REGISTERED COMPANY NUMBER: 05127128 (England and Wales) REGISTERED CHARITY NUMBER: 1104523
ZICHRON MEIR LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
ZICHRON MEIR LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Report of the Independent Auditors | 4 to 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Cash Flow Statement | 9 |
| Notes to the Cash Flow Statement | 10 |
| Notes to the Financial Statements | 11 to 17 |
ZICHRON MEIR LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MAY 2022
TRUSTEES M Landau Mrs C Landau C L Klein COMPANY SECRETARY Mrs C Landau REGISTERED OFFICE First Floor 94 Stamford Hill London N16 6XS REGISTERED COMPANY 05127128 (England and Wales) NUMBER REGISTERED CHARITY 1104523 NUMBER AUDITORS Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
Page 1
ZICHRON MEIR LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2022. The trustees have adopted the provisions of 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 2019).
REFERENCE AND ADMINISTRATIVE INFORMATION
The information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are: the advancement of the Orthodox Jewish Faith and of Orthodox Jewish Religious Education in any part of the world; the relief of the poor, the sick, feeble and infirm among members of the Jewish Faith in any part of the world.
In this respect the charity makes grants to institutions and organisations working within the objects of Zichron Meir Ltd.
The trustees confirm that they have referred to 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.
Grantmaking
In general the trustees select institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity's income is derived from investments, loan interest from its subsidiary and others and donations from companies connected with the trustees. There was a decrease in both investment income and portfolio management costs. The trustees increased grantmaking leaving a deficit for the year. During the year the charity continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion, and the relief of poverty, as per Note 6 to the financial statements.
FINANCIAL REVIEW
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. Reserves at the year end were £13,276,153 (2021 - £13,461,917).
FUTURE PLANS
The charity plans to continue its activities for the foreseeable future subject to satisfactory income.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution
The charity is constituted as company limited by guarantee and is governed by its Memorandum and Articles of Association dated 13 May 2004.
Recruitment and appointment of new trustees
The power to appoint new trustees is vested in the board. New trustees are appointed based on personal competence, specialist skills and experience They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees.
Risk management
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.
Page 2
ZICHRON MEIR LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Zichron Meir Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
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 period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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 which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 29 March 2023 and signed on its behalf by:
M Landau - Trustee
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ZICHRON MEIR LIMITED
Opinion
We have audited the financial statements of Zichron Meir Limited (the 'charitable company') for the year ended 31 May 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 May 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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
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 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.
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 Report of the Independent Auditors 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 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ZICHRON MEIR LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
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 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 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.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ZICHRON MEIR LIMITED
Our 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 a Report of the Independent Auditors 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.
In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.
We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.
We evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements
