PARKWILL LIMITED (LIMrrED BY GUAIL4NTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 2522634 Charity Number: 1096158 COHEN ARNOLD CHARTERED ACCOUNTANTS & STATUTORY AUDITOR LONDON NWI I OPU
PARKWILL LIMITED INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administrative Details Trustees, Report 7- 10 Auditor's Report Consolidated Statement of Financial Activities 12 Consolidated Balance Sheet and Charitable Company Balance Sheet 13 Consolidated Statement of Cash Flows 14-24 Notes to the Financial Statements
PARKWILL LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR EIWED 31 MARCH 2024 Name: Patkwill Limited Status.. Incorporated: 16, July 1990 Registered Charity Number: 1096158 Company Registration Number.. 2522634 Prineipal Office; 129 Stamford Hill London N16 5TW Registered Offiee.. New Burlington House 1075 Finchl¢y Road London NWI I OPU Charity Trustees: Mr P N Englander (Chairnian) Mrs E T Englander Mr A Stern Mr E Gottesfeld Secretgry: Mrs E T Englander Auditors: Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NWI I OPU Bankers: Barclays Bank PIC Mile End & Bow Branch 240 Whitechapel Road London El l BS
PARKWILL LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also directors for the purposes of Company law, have pleasure in presenting their report, together with the consolidated Financial Statement5 of the Charitable Company and its subsidiarie5 for the year ended 31 March 2024 which are also prepar¢d io meet the requirements for a Directors, report for Companies Act purposes. The financial Statements comply with the Charities Act 201 l. the Companies Act 2006, the 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). REFERENCE AND ADMINISTRATIVE DETAILS Reference and Administrative details of the Company are shown on Page l of the Financial Statements which fornis part of this report. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Docupnenl Parkwill Limited is a Company limited by guarantee governed by its Memorandurn and Articles of Association. It is registered as a charity with the Charity Commission. Organlsallon The Charitable Company is administered by the Trustees. Every Trustee holds office until he/she shall die or shall cease lo hold office by virtue of the Articles of Association. The day-to-day affairs of the Charitable Company are administered by the Trustees whose Chairn]an is Mr P N Englander. All Trustees give their time voluntarily and no benefit or expenses were paid to them in the year. Appoinlmenl of Truslees Where there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustees. Trusiee Inducllon and Tralning The Chainnan of the Trustee5 would be responsible for the induction of any new Trustee, which involves awareness of a TNstee's responsibilities, the governing document. administrative procedures, the history and philosophical approach of the Charity. A new Trustee would receive copies of the previous year's annual report and accounts with detailed explanation thereof. Group Slruclure and Relalionsliips During the period the Charity received the IOOO/o shareholdings of the following non-charitable operating subsidiarie5 Grangepoint Limited (Company reg. no. 01338359) and Adagio Estates Limited (Company reg. no. 11229159) from a related Charity, Keren Association Limited. Com Adagio Estates Limited Grangepoint Limited Com Re istration Number 11229159 01338359 Percenta e Shareholdin loo% IOOO/y The subsidiary undertakings are administered by the Directors of those companies. Relaled Party Tronsaclions Details of transactions with Related Parties are disclosed in Note 20 to the Financial Statements. 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 Parkwill Limited group of Companies.
