REGISTERED COMPANY NUMBER: 05471991 (England and Wales) REGISTERED CHARITY NUMBER: 1112319
YEHUDA & MOSHE LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
STERN ASSOCIATES Chartered Accountants Statutory Auditors 2 Helenslea Avenue London NW11 8ND
YEHUDA & MOSHE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
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Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Report of the Independent Auditors 4 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 15
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YEHUDA & MOSHE LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2022
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TRUSTEES Mrs E Sternbuch
S B Stroh
Mrs A C Stroh
COMPANY SECRETARY Mrs A C Stroh
REGISTERED OFFICE 357 City Road
London
EC1V 1LR
REGISTERED COMPANY 05471991 (England and Wales)
NUMBER
REGISTERED CHARITY 1112319
NUMBER
AUDITORS STERN ASSOCIATES
Chartered Accountants
Statutory Auditors
2 Helenslea Avenue
London
NW11 8ND
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YEHUDA & MOSHE LIMITED (REGISTERED NUMBER: 05471991)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 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 30 June 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 objects of the charity are:
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The advancement of Orthodox Jewish religious education
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The advancement of the Orthodox Jewish religion
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The relief of poverty, particularly amongst persons of the Jewish faith.
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Any other charitable purposes as determined by the trustees.
Significant activities
The charity receives income mainly from its property investments and charitable donations under gift aid, which it utilises to provide grants to various charitable and educational institutions in accordance with its objects.
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 and in planning future activities.
Grantmaking
The trustees are approached for donations by a wide variety of charitable institutions. The trustees consider all requests which they receive and make donations based on the level of funds available.
STRATEGIC REPORT
Achievement and performance
Charitable activities
The Charity has extended grants totalling £744,435 (2021 - £501,210) to a number of charitable institutions.
Fundraising activities
The charity continued to be supported by donations from the trustees and other charities and companies that are controlled by the trustees.
Despite the difficult economic climate, the Charity received a total of £1,667,000 (2021 - £451,250) in donations and legacies.
Investment performance
The Charity's investment properties continued to provide rental income to help support its activities.
Investment income, including rent received totalled £44,249 (2021 - £48,761).
Financial review
Reserves policy
Reserves are distributed at the discretion of the trustees as and when they become available, after providing for administrative expenses, and no formal commitments for future grants are made to any of the beneficiaries.
The trustees consider that the Charity will generate sufficient rental income and receive donations to fund its ongoing activities.
Future plans
No significant changes are planned to the operation of the Charity.
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YEHUDA & MOSHE LIMITED (REGISTERED NUMBER: 05471991)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Risk management
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 major risks.
Recruitment and appointment of new trustees
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 adopt suitable recruitment, training and induction procedures.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Yehuda & Moshe Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, STERN ASSOCIATES, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 30 March 2023 and signed on the board's behalf by:
S B Stroh - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF YEHUDA & MOSHE LIMITED
Opinion
We have audited the financial statements of Yehuda & Moshe Limited (the 'charitable company') for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 June 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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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 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:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF YEHUDA & MOSHE LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities outline above, to detect material misstatements in respect of irregularities, including fraud.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the Charity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of trustees minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF YEHUDA & MOSHE LIMITED
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.
Simon Stern (Senior Statutory Auditor) for and on behalf of STERN ASSOCIATES Chartered Accountants Statutory Auditors 2 Helenslea Avenue London NW11 8ND
30 March 2023
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YEHUDA & MOSHE LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grants Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.6.22 Unrestricted funds £ 1,667,000 44,249 1,711,249 26,543 744,435 3,425 774,403 29,881 966,727 885,075 1,851,802 |
30.6.21 Total funds £ 451,250 48,761 500,011 17,849 501,210 1,817 520,876 21,807 942 884,133 885,075 |
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The notes form part of these financial statements
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YEHUDA & MOSHE LIMITED (REGISTERED NUMBER: 05471991)
BALANCE SHEET 30 JUNE 2022
| Notes FIXED ASSETS Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 13 NET ASSETS FUNDS 15 Unrestricted funds: General fund Revaluation reserve TOTAL FUNDS |
30.6.22 Unrestricted funds £ 1,125,000 6,458 898,436 904,894 (56,092) 848,802 1,973,802 (122,000) 1,851,802 1,544,713 307,089 1,851,802 1,851,802 |
30.6.21 Total funds £ 1,050,000 29,078 6,245 35,323 (66,248) (30,925) 1,019,075 (134,000) 885,075 607,867 277,208 885,075 885,075 |
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The financial statements were approved by the Board of Trustees and authorised for issue on 30 March 2023 and were signed on its behalf by:
S B Stroh - Trustee
The notes form part of these financial statements
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YEHUDA & MOSHE LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 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 investing activities Purchase of investment property Interest received Net cash used in investing 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 |
30.6.22 £ 964,733 (6,756) 957,977 (45,119) 89 (45,030) - (20,756) (20,756) 892,191 6,245 898,436 |
30.6.21 £ (24,743) (5,913) (30,656) (28,193) 37 (28,156) 50,000 (12,000) 38,000 (20,812) 27,057 6,245 |
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The notes form part of these financial statements
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YEHUDA & MOSHE LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2022
| 1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 30.6.22 30.6.21 £ £ Net income for the reporting period (as per the Statement of Financial Activities) 966,727 942 Adjustments for: Gain on investments (29,881) (21,807) Interest received (89) (37) Interest paid 6,756 5,913 Decrease/(increase) in debtors 22,620 (8,853) Decrease in creditors (1,400) (901) |
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 30.6.22 30.6.21 £ £ Net income for the reporting period (as per the Statement of Financial Activities) 966,727 942 Adjustments for: Gain on investments (29,881) (21,807) Interest received (89) (37) Interest paid 6,756 5,913 Decrease/(increase) in debtors 22,620 (8,853) Decrease in creditors (1,400) (901) |
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| Net cash provided by/(used in) operations | 964,733 (24,743) |
| 2. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS At 1.7.21 £ Net cash Cash at bank 6,245 |
Cash flow At 30.6.22 £ £ 892,191 898,436 |
| 6,245 | 892,191 898,436 |
| Debt Debts falling due within 1 year (62,000) Debts falling due after 1 year (134,000) |
8,756 (53,244) 12,000 (122,000) |
| (196,000) | 20,756 (175,244) |
| Total (189,755) |
912,947 723,192 |
The notes form part of these financial statements
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YEHUDA & MOSHE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 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, as modified by the revaluation of certain assets.