We concluded whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable 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 charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Emanuel Meyer FCA BSc (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd First Floor 94 Stamford Hill London N16 6XS
29 March 2023
Page 6
ZICHRON MEIR LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grantmaking Support Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 2021 Unrestricted Total fund funds £ £ 25,000 - 660,641 786,518 685,641 786,518 114,973 135,079 746,600 434,253 9,832 - 871,405 569,332 (185,764) 217,186 13,461,917 13,244,731 13,276,153 13,461,917 |
2022 2021 Unrestricted Total fund funds £ £ 25,000 - 660,641 786,518 685,641 786,518 114,973 135,079 746,600 434,253 9,832 - 871,405 569,332 (185,764) 217,186 13,461,917 13,244,731 13,276,153 13,461,917 |
|---|---|---|
| 786,518 | ||
| 135,079 434,253 - |
||
| 569,332 | ||
| 217,186 13,244,731 |
||
| 13,461,917 |
The notes form part of these financial statements
Page 7
ZICHRON MEIR LIMITED (REGISTERED NUMBER: 05127128)
BALANCE SHEET 31 MAY 2022
| Notes FIXED ASSETS Investments Investments 11 Investment property 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds: General fund TOTAL FUNDS |
2022 Total funds £ 1,874,452 8,830,877 10,705,329 2,547,614 128,777 2,676,391 (105,567) 2,570,824 13,276,153 13,276,153 13,276,153 13,276,153 |
2021 Total funds £ 1,887,408 8,830,877 10,718,285 2,797,294 20,681 2,817,975 (74,343) 2,743,632 13,461,917 13,461,917 13,461,917 13,461,917 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 March 2023 and were signed on its behalf by:
M Landau - Trustee
The notes form part of these financial statements
Page 8
ZICHRON MEIR LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | (277,860) | 76,566 |
| Net cash (used in)/provided by operating activities | (277,860) | 76,566 | |
| Cash flows from investing activities | |||
| Sale of fixed asset investments | 12,956 | (161,848) | |
| Interest received | 82,321 | 78,298 | |
| Net cash provided by/(used in) investing activities | 95,277 | (83,550) | |
| Cash flows from financing activities | |||
| Loan repayments in year | 290,679 | - | |
| Net cash provided by financing activities | 290,679 | - | |
| Change in cash and cash equivalents | |||
| in the reporting period | 108,096 | (6,984) | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 20,681 | 27,665 | |
| Cash and cash equivalents at the end | |||
| of the reporting period | 128,777 | 20,681 |
The notes form part of these financial statements
Page 9
ZICHRON MEIR LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MAY 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received Increase in debtors Increase/(decrease) in creditors Net cash (used in)/provided by operations |
2022 £ (185,764) (82,321) (40,999) 31,224 (277,860) |
2021 £ 217,186 (78,298) (58,143) (4,179) |
| 76,566 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.6.21 | Cash flow | At 31.5.22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 20,681 | 108,096 | 128,777 |
| 20,681 | 108,096 | 128,777 | |
| Total | 20,681 | 108,096 | 128,777 |
The notes form part of these financial statements
Page 10
ZICHRON MEIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These 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 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 transactions. 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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income: Donations are accounted for when received. All other income is recognised on a receivable basis
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support and governance cost of the charity apportioned to charitable activities
Grants are only recognised in the accounts when paid.
Raising funds comprise investment management costs relating to the investment properties.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Page 11
ZICHRON MEIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
1. ACCOUNTING POLICIES - continued
Going concern
There are no material uncertainties about the charity's ability to continue.
2. DONATIONS AND LEGACIES
| 2. DONATIONS AND LEGACIES |
|||
|---|---|---|---|
| Donations 3. INVESTMENT INCOME Rents and services Syndicate income Loan interest from subsidiary 4. RAISING FUNDS Investment management costs Portfolio management 5. CHARITABLE ACTIVITIES COSTS Grantmaking Support |
2022 Unrestricted funds £ 25,000 2022 Unrestricted funds £ 461,276 117,044 82,321 660,641 2022 Unrestricted funds £ 114,973 Grant funding of activities Support (see note costs (see 6) note 7) £ £ 746,600 - - 9,832 746,600 9,832 |
2021 Total funds £ - 2021 Total funds £ 493,958 214,262 78,298 |