PARKWILL LIMITED REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES FOR THE BENEFIT OF THE PUBLIC The Charities objectives, as defined in ils governing document. are the advancement of religion in accordance with the orth10K Jewish faith, the relief of poverty and such other pUoSeS as are reCOlSed by English Law as charitable. To achieve these objects, the Company utilises its income to make grants and donations. The Trustees confirni their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charitable Company's aims and objectives and in planning future activities. Grani Maklng Policy The Trustees are approached for donations by a wide variety of ¢haritable institutions operating in the United Kingdom and abroad. The Trustees consider all requests which they receive and make donations based on the level of funds available to charities whose purpose fall within the objects of the Charitable Company. In making grants and donations, the Trustees use their personal knowledge of the relevant institutions, their representatives, operational efficiency and reputation. The Trustees monitor the application of the grants aT]d donations by meeting with representatives of the institutions and obtaining inforniation as to the utilisalion of nds. INVESTMENTS The movements in Investments are fully reflected in Note 9 to the Financial Statements. The Group's investment properties are included in the Financial Statements at fair value. The properties are valued by the Trustees. The Charitable Company's investments in subsidiary undertakings are included in the Financial Statements at fair value, based on the value of their underlying assets less liabilities. The valuation of properties and other assets in these Companies has been carried out by the Trustees. ACHIEVEMENTS AND PERFORMANCE During the year the Charitable Company ha5 continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion and the giving of philanthropic aid. The reserves remain available to organisations engaging in activities compatible with the aim5 and objective5 of the Charitable Company. The Trustees expect such demands to increase in tUre years. The financial results of the Charitsble Company and its Subsidiary Undertakings for the year ended 31 Mar¢h 2024 are fully refle¢ted in the attached Financial Statements together with the Notes thereon. Grants and donations in the year totalled £954,940 (2023.. £1,303,330).
PARKWILL LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financial Position The financial position of the Charitable Company and its subsidiaries is satisfactory. The Charitable Company's Consolidated Statement of Financial Activities shows a net surplus of £5,743,552 (2023.. net Deficit of £37,815) and total reserves of £5,714,112 (2023: deficit of £29,440). Reserves Polic The Reserves Policy of the Trustees is to maintain unrestricted funds, which are the free reserves of the Charitable Company, at a level they consider appropriate to the Charitable Company's needs taking into account likely future requirements. The Charitable Company holds long tern) investments to allow it to generate sufficient income on an ongoing basis. A proportion of the reserves is held in readily realisable forn] to Cover on-going grant-making activities and contingencies arising from addttional calls made upon the Charitable Company for the support of organisations in times of need. The Charitable Company'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. Princ al Fundin Sources The Charitable Company's principal funding sources in the year were donations received from related companies, together with donations received frorn subsidiaries. Inveslnieiit olic and ob'ectives Under the Memorandum and Article5 of Association, the Charitable Company 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 Charitable Company's investment policy is to maximi5e its income and gains so that its charitable objectives are maintained and expanded. Key Performance Indicators The Trustees monitor the group's perfomance against the strategic objectives on a regular basis. Perforniance 15 assessed against the strategy and expectations using financial and non-financial indicators. The key fmancial perfomlance indicators used by the group are as follows.. 2024 2023 Grants and donations received Grants and donations paid Net investment income Gains1(Losses) on investments Net movement in funds- surplu51(deficit) Total funds 6,597,096 954,940 115,072 1,275,850 1,303,330 5,743,552 5,714,112 (37,815) (29,440) The Charity has continued to raise funds and was able to continue its grant funding activities in furtherance of its charitable objects. PLANS FOR FUTURE PERIODS The Trustees plan to continue making distribulions in accordance with their grant-making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
PARKWILL LI1TED REPORT OF THI TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Principal Rlsks and Uncertainlies The Trustees have identified and reviewed the major risks to which the group is exposed, in particular those related to the operdtions and fmance of the group, and are satisfied that systems are in place to manage those risks. The principal risks to which the group is exposed are.. The availability of liquid funds to make grants and donations Liabilities arising from property investment activity Tenant defaults Damage to property from flood, fire or l¢rrorist action The economic Cycle generally The group seeks to manage or mitigate such risks wherever possible through measures including insurance. lenant 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 sUrance that major risks have been adequately managed. TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees (who are also the directors of Parkwill Limited for the purposes of Company law) are responsible for preparing the Trustees, Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial Statements for each financial year which give a trne and fair view of the stale 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 Charilable Group for that period. Under company law the Trustees must not approve the finaTJcial statements unless they are satisfied that they give a true and fair view or the slate of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements. the Trustees are required to- select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material d¢partures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable a¢¢uracy at any time the financial position of the Charitable Company and enable them to ensur¢ that the financial Statements comply with the Companies Act 2006 and Charity legislation. 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.
