Charity Registration No. 1110347
Company Registration No. 05477441 (England and Wales)
MISHKAN YERUSHULAYIM
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
MISHKAN YERUSHULAYIM
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Joshua Sternlicht Mrs Rivka Gross Mr Yankel Grossberger Mr Joel Gross
Charity number 1110347 Company number 05477441 Registered office New Burlington House 1075 Finchley Road London NW11 0PU Auditor Cohen Arnold New Burlington House 1075 Finchley Road London NW11 0PU
MISHKAN YERUSHULAYIM
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 - 16 |
MISHKAN YERUSHULAYIM
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
The charity's objects are: (a) the relief of poor, aged and infirm Jewish people; (b) the advancement of education in accordance with the orthodox Jewish tradition and in particular in accordance with the Shulchon Oruch; and
(c) the advancement of the orthodox tradition of the Jewish religion in accordance with the Shulchon Oruch.
In furtherance of its objects, the charity supports the activities of Jewish religious organisations, especially in the field of education and provides philanthropic aid to the Jewish needy. Donations are made to organisations providing a sound religious education in accordance with the doctrines and principles of traditional Judaism and to institutions set up to provide aid to the Jewish needy, with a view to achieving the objectives of the charity.
Mishkan Yerushulayim regularly supports charitable organisations and institutions both in respect of revenue expenditure and capital projects and there has been a continual call for funding of capital projects together with a concomitant need for increased revenue support.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake and has complied with its duty to act for the public benefit in accordance with Section 4 of The Charities Act 2011.
Grants are made to charitable institutions and organisations which conform to the objectives of the charity after the trustees have satisfied themselves as to the bona fides of the recipient.
Achievements and performance
The charity derives its income from its subsidiary undertaking, in the form of Gift Aid receipts. During the year under review, it received £484,034 (2020: £1,063,308) from its subsidiary undertaking.
During the year under review £570,000 (2020: £920,000) was distributed in furtherance of the charities objectives.
Financial review
The charity's income increased from that of the previous year enabling it to increase the level of its grant making to those institutions that it intends to support on a regular basis. Its subsidiary undertaking, Crownlife Limited, donated its entire taxable profits by way of Gift Aid to the charity with the underlying value of this investment increasing during the year.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level which the trustees consider appropriate after considering the future commitments of the charity.
Whilst the charity has unrestricted funds of £17,779,171 (2020: £18,021,828) none of this is distributable as its investment in and fair value adjustments to its subsidiary undertaking exceeds this amount.
The movements in investments are fully reflected in the notes to the financial statements.
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MISHKAN YERUSHULAYIM
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit provided that funds so utilised are not immediately required for use in connection with any of it's objectives. The trustees regularly review the charity's position and needs in respect of the investment policy.
The charity's unquoted investments are included in the financial statements at fair value as determined by the trustees.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The charity has no significant concentrations of credit risk. Amounts shown in the Statement of Financial Position represent the maximum anticipated credit risk exposure. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The charity holds or issues financial instruments to achieve three main objectives being:
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to finance it's operations
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to manage it's exposure to interest and currency risks arising from it's operations and from it's sources of finance; and
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to generate funds.
In addition various financial instruments (e.g. debtors, creditors, prepayments and accruals) arise directly from the charity's operations.
The charity plans continuing the activities outlined above in the coming year subject to incoming resources being maintained at a satisfactory level.
Structure, governance and management
The charity is an entity incorporated under the Companies Act and is governed by its Memorandum and Articles of Association. The charity is limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £10.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr Joshua Sternlicht Mrs Rivka Gross Mr Yankel Grossberger Mr Joel Gross
As set of in the Articles of Association, the members of the charity is unlimited in number. There is one class of members, namely company members who are the subscribers and all persons subsequently admitted by the Board to membership.
No person shall be admitted to the membership of the company as a company member unless:
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He has signed and sent to the Secretary an application for admission framed in such terms as the Board shall from time to time prescribe, and:
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He has been admitted to the membership by the Board.
The organisation is run by the company members who are the trustees. Every trustee holds office until he/she shall die or shall cease to be Jewish or resigns by giving notice in writing to the secretary.
It is not currently the intention of the trustees to appoint further trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures.
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MISHKAN YERUSHULAYIM
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Unless and until otherwise determined by the charity, the Board of trustees shall consist of not less than three but shall not be subject to any maximum. The Board appoints from among its members a Chair and a Vice Chair and, in the event any vacancy arises, the Board shall as soon as practicable fill the vacancy. Two company members present in person or a duly authorised representative of a company member shall form a quorum at a general meeting.
None of the trustees have any beneficial interest in the charity.
The charity's sole investment is its subsidiary undertaking, Crownlife Limited, a company engaged in property investment.
Auditor
The auditor, Cohen Arnold, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The trustees' report was approved by the Board of Trustees.
Mr Joshua Sternlicht
Trustee Dated: 20 December 2021
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MISHKAN YERUSHULAYIM
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2021
The trustees, who are also the directors of Mishkan Yerushulayim for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that 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.
