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2022-01-31-accounts

DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

COMPANY REGISTRATION NUMBER: 05213113

CHARITY REGISTRATION NUMBER: 1105843

S F Foundation

Company Limited by Guarantee Financial Statements

31 January 2022

COHEN ARNOLD

Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Financial Statements

Year ended 31 January 2022

Pages
Trustees' annual report (incorporating the director's report) 1 to 6
Independent auditor's report to the members 7 to 11
Statement of financial activities (including income and expenditure
account) 12
Statement of financial position 13
Statement of cash flows 14
Notes to the financial statements 15 to 25

DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 January 2022

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 January 2022.

Reference and administrative details

Registered charity name S F Foundation Charity registration number 1105843 Company registration number 05213113 Principal office and registered 143 Upper Clapton Road office London E5 9DB The trustees Hannah Lipschitz Rifka Niederman Miriam Schreiber Company secretary Rifka Niederman Auditor Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU Bankers HSBC Bank Plc 39 High Street Ashford Kent TN24 8TG Solicitors Lopian Wagner Solicitors Maybrook House 40 Black Friars Street Manchester M3 2EG

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 January 2022

Structure, governance and management

Governing document

The charity is a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association.

Appointment Training and Recruitment of Trustees

As set out in the Articles of Association the number of trustees shall be not less than three but shall not be subject to any maximum.

The charity may by ordinary resolution appoint a person who is willing to act to be a trustee either to fill a vacancy or as an additional trustee. A trustee shall cease to hold office by virtue of Article 35 of the Articles of Association.

It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures.

The quorum for the transaction of the business of the trustees may be fixed by the trustees but shall not be less than the majority of their number or two trustees, whichever is the greater.

None of the trustees have any beneficial interest in the charity.

Risk management

The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to mitigate those risks.

Financial risk management and policies

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

a) to finance its operations

b) to manage its exposure to interest and currency risks arising from operations and from its sources of finance; and

c) to generate funds.

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

Credit risks

The charity monitors credit risk closely and considers that its current policies of credit risk checks meet its objectives of managing exposure to credit risk.

The charity has no significant concentrations of credit risks. Amounts shown in the balance sheet represent the maximum credit exposure in the event other parties fail to perform their obligations under the financial instruments.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 January 2022

Risk management (cont'd)

The principal risks to which the charity is exposed are:

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

Objectives and activities

Objects

The objects of the charity are:

i) the advancement and furtherance of the Jewish Religion and Jewish Religious education and the alleviation of poverty among the Jewish community throughout the world.

ii) other charitable activities that the trustees may from time to time determine.

Aims, objectives and activities for public benefit

The trustees confirm that they have referred to the guidance contained in the Charity's 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.

The charity was set up to support the activities of religious Jewish organisations especially in the field of education. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations, both in England and abroad.

The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and through the distribution of basic necessities. The trustees continued their support of those organisations deemed to promote the objects of the charity.

During the year, the charity made donations to institutions in accordance with the charity's objects for advancement of education and relief of poverty. These activities were undertaken for public benefit to further the charity's objectives.

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S F Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 January 2022

Grant making policy

Grants and donations are made to charitable institutions and organisations which accord with the objects of the charity. The Trustees are approached for donations by a wide variety of charitable institutions operating in the United Kingdom and abroad. The Trustees consider all requests which they receive and make donations based on the level of funds available.

In making Grants and Donations, the Trustees use their personal knowledge of the relevant Institutions, their representatives, operational efficiency and reputation. The Trustees monitor the application of the Grants and Donations by meeting with representatives of the Institutions and obtaining information as to the utilisation of funds.

Investment powers and policy

In accordance with the Memorandum and Articles of Association, the charity has the power to make any investments which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the Trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. The trustees have assessed both the risks that their charity faced and the charity's ability to manage their financial impact. As at 31 January 2022 the Charity had total reserves of £41.6m. Total reserves as stated in Note 23 was £41.6m of which £10.7m relates to revaluation reserves. The composition of this reserve is as shown in Note 24. By its very nature the element of unrestricted reserves represented by the revaluation surplus of investment in fixed assets is not readily available for distribution. The Trustees have adopted a policy that tries to ensure the continuing ability of the charity to meet its objectives. A proportion of reserves are to be invested to generate income at a level, such that the ever-increasing calls on the charity can be met by self-generated income. The level of reserves is under continuous strategic review.

