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|||||Pages|
|---|---|---|---|---|
|Trustees' annual report|(incorporating|the director's report)||1to7|
|independent
auditor's|report to the members|||8to 12|
|Statement offinancial
account)|activities (including||incoine and expenditure|13|
|Statement offinancial|position|||14|
|Statement ofcash flows||||15|
|Notes to the financial|statements|||16to 28|
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|Reference and administrative
d|Reference and administrative
d|etails||||
|---|---|---|---|---|---|
|Registered charity name||SFFoundation||||
|Charity registration|number|1105843||||
|Company registration|number|05213113||||
|Principal offtce and registered||143Upper Clapton Road||||
|office||London||||
|||E59DB||||
|The trustees||Hannah
Lipschitz||||
|||Rifka Niederman||||
|||Miriam Schreiber||||
|Company secretary||Rifka Niedermao||||
|Auditor||Cohen Arnold||||
|||Chartered
accountants||4t statutory|auditor|
|||New Burhngton|House|||
|||1075Finchley Road||||
|||LONDON||||
|||NW1 1 OPU||||
|Bankers||HSBCBank Plc||||
|||39High Street||||
|||Ashford||||
|||Kent||||
|||TN24 8TG||||
|Solicitors||Lopian Wagner Solicitors||||
|||Maybrook House||||
|||40BlackFriars Street||||
|||Manchester||||
|||M3 ZEG||||
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|||Year ended|31January|2023|2023||
|---|---|---|---|---|---|---|
|||||2023||2022|
|||||Unrestricted|||
|||||funds|Total funds|Total funds|
||||Note||||
|Income and endowments
Donations
and legacies
Investment
income|||5
6|3,014,127
3,254,489|3,014,127
3,254,489|346,705
567,156|
|Total income||||6,268,676|6.268.626|913,861|
|Expenditure|||||||
|Expenditure
on raising funds:
Investment
management
costs
Expenditure
on charitable
activities|||7
8,9|(1,296,930)
(3,340,119)|(1,296,930)
(3,340,119)|(1,094,567)
(2,579,367)|
|Total expenditure||||(4,637,049)|(4,637,049)|(3,673,934)|
|Net gains/(losses)
on investments|||11|2,232,225|2,232,225|(6,982)|
|Net income/(expenditure)||||3,863,792|3,863,792|i2,767,955i|
|Other recognised
gains
Losses from revaluation|and losses
offixed assets|||(3,083,334)|(3,083,334)|(772,480)|
|Net movement
in funds||||780,458|780,458|(3,539,535)|
|Reconciliation of funds
Total funds brought forward||||41,549,764|41,549,764|45,089,299|
|Total fuads carried forward||||42,330,222|42,330,222|41,549,764|
||||Company|Limited by Guarantee|Limited by Guarantee|||
|---|---|---|---|---|---|---|---|
||||Statement ofFinancial Position|||||
||||31January
2023|||||
||||||2023|2022||
||||Note|||||
|Fixed assets
Tangible fixed assets
Investments||||15
16|2&45$ 37125907||1,563
43,825,888|
||||||37,128,365||43,827,451|
|Current assets
Debtors
Cash at bank and in hand||||17|9,147,646
7,753,804|II,143,268
222,796||
||||||16,901,450|11,366,064||
|Creditors: amounts
within one year|faUing due|||1$|(2,4$2,225)|(7,082,379)||
|Net current assets|||||14419225||4,283,685|
|Total assets less current||liabilities|||51,547,590||48,111,136|
|Creditors: amounts
more than one year|falling||due after|19|(9,217,368)||(6,561,372)|
|Net assets|||||42,330,222||41,549,764|
|li'unde ofthe charity||||||||
|Unrestricted
funds:
Revaluation
reserve
Other unrestricted
income funds|||||8315614
34,014,60$|10,737,348
30,812,416||
|Total unrestricted|fiinds||||42,330,222|41,549,764||
|Total charity funds||||20|42.336222||47,&49,764|
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|||2023|2022|
|---|---|---|---|
||||f.|