PARKWILL LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF DISCLOSURE TO AUDITORS In so far as the Trnstees are aware at the time of approving the Trustees, Report: there is no relevant inforn]ation, being inforniation needed by the auditor in connection with preparing their report, of which the group's auditor is unaware, and the trustees, having made enquiries of fellow directors and the group's auditor that they ought to have individually taken. have each taken all steps that helshe is obliged to take as a director in order to make themselves awar¢ of any relevant audit infonnation and to establish that the auditor is aware of that infomation. AUDITORS The auditors, Cohen Arnold, are 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 provision5 for small Companies under Part 15 of the Companies Act 2006. Approved by the Trustees ong.January 2025. includTng in their capacity &s Company Directors. On behalf of the Board of Trustees, Mrs E T Englander (Trustee)
PARKWILL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF PARKWILL LIMITED FOR THE YEAR ENDED 31 MARCH 2024 OPINION We have audited the financial statements of Parkwill Limited (the 'parent charitable company,) and its subsidiaries ('the group,) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activilies, 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 (Unit¢d Kingdom Generally Accepted Accounting Practic¢), In our opinion the financial statements- give a true and fair view of the slate of the group's and the parent charitable ¢ompany's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure. and of the group's cash flows for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance wilh International Standards on Auditing (UK) (ISAS (UK)} and applicable law. Our responsibilities under those standards are further described in the auditorfs 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 slatements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other eihical responsibilities in accordance with these requirements. We believe that ihe 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 perfornied, we have nol identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or th¢ parent charitabl¢ 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.
PARKWILL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MBERS AND TRUSTEES OF PARKWILL LIMrrED (Conrtrtued) FOR THE YEAR ENDED 31 NL4RCH 2024 OTHER INFORMATION The other information comprises the inforniation included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other infonnation. Our opinion on the fmancial statements does not cover the other inforn]ation and, except to the extent otherwise explicitly stated in our report, we do not express any fom of assurance conclusion thereon. In Connection with our audit of the financtal statements, our responsibility is to read the other inforn]ation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo 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 infornation. If, based on the work we have performed. we conclud¢ that there is a material mi55tatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. OPIIYIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the course of the audit: the infomiation given in the Trustees. Report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Trustees, Report has been prepared in accordance with applicable legal requirements. 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 Trustee5' Report. We have nothing to report in respect of the following matter5 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have noi been received from branches not visited by us; or the parent company financial statements are not in agreement with the accounting records and returns. or certain disclosures of TnLStees' rernuneration specified by law are not made. or we have not received all the infornialion and explanations we require for our audit. or the trustees were not entitled to prepare the financial Statements in accordance with the small companies regirne and take advantage of the small companies, exemptions in preparing the trustees annual report and from the requirement to prepare a strategic report.
PARKWILL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE mElBERs AND TRUSTEES OF PARKWILL LIMITED (Continuéd) FOR THE YEAR ENDED 31 MARCH 2024 RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees. responsibilities statement, the Trustee5 who are also the Directors of the parent charitable company for the purposes of company law are responsible for the preparation of the fmancial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemiine 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 parent charitable ompany's ability to continue as a going concern, disclosing, as applicable, matter5 related to going Concern and using the going concem basis of accounling unless the Trustees either intend to liquidate the group or the parent charitable company or to ce&5e operations, or have no realistic alternative but to do 50. 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 frorn material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurdnce is a higyh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the management and identified which were most significant with respect to the financial statements. We identified Companies Act 2006 (including associated regulations), Charities Act 2011, Charities SORP (FRS 102), Financial Reporting Standard 102, Taxation Laws and Regulations, The Landlord and Tenant Act and Health & Safety Regulations as being most Significant lo these financial statements. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had su1¢1¢nt competence and Capability to identify or recognise non-con]pliance with laws and regulations. We discussed with the management the policies and procedures regarding compliance with ihe legal and regulatory framework. We assessed the susceptibility of the group'5 financial statements to material m i55tatement due to non- compliance with legal and regulatory framework, including how fraud might o¢¢ur, by enquiry with the management during the planning and finalisation Stages of our audit and by using proprietary disclosure checklists. The susceptibility to such Tnaterial misstatement was detennined to be low. Based on this understanding, we designed our audit procedure5 to identify non-compliance with the identified legal and regulatory framework. which were part of our procedures on the related financial staternent items. Our procedures included reviewing the group's internal controls policies and procedures, reviewing the minutes of board meetings and correspondence with regulatory bodies including HM Revenue & Customs. testing transactions outside the nonnal course of the busine55 and journal entries, and discussions with the management.