Fixed assets

The movements in fixed assets are fully reflected in the notes 17 and 18 to the financial statements.

Investments

The charity's investment properties are held by Alexandra Swansea Limited, Alta Investments Limited, Chester Beech Limited, Dalmeny Properties Limited, Fender Limited, Finestrand Limited, Honeycrown Properties Limited, Leafy Investments Limited, Letaher Limited, Midos London Limited, Morstar Investments Limited, Pearcorn Limited, Singlevalley Limited, SF Residential Limited, Tamlink Limited, Wakefield Investments (UK) Limited and Wellingflow Limited; all of which act as bare trustees. The income and expenditure arising from these property investments are reflected in these financial statements. Investment properties are included in the financial statements at trustees' valuation; in accordance with the Charities SORP FRS 102. All the trustees have experience in the field of property valuation.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 January 2022

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

During the year the charity continued its activities and maintained its support of religious educational and other charitable institutions in England and abroad.

Financial review

The charity is dependent on income from voluntary donations and investments as stated in note 5 and note 6 of the financial statements. The charity's incoming resources have decreased to £0.9m (2021: £4.6m) due to current economic circumstances and the pandemic. Expenditure on investment management costs and charitable activities were higher at £3.7m (2021: £2.9m). The net expenditure for the year was £2.8m (2021: £1.6m net income) and total reserves was £41.6m (2021: £45.1m). Past reserves, including cash reserves, have been utilised to support the increase in expenditure and increase in grants and donations.

Key Performance Indicators

The Trustees monitor the charity's performance against the strategic objectives on a regular basis. Performance is assessed against the strategy and expectations using financial and non-financial indicators. The key financial performance indicators used by the charity are as follows:

2022 2021
£ £
Grants and donations paid 2,505,802 1,876,583
Net investment (loss)/income (527,411) 1,958,219
Net loss on investments (772,480) (209,782)
Net movement in funds-(deficit)/surplus (3,539,535) 1,420,265
Total Funds 41,549,764 45,089,299

During the year the charity renegotiated the loan arrangement with Hungerford Park Limited. Under the new terms the loan debtor will be charged interest at a flat rate of 5% per annum instead of 1% per month compound. This resulted in the write back of previously overaccrued interest receivable of £1.9m (see note 6). The trustees consider this new agreement to be more realistic and in the best interest of the charity.

Plans for future periods

The charity plans continuing the activities outlined above in the coming years subject to incoming resources being maintained at a satisfactory level. It is the trustees aim to ensure future income stream by the acquisition of investments, the income of which will reduce its dependence on voluntary donations.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 January 2022

Trustees' responsibilities statement

The trustees, who are also directors 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 Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

23/11/2022

The trustees' annual report and the strategic report were approved on .............................. and signed on behalf of the board of trustees by:

Rifka Niederman Trustee

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Independent Auditor's Report to the Members of S F Foundation

Year ended 31 January 2022

Opinion

We have audited the financial statements of S F Foundation (the 'charity') for the year ended 31 January 2022 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Independent Auditor's Report to the Members of S F Foundation (continued)

Year ended 31 January 2022

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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

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

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Independent Auditor's Report to the Members of S F Foundation (continued)

Year ended 31 January 2022

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Independent Auditor's Report to the Members of S F Foundation (continued)

Year ended 31 January 2022

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

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

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Independent Auditor's Report to the Members of S F Foundation (continued)

Year ended 31 January 2022

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

Use of our report

This report is made solely to the charity'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 charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Moshe Broner-Cohen (Senior Statutory Auditor)