2021 Total funds £ - |
| 786,518 | |||
| 2021 Total funds £ 135,079 |
|||
| Totals £ 746,600 9,832 |
|||
| 756,432 |
Page 12
ZICHRON MEIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
6. GRANTS PAYABLE
| 2022 £ Grantmaking 746,600 The total grants paid to institutions during the year was as follows: 2022 £ Advancement of religion 202,800 Advancement of education 75,000 Relief of poverty 299,800 Social Welfare 69,000 Medical - General purposes 100,000 746,600 Zoreya Tzedokos 85,000 Chevras Mo'oz Ladol 53,500 Dover Sholem Community Trust 50,000 Ezer Viznitz Foundation 50,000 Friends of Beis Chinuch Lebonos 50,000 Friends of Mercaz Hatorah Belz Machnivka 50,000 Chasdei Aharon Ltd 41,000 Amud Hatzdoko Trust 33,000 Hatzola Trust 26,000 Others under £21,000 308,100 746,600 SUPPORT COSTS Governance Finance costs £ £ Support 44 9,788 Support costs, included in the above, are as follows: Finance 2022 Support £ Bank charges 44 |
2021 £ 427,550 2021 £ 126,750 87,000 123,300 - 5,500 85,000 427,550 Totals £ 9,832 2021 Total activities £ 49 |
|---|---|
7. SUPPORT COSTS
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ZICHRON MEIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
7. SUPPORT COSTS - continued
Governance costs
| SUPPORT COSTS - continued Governance costs |
||
|---|---|---|
| 2022 | 2021 | |
| Total | ||
| Support | activities | |
| £ | £ | |
| Auditors' remuneration | 3,360 | 3,180 |
| Auditors' remuneration for non audit | ||
| work | 3,360 | 3,180 |
| General expenses | 668 | 294 |
| Legal and professional fees | 2,400 | - |
| 9,788 | 6,654 |
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 3,360 | 3,180 |
| Auditors' remuneration for non audit work | 3,360 | 3,180 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2022 nor for the year ended 31 May 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2022 nor for the year ended 31 May 2021.
10. AVERAGE NUMBER OF STAFF
The average number of staff in the year was Nil (2021- Nil).
11. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | ||
|---|---|---|
| MARKET VALUE At 1 June 2021 Disposals At 31 May 2022 NET BOOK VALUE At 31 May 2022 At 31 May 2021 |
Shares in group Unlisted undertakings investments £ £ 1 1,887,407 - (12,956) 1 1,874,451 1 1,874,451 1 1,887,407 |
Totals £ 1,887,408 (12,956) |
| 1,874,452 | ||
| 1,874,452 | ||
| 1,887,408 |
There were no investment assets outside the UK.
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ZICHRON MEIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
11. FIXED ASSET INVESTMENTS - continued
The company's investments at the balance sheet date in the share capital of companies include the following:
Tellstone Ltd
Registered office: 94 Stamford Hill London N16 6XS Nature of business: Property Investment
| % | |||
|---|---|---|---|
| Class of share: | holding | ||
| Ordinary | 100 | ||
| 31.5.22 | 31.5.21 | ||
| £ | £ | ||
| Aggregate capital and reserves | 178,638 | 202,383 | |
| Loss for the year | (23,745) | (11,868) |
12. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 June 2021 and 31 May 2022 NET BOOK VALUE At 31 May 2022 At 31 May 2021 |
£ 8,830,877 |
| 8,830,877 | |
| 8,830,877 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are 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 or similar locations.
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Amounts owed by group undertakings | 2,330,325 | 2,621,004 |
| Other debtors | 58,503 | 52,836 |
| Prepayments and accrued income | 158,786 | 123,454 |
| 2,547,614 | 2,797,294 |
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ZICHRON MEIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Other creditors Accruals and deferred income |
2022 £ 87,290 18,277 105,567 |
2021 £ 61,623 12,720 |
| 74,343 |
| 15. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 1.6.21 £ 13,461,917 13,461,917 |
Net movement At in funds 31.5.22 £ £ (185,764) 13,276,153 (185,764) 13,276,153 |
Net movement At in funds 31.5.22 £ £ (185,764) 13,276,153 (185,764) 13,276,153 |
|---|---|---|---|
| 13,276,153 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 685,641 685,641 At 1.6.20 £ 13,244,731 13,244,731 |
Resources Movement expended in funds £ £ (871,405) (185,764) (871,405) (185,764) Net movement At in funds 31.5.21 £ £ 217,186 13,461,917 217,186 13,461,917 |
|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 786,518 | (569,332) | 217,186 |
| TOTAL FUNDS | 786,518 | (569,332) | 217,186 |
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ZICHRON MEIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2022
16. RELATED PARTY DISCLOSURES
Related party transactions are shown at notes 3 and 11.
Page 17