PARKWILL LIMITED INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF PARKWILL LIMITED (Comiinuerf) FOR THE YEAR ENDED 31 MARCH 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Cortllnued) Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have ddected some material misstatements in the financial statements, even though we have properly planned and perfomied our audit in accordance with auditing standards. For example, the fjjrther removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial stalements. 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 non-detection of irregularities, as these may involve collusion, forgery. intentional omissions, misrepresenÉaiions, or the override of Internal controls. We are not responsibl¢ for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A fvrther description of our responsibilities for ihe audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This des¢riplion fomis part of our auditor's report. USE OF OUR REPORT This report is rnade solely to the company's members, as a body. in acrordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the ¢ornpany's members those matters we are required to state to them in an auditor's report and for no other purp05¢. To the lIest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the Company's mernbers as a body, for our audit work, for this report, or for the opinions we have formed. Asher S emlicht (Senior Stalutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finehley Road London NWI I OPU Our audit was completed onTrJanuary 2025 and our opinion was expressed at that date. 10
PARKWILL LIMITED CONSOLIDATED STATEMENT OF FllYANCIAL ACTIvYfIES li (n¥cLUDING CONSOLIDATED llYCOME AND EXPEIWITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds 2024 2023 Note Ineome and endowments from: Donations and legacies Investments 6,597.096 642,189 1,275.850 Total income 7,239,285 1,275,850 Expenditure on.. Investment management costs Charitable activities 527,117 968,616 1.313,665 Total expendlture 1,495,733 J,3J3,665 Surplusl(Defieit) on iDve5tment valuations and disp05als Net ineomel(expenditure) before taxalion 5,743,552 (37,815) Taxation Net movement in funds 5,743,552 (37,815) Reconeiliation of funds Total funds brought forward (29,440) 8,375 Total funds carried forward 5,714,l12 (29, 440) The Statement of Financial Activities includes all gains and losses recognised in the year. All in¢ome and expenditure derive from continuing activities. The related notes forni part of these Financial Statements.