For and on behalf of Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

23/11/2022

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 January 2022

2022 2022 2021
Unrestricted
funds Total funds Total funds
Note £ £ £
Income and endowments
Donations and legacies 5 346,705 346,705 1,586,508
Investment income 6 567,156 567,156 2,969,676
Other income 7 – – 490
ৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total income 913,861 913,861 4,556,674
৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
Expenditure
Expenditure on raising funds:
Investment management costs 8 (1,094,567) (1,094,567) (1,011,947)
Expenditure on charitable activities 9,10 (2,579,367) (2,579,367) (1,914,680)
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total expenditure (3,673,934) (3,673,934) (2,926,627)
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
Net losses on investments 13 (6,982) (6,982) –
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net (expenditure)/income (2,767,055) (2,767,055) 1,630,047
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
Other recognised gains and losses
Losses from revaluation of fixed assets (772,480) (772,480) (209,782)
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net movement in funds (3,539,535) (3,539,535) 1,420,265
Reconciliation of funds
Total funds brought forward 45,089,299 45,089,299 43,669,034
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total funds carried forward 41,549,764 41,549,764 45,089,299
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶

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

The notes on pages 15 to 25 form part of these financial statements.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Statement of Financial Position

31 January 2022

2022 2021
Note £ £ £ £
Fixed assets
Tangible fixed assets 17 1,563 2,098
Investments 18 43,825,888 43,729,288
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
43,827,451 43,731,386
Current assets
Debtors 19 11,143,268 13,153,344
Cash at bank and in hand 222,796 3,003,130
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
11,366,064 16,156,474
Creditors: amounts falling due
within one year 21 (7,082,379) (3,202,518)
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net current assets 4,283,685 12,953,956
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total assets less current liabilities 48,111,136 56,685,342
Creditors: amounts falling due after
more than one year 22 (6,561,372) (11,596,043)
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net assets 41,549,764 45,089,299
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶
Funds of the charity
Unrestricted funds:
Revaluation reserve 10,737,348 11,694,768
Other unrestricted income funds 30,812,416 33,394,531
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total unrestricted funds 41,549,764 45,089,299
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total charity funds 23 41,549,764
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶		 45,089,299
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶

These financial statements were approved by the board of trustees and authorised for issue on 23/11/2022 ........................, and are signed on behalf of the board by:

Rifka Niederman Trustee

The notes on pages 15 to 25 form part of these financial statements.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 January 2022

2022 2021
Note £ £
Cash flows from operating activities
Net (expenditure)/income (2,767,055) 1,630,047
Adjustments for:
Depreciation of tangible fixed assets 535 713
Net losses on investments 6,982 –
Dividends, interest and rents from investments (2,158,381) (2,364,546)
Other interest receivable and similar income 1,591,225 (605,130)
Accrued income (38,975) (32,154)
Changes in:
Trade and other debtors (357,555) 1,235,121
Trade and other creditors 610,378 (443,543)
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Cash generated from operations (3,112,846) (579,492)
Interest paid 3,430 (11,652)
Interest received 776,406 (68,981)
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄ
Net cash used in operating activities (2,333,010) (660,125)
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶
Cash flows from investing activities
Dividends, interest and rents from investments 2,158,381 2,364,546
Purchases of other investments (1,344,080) (14,500)
Proceeds from sale of other investments 468,018 –
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net cash from investing activities 1,282,319 2,350,046
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
Cash flows from financing activities
Proceeds from borrowings (1,729,598) (398,968)
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net cash used in financing activities (1,729,598) (398,968)
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
Net (decrease)/increase in cash and cash equivalents (2,780,289) 1,290,953
Cash and cash equivalents at beginning of year 3,003,085 1,712,132
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Cash and cash equivalents at end of year 20 222,796 3,003,085
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶

The notes on pages 15 to 25 form part of these financial statements.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 January 2022

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 143 Upper Clapton Road, London, E5 9DB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

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

Fixtures and fittings

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

3. Accounting policies (continued)

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The charity is a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association.

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

5. Donations and legacies

5. Donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Donations
Donations receivable 346,705 346,705 1,586,508 1,586,508
৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
6. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Income from UK investment properties 2,158,381 2,158,381 2,364,546 2,364,546
Bank interest receivable 5 5 253 253
Loan interest receivable (1,694,617) (1,694,617) 796,999 796,999
Foreign currency exchange (losses)/
gains 103,387 103,387 (192,122) (192,122)
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
567,156 567,156 2,969,676 2,969,676
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
7. Other income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Government grant income – – 490 490
৶৶৶৶ ৶৶৶৶ ৶৶৶৶ ৶৶৶৶
8. Investment management costs
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Interest payable and similar charges 149,107 149,107 561,591 561,591
Investment management costs 944,278 944,278 449,483 449,483
Bank charges 1,182 1,182 873 873
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
1,094,567 1,094,567 1,011,947 1,011,947
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
9. Expenditure on charitable activities by fund type
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Donations paid 2,505,802 2,505,802 1,876,583 1,876,583
Support costs 73,565 73,565 38,097 38,097
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
2,579,367 2,579,367 1,914,680 1,914,680
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶

