________
________

£1,501,090
£129,027
£1,091,292



 Charity
£
-
3,837
-
54,596
_
£58,433

19. PROVISION FOR LIABILITIES

GROUP

At 01 April 2023
Movement for the year
At 31 March 2024		 Total
£
1,128,753
-
____
£1,128,753
 Total

Deferred tax is recognised in respect of timing differences arising from the revaluation of assets classified as investments in the non-charitable subsidiary undertakings. Although the provision has been recognised in accordance with FRS 102, it is expected that the majority of the gains will be gifted for charitable purposes and such tax should not become payable.

There are no deferred tax provisions for the parent charitable company; it is exempt from tax due to its charitable status on the basis that all income and gains will be applied solely for qualifying charitable purposes.

20. UNRESTRICTED FUNDS

GROUP
Balance at 01 April 2023
Movement in funds for the year
Balance at 31 March 2024		 Charitable Non-Charitable
Funds
Funds
£
£
46,132,793
2,693,351
1,268,983
(580,117)
_
_
£47,401,776
£2,113,234
 Total
£
48,826,144
688,866
____
£49,515,010
 Total

31

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

20. UNRESTRICTED FUNDS ( Continued )

CHARITY
Balance at 01 April 2023
Movement in funds for the year
Balance at 31 March 2024		 Total
Funds
£
45,229,792
628,983
____
£45,858,775
 Total
Funds

21. NOTES TO THE GROUP CASH FLOW STATEMENT

a. Reconciliation of net loss to net cash flow used in operating activities:

Net profit /(loss) for the year
Adjustments for
Dividends receivable
Interest receivable
Losses/(Gains) on investments
Taxation charge/(credit)
Depreciation of tangible fixed assets
Loss on disposal of fixed assets
Decrease/(Increase) in debtors
Increase/(Decrease) /Increase in creditors
Net Cash used in
Operating Activities
b.
Analysis of cash and cash equivalents
Cash at Bank
Overdrafts
Total		 At 01.04.23
£
2,600,574
-
____
£2,600,574
 2024
£
688,866
(336,052)
(1,391,652)
(1,797,752)
-
6,600
-
308,192
409,798
_
£(2,112,000)
_
Cash flows
£
(1,004,883)
-
____
£(1,004,883)		 2024
£
688,866
(336,052)
(1,391,652)
(1,797,752)
-
6,600
-
308,192
409,798
_
£(2,112,000)
_
Cash flows
£
(1,004,883)
-
____
£(1,004,883)		 2023
£
(2,187,674)
(444,504)
(1,017,162)
1,123,104
(205,726)
7,855
-
(271,346)
(25,055)
_
£(3,020,508)
_
At 31.03.24
£
1,595,691
-
____
£1,595,691
___ _

32

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

22. FINANCIAL INSTRUMENTS

2024 2023
Group
Charity		 Group
Charity
£
£		 £
£
Financial assets measured at fair value
through income and expenditure:
Listed investments (see Note 16) 16,672,150
16,672,150		 17,434,495
17,434,495
Investment in Subsidiary Undertakings
(see Note 16) 5,820,000
7,100,000		 5,680,000
7,600,000
Financial assets measured at amortised
cost(see Note 17) 17,054,582
16,435,758		 17,200,642
17,881,423
Financial liabilities measured at amortised
cost(see Note 18) 1,501,090
__
129,027

__		 1,091,292
__
58,433

__

The income, expense, net gains and losses, including changes in fair value, for financial assets measured at fair value and financial assets and liabilities measured at amortised cost are included within the Statement of Financial Activities.

23. RELATED PARTY TRANSACTIONS

The charitable donations paid during the year included 41% of donations made to charitable organisations which have some trustees in common with this charity as listed below:

1
Biala Synagogue Trust
2
Boroughlea Limited
3
Congregation Yetev Lev
4
Congregation Yetev Lev D’Satmar Antwerp
5
Ezras Yisroel
6
Kollel & Co Limited
7
Nextgrant Limited
8
Releif UK Ltd
9
Start Upright Limited
10 Tchabe Kollel Limited
11 Yizal Education Limited
12 YTV London		 £
455,000
520,000
70,000
72,945
18,000
108,000
27,800
5,000
50,000
165,000
150,000
5,000

Additional Related Party information is given in Notes 17 and 18.

33

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED

(LIMITED BY GUARANTEE)

MANAGEMENT INFORMATION

FOR THE

PERIOD FROM 01 APRIL 2023 to 31 MARCH 2024

The following pages do not form part of the Statutory Financial Statements which is the subject of the auditors’ report on pages 7 to 11

34

Docusign Envelope ID: 990D38FB-AC80-45A4-BA3F-AC5AAD8838FD

GILMOOR BENEVOLENT FUND LIMITED (LIMITED BY GUARANTEE)

COMPANY PROPERTY REVENUE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2024

2024 2023
£ £ £ £
Rents and Other Charges Receivable 67,171 58,807
Less: Property Outgoings
Rates 72 303
Insurance 322 981
Repairs 7,747 2,847
Legal and Professional Charges 32,730 6,595
Light & Heat 5,234 691
Caretaker & Cleaning 558 468
Sundry 14,910 150
Management Fees 7,808 7,038
Letting Fees 868 1,668
__ __
(70,249) (20,741)
__ __
NET RENTAL (LOSS)/INCOME £(3,078)
__		 £38,066
__

Property Revenue in respect of:

20 Ribchester Avenue, Perivale, Greenford, Middlesex

This page does not form part of the Statutory Financial Statements.

35