PARKWILL LIMITED Compary No.. 2522634 Charity No.. 1096158 CONSOLIDATED BALANCE SHEET AND CHAIUTABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2024 Charita ble Co Charitable Com 2023 Grou 2024 Grou 2023 2024 Note Fixed assets Investments 18,286,830 5,821,655 Totsl fixed assets 18286,830 5,821,655 Current assets Debtors Cash at bank and in hand io 267.707 363,555 644 34.301 644 Total current Assets 631,262 644 34aOI 644 Current Ll8bllitles Creditors: Amounts falling due within one year (739.718) (5,084) (10,900) {5,084) Net eurrent assetsl(liabilities) (108,456) (4,440) 23,401 (4.440) Total 8s5ets less eurrent liabilities 18,178,374 (4, 440) 5,845,056 (4,440) Creditors- Amounts falling due after more than one year 12 (9,722,983) (25,000) (130,944) (25,000) Provisions for liabilities 13 (2,741.279) Net 8ssets attributable to the parent CharitAble Company 14 5,714,112 (29,440) 5,714,112 (29,440) The funds of the Charitable Company: Unrestricted funds 14 5,714,112 (29, 440) 5,714,112 {29,440) 5,714,112 (29,440) 5,714,112 (29,440) The Trustees have prepared group Financial Statements in accordance with sertion 399 of the Companies Act 2006 and Section 138 of the Charities Act 201 l. These Financial Statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitute the aT]nual accounts required by the Companies Act 2006 and are for circulation to the members of the company. The Financial Statements were approved by the Trustees onTrJanuary 2025 and signed on their behalf by: MRPN LANDER (TRUSTEE) The related notes forni part of these Financial Statements. 12
PARKWILL LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities: Net eash used in operating activities 16 (2,137) (36,315) Cash flows from investing activities: Interest received N¢t rental income receiv¢d 801 626,454 Net cash provided by Investing a¢livities 627,255 Cash tlows from financlng activities., Interest paid Repayment of bank borrowings Incre&sel(Decrease) in other loan creditors (276.936) {47,920) 62,649 Net cash provided by/(used in) financing gctlvities (262,207) Change in cash and eash equivalents in the year 362,911 (36,315) Cash and cash equivalents at the beginning of the year 644 36,959 Cash and eash equivalents at the end of the year 16 363,555 644 The related notes forni part of these Financial Statements. 13
PARKWILL LIMITED NOTES TO THE FllYANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 ACCOUNTING POLICIES Statement of Compliance The financial siatements have been prepared in compliance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial RewTrrting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Charitable Company meets the definition of a public benefit ¢ntity under FRS 102. The presentational currency is UK Pound Sierling. 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 Flnanclal Statements These Financial Statements consolidate the results of the Charitable Company and its subsidiaries on a line-by-line basis. A separate statement of financial activities or income and expenditure account dealing with the results of the Company only has not been presented in accordance with Section 408 of the Companies Act 2006. Judgements and Key Sources of Estimation Uncertainty In the application of the company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carying amounts 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 underlyingy assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transa¢tions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. ncome All donations are recognised in the Statement of Financial Activities (SOFA) of the Charitable Company when the charity has unconditional entitlement to the resources. Donations represent voluntary amounts received during the year. All other income is recognised on a receivable basis. This includes income from investments and deposits, rentals from property assets. and grants and donations received by the Charitable Company and Group. Investment Management Costs Investment management costs include costs relating to the investment properties on an accrual basis. 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 accrual basis. 14
PARKWILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (Conilnued) Cash at bank and in hand Cash at bank and cash in hand includes cash and short terni highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Liability Reeognition Creditors are recognised as soon as there is a present obligation committing the entity 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. They are availabl¢ for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. 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 sel-aside al the discretion ofthe Truslees for specific purposes. There are no designated funds as al the Balance Sheet date. Investrnents Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. Fixed Assets All fixed assets are initially recorded at cost. Properties Held for Investment Properties classified as investments 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 the FRS 102. no depreciation or amortisation is provided in respect of freehold or long- leasehold investment propertie5. Acquisitions and Disposals of Propertie$ Acquisitions and Disposals of properties are considered to take place at the date of legal completion and are included in the Financial Slalements accordingly. Flnanclal Instrument$ A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provlsions of the instrument. Basic financial instrurnents are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of Ihe future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised Cost. Where investments in non-puttable ordinary shares Tncluding investments in subsidiary undertakings Can be measured reliably. the investment is subsequently measured at fair value with change5 in fair value recogni5ed in the Statement of Financial Activities. Otherwise such investments are subsequently measured at cost less impairnient. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impainnent. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately. to the extent ihat the reversal does not result in a carrying amount of the financial a55et that exceeds what the carrying amount would have been had the impairment not previously been recognised. 15
PARKWILL LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (Continued) Taxation The Charitable Company is not liable to direct taxalion 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 therefore no tax liability should arise. Notwithstanding the above, deferred lax is recognised in respect of all timing differences present in the non-charitable 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 defetTed 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, Related Party Transactions The Charitable Company has taken advantage of the exemption in FRS 102 Section 33 Related Party Disclosure5 to dispense with the requirement to disclose transactions with members of the Parkwill Limited group of Companies. INCOME FROM DONATIONS AND LEGACIES 2024 2023 Unrestricted donations received 6,597,096 1,275,850 No restrictions were attached to any donations received. Unrestricted donations in the current year includes a gift of shares of the subsidiary undertakings which has been valued at £5,771,096 on the date of the donation, 6 September 2023. INVESTMENT INCOME 2024 2023 Rents receivable from investment properties Interest receivable 641,388 80I 642,189 INVESTMENT MANAGEMENT COSTS 2024 2023 Property outgoings Interest payable 115.327 411,790 527,I17 l6
PARKWILL LIML ITED NOTES TO THE FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Grant funding activities (Institutional grants) Support and governance costs (noie 6) 954.940 13,676 1,303,330 10,335 968,616 1.313,665 All grants were paid from unrestricted funds and were institutional grants. An analysts of inslitutional grants is attached to these financial statements. All grants were paid were for Education, Furtherance of Jewish Religion and Alleviation of Poverty. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS 2024 2023 Auditor's remuneration General expenses 12,840 836 9,540 795 13,676 10,335 STAFF COSTS AND EMOLUMENTS No salaries or wages have been paid to any employee or Trustee by the Charitable Company or any subsidiary undertaking. No Trustee expenses have been incurred. NET MOVEMENT IN FUNDS Of the Net Movements of Funds of the Group £5,743,552 Surplus (2023: £37.815 Deficit) has been dealt within the Statement of Financial Activities of the Charitable Company itself. 17
PARKWILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 1CH 2024 INVESTMENTS Investment Pro erties Grou Total Fair Value at l April 2023 Additions 18.286,830 18,286,830 Fair Value at 31 March 2024 18.286.830 18286,830 Carrying Amount Net book value at 31 March 2024 18,286,830 18,286,830 Net book value at l April 2023 Historical Cost at 31 March 2024 18,286,830 18,286,830 hAre Mr Charitable Com an dertakin Total Fair Value at l April 2023 Additions Revaluations 5,771,096 50,559 5,771,096 50,559 Fair Value at 31 March 2024 5,82 1,655 5,821,655 Histori¢al Cost at 31 March 2024 5,771,096 5,771,096 The assets classified a5 investments are stated at Trustees, valuation at 31 March 2024. The group's investment properties are valued by the Trustees in consultation with Rtcs qualified surveyors based on their understanding of property market conditions using a sales valuation approach, derived from recent comparable transactions and market yields, adjusted by applying discounts to reflect status of occupation and condition. The fair value at 31 March 2024 of the Investments in Subsidiary Undertakings and unquoted Related Companies 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 the Trustees. 18