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DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

10. Expenditure on charitable activities by activity type

Grant funding Total funds Total fund
of activities Support costs 2022 2021
£ £ £ £
Donations paid 2,505,802 – 2,505,802 1,876,583
Governance costs – 73,565 73,565 38,097
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
2,505,802
৶৶৶৶৶৶৶৶৶৶৶৶৶		 73,565
৶৶৶৶৶৶৶৶৶		 2,579,367
৶৶৶৶৶৶৶৶৶৶৶৶৶		 1,914,680
৶৶৶৶৶৶৶৶৶৶৶৶৶

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

2022
£
Advancement of jewish religion and education 1,424,468
Grants to other grant making charities 311,455
Relief of poverty 405,900
General charitable purposes 363,979
ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total 2,505,802
৶৶৶৶৶৶৶৶৶৶৶৶৶

11. Analysis of support costs

Legal and
General Professional
Audit fees expenses fees Total 2022 Total 2021
£ £ £ £ £
Governance costs 36,201 32,499 4,865 73,565 38,097
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
12. Analysis of grants
2022 2021
£ £
Grants to institutions
Toldos Aharon Trust Ltd – 215,347
Zichron Ahron Trust Ltd – 100,000
Rentrust Foundation Limited – 366,210
Taharat Aharon – 137,749
The Gilmoor Benevolent Fund Ltd 185,000 –
Donations < £90,000 2,320,802 1,057,277
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
2,505,802 1,876,583
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total grants 2,505,802
৶৶৶৶৶৶৶৶৶৶৶৶৶		 1,876,583
৶৶৶৶৶৶৶৶৶৶৶৶৶

- 20 -

DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

13. Net losses on investments

13. Net losses on investments
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £
Gains/(losses) on other investment
assets (6,982) (6,982) – –
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶
14. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible fixed assets 535 713
Fees payable for the audit of the financial statements 36,201
৶৶৶৶৶৶৶৶৶		 36,305
৶৶৶৶৶৶৶৶৶

15. Staff costs

There were no employees other than the trustees during the year.

16. Trustee remuneration and expenses

17. Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings Total
£ £
Cost
At 1 February 2021 and 31 January 2022 15,874 15,874
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Depreciation
At 1 February 2021 13,776 13,776
Charge for the year 535 535
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
At 31 January 2022 14,311 14,311
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Carrying amount
At 31 January 2022 1,563 1,563
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
At 31 January 2021 2,098
৶৶৶৶৶৶৶৶৶		 2,098
৶৶৶৶৶৶৶৶৶

- 21 -

DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

18. Investments

Investments
Investment
properties
£
Cost or valuation
At 1 February 2021 43,729,288
Additions 1,344,080
Disposals (475,000)
Fair value movements (772,480)
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
At 31 January 2022 43,825,888
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶
Impairment
At 1 February 2021 and 31 January 2022
Carrying amount
At 31 January 2022 43,825,888
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶
At 31 January 2021 43,729,288
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶

All investments shown above are held at valuation.

Investment properties

All investments shown above are held at fair value. The historical cost of the investments as at 31 January 2022 amounts to £33m (2021: £32m).

The properties have been valued 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 available for similar properties in the same location taking into account the age and condition of the properties.

19. Debtors

Debtors
2022 2021
£ £
Trade debtors 810,597 1,317,687
Prepayments and accrued income 972,294 3,498,870
Investment Loans 8,718,134 7,570,681
Other debtors 642,243 766,106
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
11,143,268 13,153,344
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶

Included in Investment loans is £2,844,438 (2021: £2,667,930) which is secured by a promissory note and a pledge on investments in FPG SG Lincoln Street, LLC, a Delaware Limited Partnership. It bears interest at 4.5% per annum and is repayable in September 2023.