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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.
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YEHUDA & MOSHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022
2. DONATIONS AND LEGACIES
| Donations Gift aid 3. INVESTMENT INCOME Rents received Other interest receivable 4. RAISING FUNDS Investment management costs Insurance Agent's commission Property repairs Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Grants 6. GRANTS PAYABLE Grants |
30.6.22 £ 1,667,000 - 1,667,000 30.6.22 £ 44,160 89 44,249 30.6.22 £ 2,606 3,844 13,337 6,756 26,543 30.6.22 £ 744,435 |
30.6.21 £ 440,000 11,250 451,250 30.6.21 £ 48,724 37 48,761 30.6.21 £ 2,310 4,784 4,842 5,913 17,849 Grant funding of activities (see note 6) £ 744,435 30.6.21 £ 501,210 |
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The charity made 116 grants to UK registered charities. A breakdown is available on request from the company secretary.
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YEHUDA & MOSHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022
7. SUPPORT COSTS
| Governance Management Finance costs Totals £ £ £ £ Other resources expended 249 131 3,045 3,425 |
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| 8. AUDITORS' REMUNERATION 30.6.22 30.6.21 £ £ Fees payable to the charity's auditors and their associates for the audit of the charity's financial statements 1,200 - |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the year ended 30 June 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.
10. INVESTMENT PROPERTY
| FAIR VALUE At 1 July 2021 Additions Revaluation At 30 June 2022 NET BOOK VALUE At 30 June 2022 At 30 June 2021 |
£ 1,050,000 45,119 29,881 1,125,000 1,125,000 1,050,000 |
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The investment properties are stated at the trustees' valuation at 30 June 2022 based on the trustees' understanding of prevailing market conditions and the specific properties concerned.
Fair value at 30 June 2022 is represented by:
| Valuation in 2021 Valuation in 2022 |
£ 1,050,000 75,000 1,125,000 |
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YEHUDA & MOSHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Rent Control Gift aid recoverable |
30.6.22 30.6.21 £ £ 3,500 8,078 2,958 2,250 - 18,750 |
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| 6,458 29,078 |
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| 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 14) Deferred income Accrued expenses |
30.6.22 30.6.21 £ £ 53,244 62,000 - 1,100 2,848 3,148 |
| 56,092 66,248 |
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| 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 30.6.22 30.6.21 £ £ Bank loans (see note 14) 122,000 134,000 |
14. LOANS
The bank loans are secured by way of fixed and floating charge over the company's assets.
15. MOVEMENT IN FUNDS
| At 1.7.21 £ Unrestricted funds General fund 607,867 Revaluation reserve 277,208 885,075 TOTAL FUNDS 885,075 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 1,711,249 (774,403) Revaluation reserve - - 1,711,249 (774,403) TOTAL FUNDS 1,711,249 (774,403) |
Net movement in funds £ 936,846 29,881 966,727 966,727 Gains and losses £ - 29,881 29,881 29,881 |
At 30.6.22 £ 1,544,713 307,089 1,851,802 1,851,802 Movement in funds £ 936,846 29,881 966,727 966,727 |
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YEHUDA & MOSHE LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.7.20 £ Unrestricted funds General fund 628,732 Revaluation reserve 255,401 884,133 TOTAL FUNDS 884,133 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 500,011 (520,876) Revaluation reserve - - 500,011 (520,876) TOTAL FUNDS 500,011 (520,876) |
Net movement At in funds 30.6.21 £ £ (20,865) 607,867 21,807 277,208 942 885,075 942 885,075 Gains and Movement losses in funds £ £ - (20,865) 21,807 21,807 21,807 942 21,807 942 |
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16. RELATED PARTY DISCLOSURES
During the year the charity received donations totalling £1,667,000 (2021 - £440,000) from the trustees, charities and companies controlled by the trustees.
During the year ended 30 June 2017 the charity extended a loan to a company of which a trustee is a director. At the year end £2,500 (2021 - £2,500) was due to the charity.
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