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2023-03-31-accounts

Charity registration number 1094397

Company registration number 04436366 (England and Wales)

SAMJO LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

SAMJO LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J Halpern
Mr S Halpern
Rabbi Y Friedman
Secretary Mr S Halpern
Charity number 1094397
Company number 04436366
Registered office 1st Floor Cloister House
Riverside, New Bailey Street
Manchester
M3 5FS
Auditor Lopian Gross Barnett & Co
1st Floor Cloister House
Riverside, New Bailey Street
Manchester
M3 5FS
Bankers HSBC Bank Plc
2 - 4 St Ann's Square
Manchester
M2 7EF

SAMJO LIMITED

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9 - 10
Statement of cash flows 11
Notes to the financial statements 12 - 21

SAMJO LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects are the advancement of religion, the advancement and support of education and the relief of the elderly, vulnerable (such as young children or anyone with special needs) or those suffering poverty or hardship and other charitable purposes for the public benefit. The trustees confirm that they have referred to guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trusts aims and objectives and in planning future activities and setting the grant making policy for the year.

The charity's main income is generated from investment income and donations under the gift aid scheme and most of this income is distributed to medical, religious and similar charities.

The objective of the charity for the year was to maintain a stable flow of donations going to worthy causes in the Jewish community. The trustees also aim to expand the charity's investment portfolio whenever the opportunity arises.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

The trustees have identified a number of Orthodox Jewish charities which profess and teach the principles of traditional Judiasm or which carry out activities which advance religion in accordance with the Orthodox Jewish faith. Grants are given on application to the trustees by these or similar charities.

Achievements and performance

During the year the trust made donations to a wide variety of charities within the Jewish community. Almost all of the incoming resources were distributed to various charities in the year. Remaining reserves in bank and deposit accounts as required are available towards future investment purposes. The trustees are pleased with its investment performance and with the level of donations given to worthy causes.

At the year end the charity held seven UK freehold properties as investments, plus a share in a joint venture. Trustee requirements are to expand the charity's portfolio, and further investments are being sought by the charity.

The charity seeks further investments with the funds available to it.

At the year end the trusts investments were valued at £49,803,016 and returned income of £3,702,107.

Financial review

During the year the charity received investment income of £3,708,607. This allowed the trustees to distribute £1,186,600 to other charity and good causes. After payments of other charitable expenditure in the year and a revaluation gain on the properties, there was an increase in funds of £5,522,141.

There is no formal policy to maintain a set level of reserves. However, the trustees do prefer to maintain a high level of cash reserves. The reason for the high level is that should an investment become available that requires funding faster than a loan provider can facilitate, the trustees want the charity to be able to go ahead with the investment rather than miss it. Financing through a provider can take place at a more convenient date. The trustees are continually looking for appropriate investments which will ensure that high levels of return can be achieved with low risk. The reserves are maintained in line with this policy.

SAMJO LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

At the balance sheet date the charity had unrestricted reserves available to it of £36,477,976. This includes the cash reserves of £2,876,103. Trustees are holding reserves in a high interest earning account. Trustees feel that the charity would benefit from interest earned until further right investment opportunities arise.

The trustees' investment powers are governed by the company's Memorandum of Association that permits the company to invest as may be determined by the trustees. The trustees are experienced property investors and have invested the charity's funds into properties. Investments are chosen on the basis of achieving a yield in excess of that available from cash deposits while maintaining a high degree of security of income.

The charity's investments generated a good return on capital invested.

The trustees has assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The charity plans to continue to seek donations to enable them to distribute the monies throughout the Jewish community. The trustees will continue to purchase further investments when they believe it is in the best interests of the charity.

Structure, governance and management

The charitable company is a company limited by guarantee governed by its Memorandum and Articles of Association dated 13 May 2002. It is registered as a charity with the Charity Commission.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr J Halpern

Mr S Halpern

Rabbi Y Friedman

Appointment of other trustees is at the discretion of Mr J Halpern and Mr S Halpern. Training would be offered to new trustees by the existing trustees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

All decisions made on behalf of the charity are made by the trustees. The trustees are responsible for the provision of means to distribute charitable donations to worthy causes.

Details of related party transactions are disclosed in note 18 to the accounts. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises.

Disabled persons

The charitable company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

SAMJO LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The trustees' report was approved by the Board of Trustees.

..............................

Mr J Halpern Trustee Dated: .........................

