2022-12-31-accounts

COMPANY REGISTRATION NUMBER: 06767931 CHARITY REGISTRATION NUMBER: 1127178

GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 DECEMBER 2022

COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NW11 OPU

GOLDHEART CHARITY LIMITED

COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

	PAGES
Trustees' annual report (incorporating the director's report)	1to4
Independent auditor'sreporttothemembers	5 to 10
Statement offinancial activities (including income and expenditure
account)	11
Statement offinancial position	12
Notestothefinancialstatements	13to22

GOLDHEART CHARITY LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 DECEMBER 2022

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

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Goldheart Charity Limited Charity registration number 1127178 Company registration number 06767931 Principal office and registered 162 Osbaldeston Road office London N16 6NJ THE TRUSTEES Mr A Oestreicher Mrs C Oestreicher Mrs Y Weiss Mrs E Pollack COMPANY SECRETARY Mrs C Oestreicher AUDITOR Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NWI11 OPU

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is constituted as a Company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association.

The Trustees administer the day-to-day affairs of the Charity. None of the Trustees have any beneficial interest in the Charity.

The Trustees were appointed based on personal competence, specialist skills, availability and knowledge of and contact with institutions professing and teaching the principles of traditional Judaism and the advancement of religion in accordance with the Jewish faith and the relief of poverty, sickness and infirmity.

Suitable recruitment training and induction procedures are undertaken upon appointment of new Trustees when the current Trustees believe the Charity can benefit from additional expertise.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

(continued)

YEAR ENDED 31 DECEMBER 2022

OBJECTIVES AND ACTIVITIES

The Charity is established to advance religion in accordance with the Orthodox Jewish Faith, the relief of poverty, sickness and infirmity, and for such purposes as are recognised by English Law as Charitable and in furtherance of the aforementioned objects.

The Charity receives income mainly from its property investments and charitable receipts under Gift Aid, which it utilises in the provision and distribution of grants and donations. 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.

ACHIEVEMENTS AND PERFORMANCE

During the year the Charity continued its philanthropic activities in support of religious education and other charitable institutions and aggregate donations were paid of £697,600 (2021: £1,036,270).

The benefits that these charities provide include:

Financial support to the poor Provisions of basic necessities for the poor Relief of sickness and disabilities Jewish education and support for places of worship for the Jewish community

The financial results of the Charity's activities for the year to 31 December 2022 are fully reflected in the attached Financial Statements together with the notes thereon.

FINANCIAL REVIEW

Reserve policy

It is the policy of the Charity to maintain unrestricted funds, which are the free reserve of the Charity, at a level which the Trustees think appropriate after considering the future commitments of the Charity and the likely costs of the Charity for the next year.

As at 31 December 2022 the Charity has total funds of £3,590,410 of which £2,222,745 are unrestricted reserves. The Charity has reserves of £480,087 readily available for its charitable activities.

Grant making policy Grants are made to charitable institutions and organisations which accord with the objects of the Charity.

The Trustees are approached for donations by a wide variety of charitable institutions operating all over England. The trustees consider all requests which they receive and make donations based on the level of funds available.

Investment powers and policy and objectives Under the memorandum and articles of association, the charity has the power to make any investment, which the Trustees see fit. The Trustees regularly review the Charity's position and needs in respect of the investment policy.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

(continued)

YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW (continued)

PRINCIPAL RISKS AND UNCERTAINTIES

Risk management The Trustees have identified and reviewed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Charity, and are satisfied that systems are in place to manage those risks.

PLANS FOR FUTURE PERIODS

The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves are maintained.

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

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

• e select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

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

• e so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

• e they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

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

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GOLDHEART CHARITY LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 DECEMBER 2022

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 19 September 2023 and signed on behalf of the board of trustees by:

Mr A Oestreicher Trustee

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART

CHARITY LIMITED YEAR ENDED 31 DECEMBER 2022

OPINION

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

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 December 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;

• _ 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.

“5s

GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART CHARITY LIMITED (continued) YEAR ENDED 31 DECEMBER 2022

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

• the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• ¢ the trustees' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e the financial statements are not in agreement with the accounting records and returns; or

• e certain disclosures of trustees' remuneration specified by law are not made; or

• e we have not received all the information and explanations we require for our audit; or

• e the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART CHARITY LIMITED (continued

YEAR ENDED 31 DECEMBER 2022

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART CHARITY LIMITED (continued YEAR ENDED 31 DECEMBER 2022

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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

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

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the directors and identified financial reporting legislation, landlord legislation and charity legislation as being most significant to these financial statements.