PARKWILL LIMrrED NOTES TO THE FllYANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENTS (Conrfllued) The Subsidiary Undertakings (all being property investment companies) of the Charitable Company, all of which are incorporated in Great Britain and registered in England and included in the consolidated financial statements, are as follows: . Com istration Number 11229159 01338359 Percenta Shareholdin Com an Adagio Estates Limited Grangepoint Limited loo% A summary of the turnover, expenditure and net profit or loss for the year ended 31 March 2024 of each subsidiary undertaking is as follows: Com Turn ver Ex enditure Other od'ustments Donations aid to Parent Charit Nel retained rofil or loss Adagio Estates Limited Grangepoint Limited 114,015 527,373 (21,255) (100,585) (104.497) (306,492) (11,737) 62,296 (58,000) On 6 September 2023, the Charity received a donation of the IOOO/o shareholdings of Grangepoint Limited (Company reg. no. 01338359) and Adagio Estates Limited (Company reg. no. 11229159) from a related Charity, Keren Association Limited. The figures above are the turnover, expenditure and net profit or loss attributable to this Charity for the period. The assets, liabilities and fuTJds of each subsidiary undertakings as at 31 March 2024 were as follows- ital and Reserves Com an Assets Llabilities Adagio Eslates Limited Grang¢point Limited 3,832,719 18,702,821 (5,698,003) (12,865,782) (1.865,284) 5,837,039 At the date the shares were gifted to Parkwill Limited, the assets and liabilities of the subsidiary undertakings were: Gran Limited Ada io Estates Limited Investment properties Debtors Cash at bank Bank loans Other creditor5 < l year Other creditors > l year Provisions Net Assets/(Liabilities) 14,486,830 2,025,292 138,301 (6,882,783) (251,618) (1,000,000) (2,741,279) 5,774,743 3,800.000 (84,932) (5,592,448) (1,853,547) 19
PARKwL LIMITED NOTES TO TIIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 io. DEBTORS Grou 2024 Charitable Com 2024 an 2023 2023 Rent and service charges Other debtors and prepayments 146,050 121.657 267,707 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grou Charitable Com 2024 an 2024 2023 2023 Current instalrnents of long terni loans Rent and service charges char¥ed in advance Other creditors and accruals 125,000 193,419 421,299 5,084 10,900 5,084 739,718 5,084 10,900 5, 084 12. CREDITORS: AMOUNTS FALLING DUE AER MORE THAN OIYE YEAR rou Charitable Com 2024 an 2024 2023 2023 Bank borrowin Secured bank loan (instalments terniinating in less than 5 years) 6,834,863 6,834,863 (125,000) Less: Amounts repayable within l year 6,709,863 Other amounts fallin due within 5 Amounts due to related companies Amounts due to subsidiary undertakings 3,013,120 25,000 130,944 25,000 9,722,983 25.000 130.944 25, 000 The bank loans (notes 11 & 12) are secured by legal charges over certain of the Group's properties. 20
PARKWILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (Conlinmed) Amounts due to related companies represents £1,882.540 due to Better Properties Lirnited (£364 of which is owed by the Charitable Cornpany), £1,000,580 due to Rurdlpride Limited (£580 of which is owed by the Charitable Company), £25.000 owed to Rimex Investments Limited and £105,000 due to Keren Association Limited (both of which are owed by the Charitable Company). Certain Trustees of the Charitable Company are also Directors of these related companies. No interest wa5 paid by the Charitable Company to Better Properties Limited, although certain subsidiary undertakings paid interest at 2.50/0 above the Bank of England Base Rate, These amounts due to related compani¢s are loans with no written contracts and no fixed repayment dates. FRS 102 requires such amounts to be disclosed as falling due within one year. In the opinion of the Director5. these loans are unlikely to be demanded within one year of the balance sheet dale and such a disc105ure would be rni51eading. The Dir¢ctors have concluded that a d¢parture from FRS 102 is necessary in order to give a true and fair view. Accordingly. these loans are disclosed as falling due after more than one year. 13. PROVISIONS FOR LIABILITIES 