|Cash flows from operating
activities
Net income/(expenditure)||3,863,792|(2,767,055)|
|Adjustments for:
Depreciation oftangible fixed assets
Net gains/(losses)
on investments
Dividends,
interest and rents from investments
Other interest receivable snd similar income||820
(2,232,225)
(2,367,314)
(887,175)|535
6,982
(2,158,381)
1,591,225|
|Interest payable snd similar charges||551,960|149,107|
|Changes in:
Trade and other debtors||1,193,633|(357,555)|
|Trade and other creditors||(569,390)|571,403|
|Cash generated
from operations||(445,899)|(2,963,739)|
|Interest paid
Interest received||(554,508)
1&689,164|(145,677)
776,406|
|Net cash from/(used
in) operating
activities||688 757|(2 3330I 0)|
|Cash flows from investing
activities
Dividends,
interest and rents from investments||2,367,314|2,158,381|
|Purchase oftangible assets
Purchases ofother investments||(1,715)
(24,987)|(1,344,080)|
|Proceeds from sale ofother investments||5,873,859|468,018|
|Net cash from investing
actiidties||8,214,471|1,282,319|
|Cash flows from financing
activities
Proceeds from boirowings||(1,372,220)|(1,729,598)|
|Net cash used in financing
activities||(1,372,220)|(1,729,598)|
|Net increase/(decrease)
in cash and cash
Cash and cash equivalents
at beginning|equivalents
ofyear|7,531,008
222,796|(2,780,289)
3,003,085|
|Cash and cash equivalents
at end ofyear||7,753,804|222,796|
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|5.|Donations
and legacies||||||
|---|---|---|---|---|---|---|
||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||Funds|2023|Funds|2022|
||Donations
Donations
receivable||3,014,127|3,014,127|346,705|346,705|
|6.|Investment
income||||||
||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||Funds|2023|Funds|2022|
||Income from UK investment
Bank interest receivable
Loan interest receivable|properties|2,367,314
67,503
410,705|2,367,314
67,503
410,705|2,158,381
5
(1,694,617)|2,158,381
5
(1,694,617)|
||Foreign currency exchange
gains|(losses)l|408,967|408,967|103,387|103,387|
||||3,254,489|3,254,489|567, 756|567,156|
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|Investment
managemen|t
costs|||||
|---|---|---|---|---|---|
|||Unrestricted|Total Funds|Uurestrrcted|Total Funds|
|||Funds|2023|Funds|2022|
|interest payable snd similar charges
Investment
management
costs
Bank charges||551,960
743,691
1,279|551,960
743,691
1,279|149,107
944,278
1,182|149,107
944,278
1,182|
|||1,296 930|1,296,930|1,094,567|1,094,567|
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|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|2023|Funds|2022|
||||K|||
|Donations
paid
Support costs||3,285,215
54,904|3/85/15
54,904|2,505,802
73,565|2,505,802
73,565|
|||3,340,119|3,340,119|2,579,367|2,5799367|
|Expenditur|e
on charitable|activities by activity typ|e|||
|---|---|---|---|---|---|
|||Grant funding||Total funds|Total fund|
|||ofactivities|Support costs|2023|2022|
|Donations
Governance|paid
costs|3,285,215|54,904|3,285,215
54,904|2,505,802
73,565|
|||3285,215|54,904|3,340,119|2,579,367|
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|Side BySide School Ltd
Moreshet Hatorah Ltd||235,000
210,000|
|---|---|---|
|Chevras Mo'oz Ladol||147,436|
|Kollel Viznitz London||128,750|
|OdcG Schreiber Charitable
Trust||120,000|
|Live and Learn||115,000|
|Shir Chesed Beis Yisroel||105,500|
|Friends Of Sanz Jnstitutions||98,000|
|United Talmu dical Associates Ltd||97,330|
|Congregation
Sharei Sholom Tchabe Ltd
Bait Limud Vchesed||78,500
75,875|