• e We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.

• » We discussed with the directors the policies and procedures regarding compliance with these legal and regulatory frameworks.

• e We assessed the susceptibility of the company's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the directors during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was determined to be low.

• e Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.

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

= $=

GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART CHARITY LIMITED (continued YEAR ENDED 31 DECEMBER 2022

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

• ° Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• e Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GOLDHEART CHARITY LIMITED (continued)

YEAR ENDED 31 DECEMBER 2022

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

USE OF OUR REPORT

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Barry Leigh (Senior Statutory Auditor)

For and on behalf of Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

19 September 2023

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GOLDHEART CHARITY LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 DECEMBER 2022

		2022	2022	2021
		Unrestricted
		funds	Totalfunds	Total funds
	Note	£	£	£
Income and endowments
Donationsand legacies Investment income	5 6	126,010 276,062	126,010 276,062	202,138 346,440
Total income		402,072	402,072	548,578
Expenditure
Expenditure on raising funds: Investment management costs Expenditure on charitable activities	7 8,9	(131,653) (711,252)	(131,653) (711,252)	(90,205) (1,070,169)
Totalexpenditure		(842,905)	(842,905)	(1,160,374)
Net (Josses)/gains on investments	12	(17,000)	(17,000)	5,583
Netexpenditureand netmovement in funds		(457,833)	(457,833)	(606,213)
Reconciliation offunds
Total fundsbrought forward		4,048,243	4,048,243	4,654,456
Totalfundscarriedforward		3,590,410	3,590,410	4,048,243

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

The notes on pages 13 to 22 form part of these financial statements. -ll-

GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2022

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2022|2021| |Note|£|£|£|£| |FIXED|ASSETS| |Investments|16|5,586,840|5,603,840| |CURRENT|ASSETS| |Debtors|17|628,909|896,556| |Cash|at|bank and|in hand|10,286|353,154| |639,195|1,249,710| |CREDITORS:|amounts|falling|due| |within|one year|18|(159,108)|(201,809)| |NET CURRENT ASSETS|480,087|1,047,901| |TOTAL|ASSETS|LESS CURRENT| |LIABILITIES|6,066,927|6,651,741| |CREDITORS:|amounts|falling due| |after|more than|one year|19|(2,476,517)|(2,603,498)| |NET ASSETS|3,590,410|4,048,243| |FUNDS|OF THE|CHARITY| |Unrestricted|funds|3,590,410|4,048,243| |Total charity|funds|20|3,590,410|4,048,243|

----- End of picture text -----

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

These financial statements were approved by the board of trustees and authorised for issue on 19 September 2023, and are signed on behalf of the board by:

“Mr A Oestreicher Trustee

Company Registration Number: 06767931

Charity Registration Number: 1127178

The notes on pages 13 to 22 form part of these financial statements. -12-

GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

1. GENERAL INFORMATION The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 162 Osbaldeston Road, London, N16 6NJ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

1. ACCOUNTING POLICIES

Basis of preparation

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

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

The charity meets the definition of a public benefit entity under FRS 102.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows:

(i) Property valuation

The valuation of the charity's investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

(ii) Trade debtors

Management uses details of the age of trade debtors and status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

3. ACCOUNTING POLICIES (continued)

Taxation

The charity is not liable to direct taxation on its income or gains, whether realised or not, as it falls within the various exemptions liable to registered charities. Accordingly, the charity does not recognise any deferred tax liability on property revaluations as no tax would be due in the event of a disposal as the charity would benefit from the relevant exemptions, as it will apply all funds for qualifying charitable purposes.

Fund accounting

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet date.

Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes. There are no designated funds as at the Balance Sheet date.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under the appropriate headings in the statement of financial activities. The majority of costs are directly attributable to specific activities. Costs incurred in respect of the charitable activities include attributable support costs where applicable.

Investments in subsidiary and associated undertaking

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

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

• 3s ACCOUNTING POLICIES (continued)

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost, which includes the purchase price and directly attributable expenditure.

Subsequent to initial recognition

• Investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and

• No depreciation is provided in respect of investment properties applying the fair value model.

Investment property fair value is determined by the trustees based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition.

Acquisitions and disposals of properties

Acquisitions and disposals of properties are considered to take place at the legal completion and are included in the financial statements accordingly.

Grants payable

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

Financial instruments A financial asset or a financial liability is recognised only when the entity becomesa party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

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

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

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

1. LIMITED BY GUARANTEE The Charity is a Company Limited by Guarantee and has no share capital. The liability of each Member in the event of winding up is limited to £1.