SAMJO LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The trustees, who are also the directors of Samjo Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate 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. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SAMJO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SAMJO LIMITED

Opinion

We have audited the financial statements of Samjo Limited (the ‘charitable company’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

SAMJO LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SAMJO LIMITED

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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:

Due 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, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SAMJO LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SAMJO LIMITED

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Brodie FCA (Senior Statutory Auditor) for and on behalf of Lopian Gross Barnett & Co

.........................

Chartered Accountants Statutory Auditor

1st Floor Cloister House Riverside, New Bailey Street Manchester M3 5FS

Lopian Gross Barnett & Co is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

SAMJO LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 6,500 300
Investments 4 3,702,107 3,392,012
Total income 3,708,607 3,392,312
Charitable activities 5 2,134,898 1,160,153
Net gains on investments 10 3,948,432 10,574,919
Net income and movement in funds 1,573,709 2,232,159
Reconciliation of funds:
Fund balances at 1 April 2022 30,955,835 18,148,757
Fund balances at 31 March 2023 36,477,976 30,955,835

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SAMJO LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Investment properties
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
Income funds
Unrestricted funds
General unrestricted funds
General unrestricted funds - non-distributable		 2023
£
£
29,860,000
19,943,016
49,803,016
889,529
2,876,103
3,765,632
(1,804,172)
1,961,460
51,764,476
(15,286,500)
36,477,976
30,404,220
6,073,756
36,477,976
36,477,976		 2022
£
£
46,410,000
1,348,028
47,758,028
2,351,472
764,883
3,116,355
(3,721,495)
(605,140)
47,152,888
(16,197,053)
30,955,835
25,355,219
5,600,616
30,955,835
30,955,835

SAMJO LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on .........................

..............................

Mr J Halpern

Trustee

Company registration number 04436366

SAMJO LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

2023
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
21
(231,631)
Investing activities
Purchase of investment property
(2,156,860)
Acquisition/(disposal) of associates
4,060,304
Investment income
3,702,107
Net cash generated from investing
activities
5,605,551
Financing activities
Proceeds from borrowings
-
Repayment of borrowings
(1,436,761)
Proceeds of new bank loans
15,900,000
Repayment of bank loans
(17,725,939)
Net cash used in financing activities
(3,262,700)
Net increase in cash and cash equivalents
2,111,220
Cash and cash equivalents at beginning of year
764,883
Cash and cash equivalents at end of year
2,876,103		 2022
£
£
(2,089,840)
-
(308,692)
3,392,012
3,083,320
853,409
-
-
(1,559,514)
(706,105)
287,375
477,508
764,883

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Samjo Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1st Floor Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Funds held by the charity are all unrestricted. These being funds which can be used in accordance with the charitable objects at the discretion of the trustees.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Gift aid donations are accounted for when received and include income tax recoverable where applicable.

Income from investments relates to rental income received for the period and other property related income. Operating lease incentives are taken into account and spread up to the earliest break-clause of the lease where applicable.

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

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

Charitable distributions represent donations paid to religious, educational and similar charities. Other charitable expenses are provided for on an accruals basis.

1.6 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the charitable company holds a long-term interest and where the charitable company has significant influence. The charitable company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 6,500 300

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Rental income 2,171,882 2,164,164
Income from property investment 1,494,736 1,227,726
Interest receivable 35,489 122
3,702,107 3,392,012

5 Charitable activities

Charitable Charitable
activities activities
2023 2022
£ £
Insurance (9,658) 955
Repairs and renewals 55,751 -
Bank charges and interest 18,456 9,053
Loan interest 655,842 313,502
Provision for bad debts 18,797 63,447
Management fees 114,360 102,045
Ground rents - 3,822
Legal and professional 84,642 29,312
938,190 522,136
Grant funding of activities (see note 6) 1,186,600 634,250
Share of governance costs (see note 7) 10,108 3,767
2,134,898 1,160,153

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Grants payable

Grants to institutions:
Friends of Boyan Trust
Kolyom Trust Limited
Oizer Charitable Trust
Shemtov Charitable Trust
Teshuvoh Tefilloh Tzedokoh
Other
Grants to individuals		 2023
£
218,800
4,000
310,000
322,000
158,400
173,400
1,186,600
-		 2022
£
83,500
34,500
74,000
156,250
130,000
156,000
634,250
-

The above are the major grants made to UK charitable institutions in the year.

All the donations paid by the charity are to institutions such as those listed above. All the institutions operate in line with the charities objectives.