|Friends OfMercaz Hatorah Belz Macnivka||75,000|
|Start Upright
Keren Chochmas
Shloma Trust||62,000
55,500|
|CMZ Ltd||50,000|
|Low Cost Living Ltd
Ozar Lenetzrochim
Ltd||50,000
50,000|
|Zoreya Tzedokos
Chasdei Sholom||50,000
49,000|
|KYL Central Shul Trust||47,957|
|V'yoel Moshe Charitable
Trust
Khal Chasdei Yerushalayim
Mifal Hachesed
Vehatzedokoh||47,800
46,181
46,000|
|Amud Hatzodoka
Trust||44,408|
|Kupath Chasdei
Aharon Ltd
Yeshiva Gedotah Seminary
Beis Aharon TT Activity Centre
Widows Charity
dt RehabiTitation
Refuah Helpline
Kollel Veyoel Moshe
Lehachzikom
UK|Trust|38,800
36,496
35,000
34,050
32,919
32,000
30,941|
|Ahavat Yisroel UK||30,000|
|Toldos Aharon Trust Ltd||29,800|
|Mercaz Torah Vechesed Ltd||25,500|
|Friends OfBeis Chinuch Lebonos|Trust|25,000|
|Friends OfBeis Soroh Schneirer||25,000|
|One Heart
—Lev Echod||25,000|
|Amounts
below f25,000||799,472|
|Total Grants Payable||3,285,215|
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|y
and
the donations
have
been
made
for general
charitable
pur
analysed as follows:|poses.
The donations
can be|
|---|---|
||2023|
|Advancement
ofjewish religion and education
Grants to other grant making charities
Relief ofpoverty
General charitable purposes|1,930,244
209,631
402,424
742,916|
|Total|3,285,215|
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|10.|Analysis of|s|uppo|rt
cost|s|||||
|---|---|---|---|---|---|---|---|---|---|
||||||||Legal and|||
|||||||General|Professional|||
||||||Audit fees|expenses
f.|fees
6|Total 2023
t|Total 2022|
||Governance|costs|||40,703|13,436|765|54,904|73,565|
|11.|Net gains/(losses)|||on investments||||||
|||||||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||||||Funds|2023|Funds|2022|
||Gains/(losses)
assets||on|other investment||2,232,225|2/32,225|(6,982)|(6,982)|
|12.|Net income/(expenditure)|||||||||
||Net income/(expenditure)||||is stated atter|charging/(crediting):||2023|2022|
||Depreciation
Fees payable|
|of tangible fixed assets
for the audit ofthe financial statements|||||820
40,703|535
36,201|
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|15.|~
no remuneration
or other benefits from employment
received by the trustees; and
~
no trustee expenses were borne by the charity.
Tangible Axed assets|with the charity or a related|entity were|
|---|---|---|---|
|||Fixtures and||
|||fittings|Total|
||Cost|||
||At I February 2022
Additions|15,874
1,715|15,874
1,715|
||At 31January 2023|17,589|17,589|
||Depreciation
At I February 2022
Charge for the year|14,311
820|14,311
820|
||At 31January
2023|15,131|15,131|
||Carrying amount
At 31January
2023|2,458|2,458|
||At 31January 2022|1,563|1,563|
|16.|Investments|||
||||Investment|
||||properties|
||Cost or valuation
At l February 2022
Additions||43,825,888
24,987|
||Dispossls
Fair value movements||(3,641,634)
(3,083,334)|
||At 31January 2023||379125,907|
||Impairment|||
||AtIFebruary 2022 and 31January 2023|||
||Carrying
amount
At 31January 2023||37,125,957|
||At 31January 2022||43,825,888|
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|
taking into account the age and condition ofthe prop
Debtors|erties.||
|---|---|---|
||2023|2022|
||f.||
|Trade debtors
Prepayments
and accrued income
Investment
Loans|978,609
16343$ 7,417,550|810,597
972,294
8,718,134|
|Other debtors|5881249|642,243|
||9,141,646|11,143,268|
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|18.|The majority ofthe investment
loans are repayable
on demand
an
at between 4%and 6%per annum.