2. DONATIONS AND LEGACIES

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
DONATIONS
Donationsreceived	126,010	126,010	202,138	202,138

Donations received includes amounts received from the following company, the Directors of which are related to the Trustees of the Charity: Shoestone Limited (£11,117). Donations of £89,900 were also received from members of the Oestreicher family.

1. INVESTMENT INCOME

INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Rentand othercharges receivable	275,496	275,496	304,898	304,898
Bank interest receivable	3	3	-	—
Other interest receivable	563	563	41,542	41,542
	276,062	276,062	346,440	346,440

1. INVESTMENT MANAGEMENT COSTS

		Unrestricted Total Funds	Unrestricted Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Propertyexpenses Finance costs	73,144 58,509	73,144 58,509	33,441 56,764	33,441 56,764
		131,653	131,653	90,205	90,205
8.	EXPENDITUREONCHARITABLE ACTIVITIES BY FUNDTYPE
		Unrestricted Total Funds		Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Donations paid Support costs	697,600 13,652	697,600 13,652	1,036,270 33,899	1,036,270 33,899
		711252	711,252	1,070,169	1,070,169

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

9.	EXPENDITURE ONCHARITABLEACTIVITIES BY ACTIVITYTYPE	EXPENDITURE ONCHARITABLEACTIVITIES BY ACTIVITYTYPE	EXPENDITURE ONCHARITABLEACTIVITIES BY ACTIVITYTYPE	EXPENDITURE ONCHARITABLEACTIVITIES BY ACTIVITYTYPE
		Grant funding		Totalfunds	Total fund
		ofactivities	Support costs	2022	2021
		£	9	<	£
	Donations paid Governance costs	697,600 —	- 13,652	697,600 13,652	1,036,270 33,899
		697,600	13,652	711,252	1,070,169
10.	ANALYSIS OF SUPPORT COSTS
			Support costs	Total2022	Total 2021
			=	£	3
	Governance costs		13,652	13,652	33,899
11.	ANALYSISOFGRANTS
				2022	2021
				£	£
	GRANTSTO INSTITUTIONS
	Advancementofeducation and reliefof	ofpoverty		697,600	1,036,270
	Totalgrants			697,600	1,036,270

All grants and donations were paid to charitable institutions for the purposes of either the advancement of education or the alleviation of poverty, or to charities which make grants for use in relation to the aforementioned purposes.

The composition of donations is shown below.

The composition of donationsdonations is shown below.below.
	£
Beis Aharon Trust Limited	50,000
Beis AharonTTActivity Centre	50,000
Noam Hatorah (London) MarsOrg.Ltd	50,000 43,200
Yeshivo Horomo	40,000
Amud Hatzdokoh Trust	33,000
Toldos Aharon Trust Limited	32,000
Beis Chinuch Lebonos Limited	30,000
FortyLimited Stepby Step London Utry Friends of Wiznitz Limited	30,000 30,000 29,200 20,000
Live and Learn	20,000
YeshivaGedoilah Torah Veyirah Limited	15,000
Donations lessthan £15,000	225,200
	697,600

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

12. NET (LOSSES)/GAINS ON INVESTMENTS

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	(Losses)/gains on investments in group undertakings	(17,000)	(17,000)	5,583	5,583
13.	AUDITORS REMUNERATION
				2022	2021
				£	£
	Feespayable forthe auditofthe financial statements			12,000	12,000
	Otherfeespayabletotheauditorsaggregate£1,893.

1. STAFF COSTS The average head count of employees, including trustees, during the year was 4 (2021: 2).

No salaries or wages have been paid to employees during the year.

1. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

No Trustee expenses have been incurred.

1. INVESTMENTS

		Shares in
	Investment properties £	group undertakings £	Shares in associate £	Total ra
Cost or valuation
At 1 January2022	5,554,840	39,000	10,000	5,603,840
Additions Fair value movements	- [	= (7,000)	= (10,000)	= (17,000)
At31 December2022	5,554,840	32,000	—	5,586,840
Carryingamount At31 December2022	5,554,840	32,000	—	5,586,840
At31December2021	5,554,840	39,000	10,000	5,603,840

Ail investments shown above are held at valuation.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

16. INVESTMENTS (continued)

Investment properties

The investment properties are stated at Trustees’ valuation as at 31 December 2022 based on the Trustees’ extensive knowledge and experience in the property industry coupled with guidance from the professional valuers from time to time. The historical cost of the properties at 31 December 2022 is £4,219,124 (2021: £4,219,124).