7 Support costs allocated to activities

Support costs allocated to activities
Governance costs
Analysed between:
Audit fees		 2023
£
10,108
10,108		 2022
£
3,767
3,767

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

None of the trustees (or any persons connected with them) received any reimbursement of expenses from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2023 2022
Gains/(losses) arising on: £ £
Revaluation of investments 3,948,432 10,574,919

11 Taxation

The activities of Samjo Limited are exempt from direct taxation under Part 11 of the Corporation Tax Act 2010.

12 Investment property

Investment property
2023
£
Fair value
At 1 April 2022 46,410,000
Additions through external acquisition 2,156,860
Net gains or losses through fair value adjustments 473,140
Reclassification (19,180,000)
At 31 March 2023 29,860,000

Investment property comprises £29,860,000 (2022: £46,410,000) of commercial properties. £29,860,000 of the investment property has been arrived at on the basis of a valuation carried out within 12 months of the year's end by an internal Chartered Surveyor. £19,180,000 of the investment property has been re-classified as investments. Both valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

All the properties are secured against the bank loans to the charity.

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

13 Fixed asset investments

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022
Other investments comprise:
Notes
Investments in subsidiaries
Investments in associates		 Other
investments
1,348,028
18,594,988
19,943,016
19,943,016
1,348,028
2023
2022
£
£
4
4
19,943,012
1,348,024
19,943,016
1,348,028		 Other
investments
1,348,028
18,594,988
19,943,016
19,943,016
1,348,028
2023
2022
£
£
4
4
19,943,012
1,348,024
19,943,016
1,348,028
19,943,016
19,943,016
1,348,028
2022
£
4
1,348,024
1,348,028

Unlisted investments at the year end comprises an investment into a UK Joint Venture that invests in land and buildings. This has been reclassified from investment property during the financial year.

The subsidiary is a dormant company called Goldenhunter Limited. Goldenhunter Ltd 100% owns a subsidiary called Century Plaza Management Company Limited a UK property management company.

There are three other UK dormant company subsidiaries. Samjo Limited owns 100% of the ordinary share capital.

14 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
289,241
561,188
39,100
889,529		 2022
£
302,861
2,012,832
35,779
2,351,472

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

15 Loans and overdrafts

Bank loans
Other loans
Payable within one year
Payable after one year		 2023
£
15,932,384
-
15,932,384
645,884
15,286,500		 2022
£
17,758,323
1,436,761
19,195,084
2,998,031
16,197,053

The long-term loans are secured by fixed charges over the investment property.

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Bank loans
15
Other borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2023
£
645,884
-
32,166
231,933
260,186
634,003
1,804,172		 2022
£
1,561,270
1,436,761
30,564
207,083
246,903
238,914
3,721,495

The above loans were secured by a charge over the investment property in the company.

17 Creditors: amounts falling due after more than one year

2023 2022
Notes £ £
Bank loans 15 15,286,500 16,197,053

The above loans were secured by a charge over the investment property in the company.

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds		 At 1 April
2022
£
30,955,835
At 1 April
2021
£
18,148,757		 Incoming
resources
£
3,708,607
Incoming
resources
£
3,392,312		 Resources
expended
£
(2,134,898)
Resources
expended
£
(1,160,153)		 Gains and
losses
At 31 March
2023
£
£
3,948,432
36,477,976
Gains and
losses
At 31 March
2022
£
£
10,574,919
30,955,835

19 Events after the reporting date

There were no events after the reporting period end date which required disclosure at the balance sheet date.

SAMJO LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

20 Related party transactions

The charity is limited by guarantee and is controlled by its trustees.

During the year the charity made charitable donations of £310,000 (2022 - £156,250) to other charities in which Mr S Halpern is a Trustee and £310,000 (2022 - £74,000) to other charities in which Mr J Halpern is a Trustee.

There were no further related party transactions in the year.

21
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Movements in working capital:
Decrease/(increase) in debtors
Increase in creditors
Cash absorbed by operations
22
Analysis of changes in net (debt)/funds
At 1 April 2022
£
Cash at bank and in hand
764,883
Loans falling due within one year
(2,998,031)
Loans falling due after more than one year
(16,197,053)
(18,430,201)		 2023
2022
£
£
5,522,141
12,807,078
(3,702,107)
(3,392,012)
(3,948,432)
(10,574,919)
1,461,943
(978,268)
434,824
48,281
(231,631)
(2,089,840)
Cash flowsAt 31 March 2023
£
£
2,111,220
2,876,103
2,352,147
(645,884)
910,553
(15,286,500)
5,373,920
(13,056,281)