**REGISTERED COMPANY NUMBER: 05423453 (England and Wales) REGISTERED CHARITY NUMBER: 1112150**
## **Report of the Trustees and**
**Financial Statements for the Year Ended 31 March 2022**
## **for**
## **Belz Foundation Ltd**
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
**Belz Foundation Ltd**
**Contents of the Financial Statements for the Year Ended 31 March 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Report of the Independent Auditors**|4|to|6|
|**Statement of Financial Activities**||7||
|**Balance Sheet**||8||
|**Cash Flow Statement**||9||
|**Notes to the Cash Flow Statement**||10||
|**Notes to the Financial Statements**|11|to|16|
|**Detailed Statement of Financial Activities**||17||
**Belz Foundation Ltd**
**Report of the Trustees for the Year Ended 31 March 2022**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the Charity are to raise funds, collect donations and apply the funds and income of the charity for the benefit of charitable purposes and particularly for the purpose of the advancement of the Jewish religious faith and the relief of poverty. The charity operates a voucher system to facilitate the receipt of donations and distribution of funds.
## **Public benefit**
The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
## **Grantmaking**
Belz Foundation Limited makes donations to charitable institutions in accordance with its Articles of Association.
The trustees have personal knowledge of the recipient organisations and their trustees and are therefore able to ensure that donations made are utilised in accordance with the objectives of Belz Foundation Limited.
## **ACHIEVEMENT AND PERFORMANCE**
The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from the contributions received from donors.
The Statement of Financial Activities shows a net surplus for the year of £4,806 after making combined total grants of £1,177,999 and the reserve stand at £8,613.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The charity is pleased and fortunate to receive donations from a number of organisations and individuals.
Overall the charity has experienced a good year and hopes it will continue to do so next year.
## **Reserves policy**
It is the charity's policy that only funds that have cleared the bank be allowed to be drawn by donor's via the voucher system.
The charity's trustees believe that reserves have to be maintained at a level equivalent to the donors donations, in order to be available to be distributed on the basis of their wishes.
## **FUTURE PLANS**
The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document memorandum and articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Recruitment and appointment of new trustees**
The trustees are appointed according to the Articles of Association.
Page 1
**Belz Foundation Ltd**
**Report of the Trustees for the Year Ended 31 March 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees**
All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charities views of its progression.
New trustees undergo a briefing to ensure they are aware of both their legal and professional responsibilities under charity and company law.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
05423453 (England and Wales)
## **Registered Charity number**
1112150
## **Registered office**
1 Belz Terrace London E5 9SN
## **Trustees**
J Baumgarten (resigned 6.8.22) A Klein S Rand Y M Sternlitcht
## **Company Secretary**
J Baumgarten
## **Auditors**
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of Belz Foundation Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Page 2
**Belz Foundation Ltd**
**Report of the Trustees for the Year Ended 31 March 2022**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ A Klein - Trustee
Page 3
**Report of the Independent Auditors to the Members of Belz Foundation Ltd**
## **Opinion**
We have audited the financial statements of Belz Foundation Ltd (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 4
**Report of the Independent Auditors to the Members of Belz Foundation Ltd**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **Responsibilities of trustees**
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We assess compliance with applicable laws and regulations that could reasonably be expected to have a
material effect on the financial statements. The key laws and regulations we have considered in this context included the Charities SORP (FRS 102). In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.We discussed with management the extent of compliance with those laws and regulations as part of our audit procedures.
- We address the risk of fraud through management override of controls, by obtaining an understanding of internal control and by designing audit procedures that are appropriate and sufficient. We evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and judgements made by management. We identified and assessed any significant transactions that are unusual or outside the normal course of business, and we incorporated testing of manual journal entries and corrections into our audit approach.
-Our audit procedures were designed to identify and assess risks of material misstatement in the financial statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, misrepresentations, or management override of controls. We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations.
-There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. Our responsibility is to conclude whether the financial statements represent the underlying financial position and activities of the charity and to ensure that the overall content and presentation of the financial statements gives a fair view.
Page 5
**Report of the Independent Auditors to the Members of Belz Foundation Ltd**
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Adrian Heller FCA (Senior Statutory Auditor) for and on behalf of Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Date: .............................................