Investment in Subsidiaries

The charity owns 100% of the ordinary shares of Shoestone Limited (Company No. 07843692), a company incorporated and registered in England and Wales. Shoestone Limited has a 6% interest in Frances Wharf LLP (Company No. 0C372953), a Limited Liability Partnership registered in England and Wales, which was formed to acquire a property portfolio.

The market value as at 31 December 2022 of the investment in the subsidiary undertaking is based on the Trustees' valuation of net assets of the undertaking. The historical cost of the charity's investment in subsidiary undertaking is £1.

The results of the most recent available accounts of Shoestone Limited, prepared to 31 December 2022 are shown below:

	31Dec22	31 Dec21
	£	£
Turnover Administrative Expenses	5,259 (712)	74,489 (63,372)
Operating Profit/(Loss)	4,547	11,117
Interestpayable	(56)	-
Profit/(Loss) fortheyear	4,491	11,117
Aggregate capital and reserves	26,368	32,994
Assets (at cost) Liabilities	47,281 (20,913)	53,907 (20,913)
NetAssets	26,368	32,994

Consolidated financial statements have not been prepared as the charity has taken advantage of the exemptions conferred by Section 398 Companies Act 2006.

Investment in Associate

The charity owns 50% of the ordinary share capital of Bellview Land Limited (Company No.08798911), a company incorporated and registered in England and Wales.

The historical cost of the investment is £50.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

17. DEBTORS

DEBTORS
	2022	2021
	£	£
Trade debtors	6,093	3,655
Amountsowedbygroup undertakings Prepayments andaccrued income Otherdebtors	5,999 13,435 603,382	5,999 42,590 844,312
	628,909	896,556

1. CREDITORS: amounts falling due within one year

	2022	2021
	Pa	£
Bank loans and overdrafts	62,743	61,022
Accruals anddeferred income	90,600	70,850
Social securityand othertaxes Other creditors	1,125 4,640	64,339 5,598
	159,108	201,809

The bank loans are secured bya first legal charge over the Charity's investment properties with a book value of £5,002,016.

1. CREDITORS: amounts falling due after more than one year

	2022	2021
	£	£
Otherloans	792,211	792,211
Bank loans and overdrafts	1,507,356	1,570,137
Deferred income	176,950	241,150
	2,476,517	2,603,498

Included within creditors: amounts falling due after more than one year is an amount of £879,307 (2021: £886,345) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are secured by a first legal charge over the Charity's investment properties with a book value of £5,002,016. The loans are repayable in January 2025 and November 2035.

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continuea) YEAR ENDED 31 DECEMBER 2022

20. ANALYSIS OF CHARITABLE FUNDS Unrestricted funds

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |At|At| |1|January|202|Gains|and 31|December| |2|Income|Expenditure|losses|2022| |£|£|By|x|£| |General|funds|4,048,243|402,072|(842,905)|(17,000)|3,590,410| |At|At| |1|January|202|Gains|and 31|December| |]|Income|Expenditure|losses|2021| |£|£|£|£|£| |General funds|4,654,456|548,578|(1,160,374)|5,583|4,048,243|

----- End of picture text -----

1. ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Total|Funds| |Funds|2022| |£|£| |Investments|5,586,840|5,586,840| |Current|assets|639,195|639,195| |Creditors|less|than|||year|(159,108)|(159,108)| |Creditors|greater than|||year|(2,476,517)|(2,476,517)| |Net|assets|3,590,410|3,590,410| |Unrestricted|Total|Funds| |Funds|2021| |£|£| |Investments|5,603,840|5,603,840| |Current|assets|1,249,710|1,249,710| |Creditors|less|than|1|year|(201,809)|(201,809)| |Creditors|greater than|1|year|(2,603,498)|(2,603,498)| |Net|assets|4,048,243|4,048,243| |22.|FINANCIAL|INSTRUMENTS| |The|carrying amount for|each|category|of financial|instrument|is|as|follows:| |2022|2021| |£|es| |Financial|assets|that are|debt|instruments|measured|at|amortised|cost| |Financial|assets|that|are|debt|instruments|measured|at|amortised| |cost|628,909|896,556| |Financial|liabilities|measured|at|amortised|cost| |Financial|liabilities|measured|at|amortised|cost|2,635,625|2,805,307|

----- End of picture text -----

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GOLDHEART CHARITY LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

23. RELATED PARTIES

Related party transactions have been reported under notes 5 & 16.

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