2024 2023 Balance at l April 2023 Acquisition of subsidiarie5 2,741,279 Balance 31 March 2024 2,741,279 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 in recognised in accordance with FRS 102, it is expected that the majority of the gains will be gifted for charitable purposes and such tsx should not become payable, Deferred tax has not been recognised in respect of revaluation of investments by the parent Charitable Company on the basis that all such gains will be applied for charitable purposes. Of the movernent for the year above, £2,741279 relates to the gift of shares of Grangepoint Limited to Parkwill Limited (Note 9), which is the potential liability assumed by the group on receiving the shares of the potential gains on future sales of investment properties. 21
PARXWILL LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. UNRESTRICTED FUNDS Grou Balance at l April 2023 (29,440) Net income for the year 5,743,552 Balance at 31 March 2024 5,714,112 Charitable Com Balance at l April 2023 (29,440) Net income for the year 5,692,993 Surplu5 on investments 50,559 Balance at 31 March 2024 5,714,112 15. FINANCIAL INSTRUMENTS rou Charitable Com 2024 an 2024 2023 2023 Flnancial assets measured aifalr value Ilirougli ineome and PendItUre.. Unlisted investment5 (Note 9) 5,821,655 Flnancldl assels measured al amortlsed cosl.. Debtors (Note l O) 267,707 Flnanclal Ilabililies measured al amortised cosl.. Creditor5 (Notes 11 & 12) 10,462,701 30,084 141,844 30,084
PARKWILL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS Reconciliation of net income to net eash flow from o eratin aettvities 2024 2023 Net income/(expenditure) for the year 5,743,552 (57.815) Adjustments for: Interest receivable Net rental income receivable Non-cash grants Interest payable (Incr¢ase)/Decrease in debtors Increasel(Decrease) in creditors (801) (526,061) (5,632,795) 411,790 (33,990) 36,168 1,500 (2,137) (36,315) Tax paid Net Cydsh used In operating activltles {2,137) {36.315) Anal si$ of cash and eash ¢ uivalents 2024 2023 Cash bank and in hand 363,555 644 Total cash and cash equivalenls 363,555 644 17. ANALYSIS OF CHANGES IN NET DEBT Acquisition Atl Apr 2023 At31 Mar 2024 Cash flows subsidiaries Cash at bank and in hand 644 224.610 138,301 363J55 644 224,610 138,301 363,555 Bank loans falling due within one year Bank loans falling due after more than one year Other ¢reditor5 (125.000) {125.000) 47,920 (6,757.783) (6,709.863) (62.649) (2,925,471) (3,013,120) (25,000) Total (24,356) 209,881 (9,669,953) (9,484,428) 23
PARKWILL LIMITED NOTES TO THE FllYANCIAL STATEMENTS FOR THE YEAR ENDED 31 IWCH 2024 18. RELATED PAR TY TRANSACTIONS Donations totalling £58 I,000 were received from companies connected with the Trustees. Certain Trustees of the Charitable Company are also Directors of those related companies. Donations totalling £6,008,096 were received from Keren Association Limited, which includes a gift of shares with value of £5,771,096 at the date of donation. A Trustee of this Charitable Company is also a Director of Keren Association Limited. Donations totalling £8,000 were received from individuals connected with the Trustee5. No conditions were attached to any of the donations. Additional Related Party inforniation is given in Notes 9 & 12. 19. GENERAL INFORMATION The Charitable Company ts incorporated in England and is limited by guarantee. The address of its principal place of business is shown at page 24
PARKWILL LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricled Funds 2024 Income and endowments from: Donations and legacies 6,655,096 Total income 6,655,096 Expenditure on: Charitable activities 962,103 Tolal expenditure 962,103 Surplus on investment valuations and disposals 50,559 Net movement in funds 5,743,552 Reeonciliation of funds Toial funds brought forward (29,440) Total funds earrled forward 5,714,112 The siatement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
PARKWILL LIMITED ANALYSIS OF GRANTS FOR THE YEAR ENDED 31 MARCH 2024 Recipients of Institutional Grants Achiezer Bels Aharon Trust Limited Chasdei Aharon Limited Chasdei Sholom Trust College for Higher Rabbinical Studies Congregation Sharei Sholom Tchabe Limited Du5hinsky Trust Ezer Viznitz Foundation Friends of Bels Chinu¢h Lebonos Friends of Mercaz Hatorah Belz Macnivka Friends of Bels Soroh Schneirer Bais Limmud Vochessed Kolel Shomrei Hachomos Mifal Hachesed Vehatzedokoh sows Tarim Karno Start Upright Tchabe Kollel Limited Other grants (below £ l 0,000) 52,440 17,000 65,200 93,000 71,000 108,500 12,000 42.550 25,000 104,050 i 0.000 i 0,000 11,800 25,000 10,000 40,000 132,000 86,500 38,900 £954,940