Page 6
**Belz Foundation Ltd**
## **Statement of Financial Activities for the Year Ended 31 March 2022**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
1,185,831
**EXPENDITURE ON**
**Charitable activities**
3
Donations
1,177,999
Other
3,026
**Total**
1,181,025
**NET INCOME/(EXPENDITURE)**
4,806
**RECONCILIATION OF FUNDS**
Total funds brought forward
3,807
**TOTAL FUNDS CARRIED FORWARD**
8,613|Restricted
fund
£
-
-
-
-
-
-
-|31.3.22
Total
funds
£
1,185,831
1,177,999
3,026
1,181,025
4,806
3,807
8,613|31.3.21
Total
funds
£
1,371,005
1,397,457
1,378
1,398,835
(27,830)
31,637
3,807|
|---|---|---|---|
The notes form part of these financial statements
Page 7
**Belz Foundation Ltd**
## **Balance Sheet 31 March 2022**
|Unrestricted
Restricted
fund
fund
Notes
£
£
**CURRENT ASSETS**
Debtors
9
230,000
-
Cash at bank
89,376
-
319,376
-
**CREDITORS**
Amounts falling due within one year
10
(274,930)
-
**NET CURRENT ASSETS**
44,446
-
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
44,446
-
**CREDITORS**
Amounts falling due after more than one year
11
(35,833)
-
**NET ASSETS**
8,613
-
**FUNDS**
13
Unrestricted funds
**TOTAL FUNDS**|31.3.22
Total
funds
£
230,000
89,376
319,376
(274,930)
44,446
44,446
(35,833)
8,613
8,613
8,613|31.3.21
Total
funds
£
20,000
36,512
56,512
(7,705)
48,807
48,807
(45,000)
3,807
3,807
3,807|
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
A Klein - Trustee
The notes form part of these financial statements
Page 8
## **Belz Foundation Ltd**
## **Cash Flow Statement**
## **for the Year Ended 31 March 2022**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
**Cash flows from financing activities**
New loans in year
Loan repayments in year
Net cash (used in)/provided by financing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|31.3.22
£
58,027
(996)
57,031
-
(4,167)
(4,167)
52,864
36,512
89,376|31.3.21
£
(98,927)
(103)
(99,030)
50,000
-
50,000
(49,030)
85,542
36,512|
|---|---|---|
The notes form part of these financial statements
Page 9
**Belz Foundation Ltd**
## **Notes to the Cash Flow Statement for the Year Ended 31 March 2022**
|**1.**
**RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM**
**OPERATING ACTIVITIES**
31.3.22
£
**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
4,806
**Adjustments for:**
Interest paid
996
Increase in debtors
(210,000)
Increase/(decrease) in creditors
262,225
**Net cash provided by/(used in) operations**
58,027
2.
**ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS**
At 1/4/21
Cash flow
At
£
£
**Net cash**
Cash at bank
36,512
52,864
36,512
52,864
**Debt**
Debts falling due within 1 year
(5,000)
(5,000)
Debts falling due after 1 year
(45,000)
9,167
(50,000)
4,167
**Total**
(13,488)
57,031||31.3.21
£
(27,830)
103
(20,000)
(51,200)
(98,927)
31/3/22
£
89,376
89,376
(10,000)
(35,833)
(45,833)
43,543|
|---|---|---|
||||
The notes form part of these financial statements
Page 10
**Belz Foundation Ltd**
**Notes to the Financial Statements for the Year Ended 31 March 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. DONATIONS AND LEGACIES**
|**DONATIONS AND LEGACIES**|||
|---|---|---|
||31.3.22|31.3.21|
||£|£|
|Donations|1,185,831|1,371,005|
continued...
Page 11
**Belz Foundation Ltd**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2022**
|**3.**
**CHARITABLE ACTIVITIES COSTS**
Donations
**4.**
**GRANTS PAYABLE**
Donations
Amud Hatzdokoh Trust
Belz Synagogue
Chavrei Shas
Clapton Support & Advice
Dover Sholem Community Trust
Merkaz Torah Vechesed Ltd
Moreshet Hatorah Ltd
Shaare Tzedek
Yesamach Levav Trust
Less than £20,000
**5.**
**SUPPORT COSTS**
Other resources expended
**6.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration|31.3.22
£
1,177,999|Grant
funding of
activities
(see note
4)
£
1,177,999
31.3.21
£
1,397,457|
|---|---|---|
|||41,879|
|||51,718|
|||40,000|
|||50,023|
|||194,620|
|||50,795|
|||141,424|
|||25,000|
|||44,866|
|||537,674|
||||
|||1,177,999|
||||
||31.3.22
£
850|Governance
costs
£
3,026
31.3.21
£
1,200|
continued...