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MISHKAN YERUSHULAYIM
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MISHKAN YERUSHULAYIM
Opinion
We have audited the financial statements of Mishkan Yerushulayim (the ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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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 March 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 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.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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MISHKAN YERUSHULAYIM
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MISHKAN YERUSHULAYIM
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the 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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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MISHKAN YERUSHULAYIM
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MISHKAN YERUSHULAYIM
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an 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 charity and the charity’s trustees 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
20 December 2021
Chartered Accountants Statutory Auditor
New Burlington House 1075 Finchley Road London NW11 0PU
Cohen Arnold is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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MISHKAN YERUSHULAYIM
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 484,034 | 1,063,308 |
| Expenditure on: | |||
| Charitable activities | 4 | 573,885 | 925,521 |
| Net (outgoing)/incoming resources | (89,851) | 137,787 | |
| Other recognised gains and losses | |||
| Revaluation of tangible fixed assets | (152,806) | (767,637) | |
| Net movement in funds | (242,657) | (629,850) | |
| Fund balances at 1 April 2020 | 18,021,828 | 18,651,678 | |
| Fund balances at 31 March 2021 | 17,779,171 | 18,021,828 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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MISHKAN YERUSHULAYIM
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
| Notes Fixed assets Investments 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current liabilities Total assets less current liabilities Income funds Unrestricted funds General unrestricted funds Revaluation reserve |
2021 £ £ 18,122,843 53,324 (396,996) (343,672) 17,779,171 7,321,328 10,457,843 17,779,171 17,779,171 |
2020 £ £ 18,275,649 139,335 (393,156) (253,821) 18,021,828 7,411,179 10,610,649 18,021,828 18,021,828 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 20 December 2021
Mr Joshua Sternlicht Trustee
Mrs Rivka Gross Trustee
Company Registration No. 05477441
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MISHKAN YERUSHULAYIM
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
| 2021 Notes £ Cash flows from operating activities Cash (absorbed by)/generated from operations 13 Net cash used in investing activities Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2020 £ £ (86,011) - - (86,011) 139,335 53,324 |
£ 138,337 - - |
|---|---|---|
| 138,337 998 |
||
| 139,335 |
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MISHKAN YERUSHULAYIM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
Mishkan Yerushulayim is a private company limited by guarantee incorporated in England and Wales. The registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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MISHKAN YERUSHULAYIM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.5 Expenditure
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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MISHKAN YERUSHULAYIM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 484,034 | 1,063,308 |
4 Charitable activities
| Grant funding of activities (see note 5) Share of support costs (see note 6) Share of governance costs (see note 6) Grants payable Grants to institutions: United Talmudical Associates Limited |
2021 £ - 1,845 2,040 3,885 |
2021 £ 570,000 - - 570,000 £ - |
Total 2021 £ 570,000 1,845 2,040 573,885 2021 £ 570,000 |
|
|---|---|---|---|---|
| 2020 £ 920,000 2,281 3,240 |
||||
| 925,521 | ||||
| 2020 £ 920,000 |
||||
| £ 570,000 |
5 Grants payable
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MISHKAN YERUSHULAYIM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
| 6 Support costs Accountancy fees Bank charges Office and administrative expenses Audit fees Analysed between Charitable activities |
Support costs Governance costs £ £ 1,800 - 45 - - - - 2,040 1,845 2,040 1,845 2,040 |
2021 £ 1,800 45 - 2,040 3,885 3,885 |
Support costs Governance costs £ £ 1,750 - 48 - 483 - - 3,240 2,281 3,240 2,281 3,240 |
2020 £ 1,750 48 483 3,240 |
|---|---|---|---|---|
| 5,521 | ||||
| 5,521 |
Governance costs includes payments to the auditors of £2,040 (2020- £3,240) for audit fees.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| Total Fixed asset investments Cost or valuation At 1 April 2020 Valuation changes At 31 March 2021 Carrying amount At 31 March 2021 At 31 March 2020 |
2021 2020 Number Number - - Other investments 18,275,649 (152,806) 18,122,843 18,122,843 18,275,649 |
2020 Number - |
|---|---|---|
| 18,122,843 | ||
| 18,122,843 | ||
| 18,275,649 |
9 Fixed asset investments
2021
2020
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MISHKAN YERUSHULAYIM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
| 9 Fixed asset investments Other investments comprise: Notes Investments in subsidiaries 12 10 Creditors: amounts falling due within one year Amounts owed to subsidiary undertakings Other creditors |
(Continued) £ £ 18,122,843 18,275,649 2021 2020 £ £ 1,416 1,416 395,580 391,740 396,996 393,156 |
(Continued) £ £ 18,122,843 18,275,649 2021 2020 £ £ 1,416 1,416 395,580 391,740 396,996 393,156 |
|---|---|---|
| 2020 £ 1,416 391,740 |
||
| 393,156 |
Other creditors includes £378,351 (2020: £378,351) owed to connected undertakings which are interest free and repayable on demand. These are companies of which the directors and their families are directors and/or shareholders.
11 Related party transactions
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
During the year charitable donations of £484,034 (2020: £1,063,308) were received from the charity's subsidiary undertaking, Crownlife Limited.
12 Subsidiaries
These financial statements are separate charity financial statements for Mishkan Yerushulayim.
The charity meets the criteria both within the Companies Act and the Charities Act to file individual accounts and thus consolidated accounts have not been prepared.
Details of the charity's subsidiaries at 31 March 2021 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | Direct Indirect | ||
| Crownlife Limited | England & | Property Investment | Ordinary | 100.00 |
| Wales |
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MISHKAN YERUSHULAYIM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
| 13 Cash generated from operations Deficit for the year Movements in working capital: Increase in creditors Cash (absorbed by)/generated from operations |
2021 £ (89,851) 3,840 (86,011) |
2020 £ 137,787 550 |
|---|---|---|
| 138,337 |
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