The majority of the investment loans are repayable on demand and are secured and yield interest at between 4% and 6% per annum.

- 22 -

DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

20. Cash and cash equivalents

Cash and cash equivalents comprise the following:

Cash and cash equivalents comprise the following:
2022 2021
£ £
Cash at bank and in hand 222,796 3,003,130
Bank overdrafts – (45)
ৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
222,796 3,003,085
৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
21. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 4,358,717 1,053,689
Trade creditors 1,421,587 673,144
Accruals and deferred income 263,001 298,546
Social security and other taxes 99,185 135,931
Other creditors – 53,774
Loan Creditors 939,889 987,434
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ
7,082,379 3,202,518
৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶
22. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 6,561,372
৶৶৶৶৶৶৶৶৶৶৶৶৶		 11,596,043
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶

Included within creditors: amounts falling due after more than one year is an amount of £157,489 (2021: £200,211) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans and overdrafts bear interest at various rates ranging from 2.5% to 5.6% per annum and are secured by way of fixed legal charges over the charity's investment properties.

Analysis of loans:

2022 2021
£ £
Total Bank Loans 10,920,089 12,649,687
Included in current liabilities (4,358,717) (1,053,644)
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
6,561,372
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶		 11,596,043
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶

- 23 -

DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

22. Creditors: amounts falling due after more than one year (continued)

Loan maturity analysis:

Loan maturity analysis:
2022 2021
£ £
In more than one year but no more than two years - 4,487,401
In more than two years but not more than five years 6,283,680 6,778,231
In more than five years 277,692 330,411
ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
Total 6,561,372
৶৶৶৶৶৶৶৶৶৶৶৶৶		 11,596,043
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶

23. Analysis of charitable funds

Unrestricted funds

At Gains and At
1 Feb 2021 Income Expenditure Transfers losses 31 Jan 2022
£ £ £ £ £ £
General funds 33,394,531 913,861 (3,673,934) 184,940 (6,982) 30,812,416
Revaluation
reserve 11,694,768 – – (184,940) (772,480) 10,737,348
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
45,089,299 913,861 (3,673,934) – (779,462) 41,549,764
৶৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶৶
At Gains and At
1 Feb 2020 Income Expenditure Transfers losses 31 Jan 2021
£ £ £ £ £ £
General funds 31,764,484 4,556,674 (2,926,627) – – 33,394,531
Revaluation
reserve 11,904,550 – – – (209,782) 11,694,768
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
43,669,034 4,556,674 (2,926,627) – (209,782) 45,089,299
৶৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶৶

- 24 -

DocuSign Envelope ID: FA23226E-B1CB-487C-8482-2B6BDC0155A2

S F Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 January 2022

24. Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted Total Funds
Funds 2022
£ £
Tangible fixed assets 43,827,451 43,827,451
Current assets 11,366,064 11,366,064
Creditors less than 1 year (7,082,379) (7,082,379)
Creditors greater than 1 year (6,561,372) (6,561,372)
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net assets 41,549,764 41,549,764
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶
Unrestricted Total Funds
Funds 2021
£ £
Tangible fixed assets 43,731,386 43,731,386
Current assets 16,156,474 16,156,474
Creditors less than 1 year (3,202,518) (3,202,518)
Creditors greater than 1 year (11,596,043) (11,596,043)
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
Net assets 45,089,299 45,089,299
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶

25. Related parties

During the year the charity received the following donations from entities/individuals connected with the trustees.

with the trustees.
2022 2021
£ £
Midos GC Ltd – 150,000
Midos Investments Ltd – 100,000
Midos Pentonville Ltd – 335,000
Ritz Properties Ltd – 100,000
West Pimbo Ltd 210,000 –
Donations Donations <£100,000 68,705 609,508

26. Analysis of changes in net debt

Analysis of changes in net debt
At
At 1 Feb 2021 Cash flows 31 Jan 2022
£ £ £
Cash at bank and in hand 3,003,130 (2,780,334) 222,796
Bank overdrafts (45) 45 –
Debt due within one year (1,053,644) (3,305,073) (4,358,717)
Debt due after one year (11,596,043) 5,034,671 (6,561,372)
ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄৄৄৄ
(9,646,602) (1,050,691) (10,697,293)
৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶৶৶৶

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