Page 12
**Belz Foundation Ltd**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2022**
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
1,371,005
**EXPENDITURE ON**
**Charitable activities**
Donations
1,397,457
Other
1,378
**Total**
1,398,835
**NET INCOME/(EXPENDITURE)**
(27,830)
**RECONCILIATION OF FUNDS**
Total funds brought forward
31,637
**TOTAL FUNDS CARRIED FORWARD**
3,807
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors|Restricted
fund
£
-
-
-
-
-
-
-
31.3.22
£
230,000|Total
funds
£
1,371,005
1,397,457
1,378
1,398,835
(27,830)
31,637
3,807
31.3.21
£
20,000|
|---|---|---|
continued...
Page 13
**Belz Foundation Ltd**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2022**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|31.3.22
£
Bank loans and overdrafts (see note 12)
10,000
Trade creditors
315
Other creditors
262,215
Accrued expenses
2,400
274,930
**11.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
31.3.22
£
Bank loans (see note 12)
35,833
**12.**
**LOANS**
An analysis of the maturity of loans is given below:
31.3.22
£
Amounts falling due within one year on demand:
Bank loans
10,000
Amounts falling between one and two years:
Bank loans - 1-2 years
10,000
Amounts falling due between two and five years:
Bank loans - 2-5 years
25,833
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
-
**13.**
**MOVEMENT IN FUNDS**
Net
movement
At 1/4/21
in funds
At
£
£
**Unrestricted funds**
General fund
3,807
4,806
**TOTAL FUNDS**
3,807
4,806||31.3.21
£
5,000
-
-
2,705|31.3.21
£
5,000
-
-
2,705|
|---|---|---|---|
|||7,705||
|||31.3.21
£
45,000||
|||31.3.21
£
5,000||
|||10,000||
|||30,000||
|||5,000
31/3/22
£
8,613
8,613||
||||8,613|
continued...
Page 14
**Belz Foundation Ltd**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2022**
## **13. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
1,185,831
1,185,831|Resources
expended
£
(1,181,025 )
(1,181,025 )|Movement
in funds
£
4,806|
|---|---|---|---|
||||4,806|
## **Comparatives for movement in funds**
|At 1/4/20
£
**Unrestricted funds**
General fund
31,637
**TOTAL FUNDS**
31,637
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
1,371,005
**TOTAL FUNDS**
1,371,005|Net
movement
in funds
£
(27,830)
(27,830)
Resources
expended
£
(1,398,835 )
(1,398,835 )|At 31/3/21
£
3,807
3,807
Movement
in funds
£
(27,830|31/3/21
£
3,807|
|---|---|---|---|
||||3,807|
|||(27,830||
A current year 12 months and prior year 12 months combined position is as follows:
|||Net||
|---|---|---|---|
|||movement||
||At 1/4/20|in funds|At 31/3/22|
||£|£|£|
|**Unrestricted funds**||||
|General fund|31,637|(23,024)|8,613|
|**TOTAL FUNDS**|31,637|(23,024)|8,613|
Page 15
continued...
**Belz Foundation Ltd**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2022**
## **13. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
2,556,836
2,556,836|Resources
expended
£
(2,579,860 )
(2,579,860 )|Movement
in funds
£
(23,024)
(23,024)|
|---|---|---|---|
## **14. RELATED PARTY DISCLOSURES**
Donations received by the charity include the following amounts which were received from charities which have trustees in common with Belz Foundation Limited:
|Cosmon (Belz) Ltd|77,900|
|---|---|
|Bourneheights Limited|45,600|
Donations paid by the charity include the following amounts which were paid to charities which have trustees in common with Belz Foundation Limited:
|Chevras Mo'oz Ladol|10,437|
|---|---|
|Moreshet Hatorah Limited|141,424|
Page 16
**Belz Foundation Ltd**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2022**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Grants to institutions
**Support costs**
**Governance costs**
Auditors' remuneration
Sundries
Legal fees
Bank interest
Bank loan interest
Total resources expended
**Net income/(expenditure)**|31.3.22
£
1,185,831
1,185,831
1,177,999
850
820
360
95
901
3,026
1,181,025
4,806|31.3.21
£
1,371,005
1,371,005
1,397,457
1,200
75
-
103
-
1,378
1,398,835
(27,830)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 17