Creditors: amounts
falling due within one year|d are secured and|yield interest|
|---|---|---|---|
|||2023|2022|
||Bank loans and overdrails
Trade creditors
Accruals and deferred income
Social security and other taxes
Loan Creditors|330,501
350,160
256,927
68,$14
1,475&823|4,358,717
1,421,587
263,001
99,185
939,889|
|||2,482,225|7,082,379|
|19.|Creditors: amounts
falling due after more than one year|||
|||2023|2022|
||Bank loans and overdratts|9,217,368|6,561,372|
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|annum
a
Analysis|nd are secured by way offixed legal charges over the
ofloans:|charity's
investment
pr|operties.|
|---|---|---|---|
|||2023|2022|
|Total Bank Loans||9,547,869|10,920,089|
|Included|in current liabilities|(330,501)|(4,358,717)|
|||9,217,368|6,561,372|
|Loan maturity
analysis:||2023|2022|
|||f||
|In more
In more
ln more|than one year but no more than two years
than two years but not more than five years
than five years|5,300,000
3,666,667
2507701|6283680
277,692|
|Total||9217368|6561 372|
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|||At||||Gains and
At|
|---|---|---|---|---|---|---|
|||1Feb 2022|Income|Expenditure|Transfers|losses31 Jan2023|
|||f|f||||
|General|funds|30,812,416|6,268,616|(4,637,049)|(661,600)|2,232,225 34,014,608|
|Revaluation
reserve||10,737,348|||661,600|(3,083,334)
8,315,614|
|||41,549,764|6,268,616|(4,637,049)||(851,109) 42,330,222|
|||At||||Gains and
At|
|||I Feb 2021|Income
f|Expenditure
f|Transfers
f|losses 31Jan 2022
f
f|
|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)||(779,4627 41,749,764|
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|Analysis ofnet ass|ets|between
funds|||
|---|---|---|---|---|
||||Unrestricted|Total Funds|
||||Funds|2023|
|Tangible fixed assets
Current assets|||37,128,365
16,901,450|37,128,365
16,901,450|
|Creditors less than
1 year
Creditors greater than 1 year|||(2,482,225)
(9,217,368)|(2,482,225)
(9,217,368)|
|Net assets|||42,330,222|42,330,222|
||||Unrestricted|Total Funds|
||||Funds|2022|
||||f||
|Tangible fixed assets
Current assets|||43 827 451
11,366,064|43,827,451
11,366,064|
|Creditors less than
1 year
Creditors
greater than
1 year|||(7,082,379)
(6,561,372)|(7,082,379)
(6,561,372)|
|Net assets|||41,549 764|41,549 764|
##
||with the t|rustees.|||||||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||||||||f.||
||Alta Integration
Ltd
West Pimbo Ltd||||||2,800,000|210,000|
||Donations|&f.100,000|||||202,570|68,705|
|23.|Financial|instruments|||||||
||The carrying amount for each||category offinancial||instrument|is as|follows:
2023|2022|
||Financial|assets that are debt instruments||measured at amoriised cost|||||
||Financial|assets that are debt instruments
measured|||at amortised||||
||cost||||||16,901,450|11,366064|
||Financial
Financial|liabilities measured
liabilities measured|at amortised
cost
at amortised cost||||11,699,593|13,643,751|
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|||||At|
|---|---|---|---|---|
|||At 1 Feb 2022|Cash flows|31Jan 2023|
|Cash
Debt
Debt|at bank snd in hand
due within one year
due after one year|222,796
(4,358,717)
(6,561,372)|7,531,008
4,028,216
(2,655„996)|7,753,804
(330,501)
(9,217,368)|
|||(10,697,293)|8,903,228|(1,794,865)|