REGISTERED COMPANY NUMBER: 06840703 (England and Wales) REGISTERED CHARITY NUMBER: 1128867
MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 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 | ||
| Notes to the Financial Statements | 9 | to | 15 |
MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022
TRUSTEES
Mr S M Itzinger Mrs E Itzinger Mr S J Goldberg (resigned 9.3.22) Mr A J Eder Mr A Freudenberger Mr A Jakobowitch
COMPANY SECRETARY Mr S M Itzinger REGISTERED OFFICE 43 Bridge Lane London NW11 0ED REGISTERED COMPANY 06840703 (England and Wales) NUMBER REGISTERED CHARITY 1128867 NUMBER
AUDITORS Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
BANKERS Lloyds Bank plc 25 Gresham Street London EC2V 7HN
Page 1
MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED (REGISTERED NUMBER: 06840703)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 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 December 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).
Reference and administrative information
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objectives and aims for public benefit
The objects of the charity are:-
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The advancement of the orthodox Jewish faith.
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The advancement of orthodox Jewish religious education.
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The relief of poverty, sickness, and infirmity amongst members of the Jewish faith.
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The advancement of such other objects as are for the benefit of the public and are charitable according to
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English Law.
The trustees have considered the Charity Commission's general guidance on public benefit.
Grantmaking policy
In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. However, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available. Applications by individuals must be accompanied by a letter of recommendation by the applicant's minister or other known religious leader.
ACHIEVEMENT AND PERFORMANCE
Review of activities and achievements
The charity derives its income from property investment. During the year the charity continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion, and the relief of poverty. Individuals were also aided. The trustees are pleased with the results for the year. There was a deficit for the year of £375,856 (2021: £39,202). Income increased by over 12% and Grantmaking increased by over 300% in the year.
FINANCIAL REVIEW
Financial position
The Statement of Financial Activities shows a deficit of £375,736 (2021: £39,202) and total reserves of £2,347,646 (2021: £2,723,382).
Investment policy
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.
Reserves policy
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £2,347,646 (2021: £2,723,382).
FUTURE PLANS
The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 9 March 2009 as amended by special resolution dated 2 May 2017.
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MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED (REGISTERED NUMBER: 06840703)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk review
The trustees have reviewed the risks to which the charity is exposed and confirm that they have established systems to mitigate them.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Moishe And Esther Itzinger Foundation 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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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, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 24 October 2023 and signed on its behalf by:
Mr S M Itzinger - Trustee
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
Opinion
We have audited the financial statements of Moishe And Esther Itzinger Foundation Limited (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet 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 31 December 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.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOISHE AND ESTHER ITZINGER FOUNDATION 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; or
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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
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.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
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:
In performing an audit, 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, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.
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 charity's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
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.
Emanuel Meyer FCA BSc (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
24 October 2023
Page 6
MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Grantmaking Support Costs Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted funds £ 310,815 152,709 527,470 6,372 686,551 (375,736) 2,723,382 2,347,646 |
2021 Total funds £ 277,369 140,158 170,420 5,993 316,571 (39,202) 2,762,584 2,723,382 |
|---|---|---|
The notes form part of these financial statements
Page 7
MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED (REGISTERED NUMBER: 06840703)
BALANCE SHEET 31 DECEMBER 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 16 Unrestricted funds: General fund Fair value reserve TOTAL FUNDS |
2022 Total funds £ 5,531,448 6,400 75,235 81,635 (1,457,010) (1,375,375) 4,156,073 (1,808,427) 2,347,646 1,397,646 950,000 2,347,646 2,347,646 |
2021 Total funds £ 5,498,898 15,656 73,187 88,843 (1,005,327) (916,484) 4,582,414 (1,859,032) 2,723,382 1,773,382 950,000 2,723,382 2,723,382 |
|---|---|---|
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 24 October 2023 and were signed on its behalf by:
Mr S M Itzinger - Trustee
The notes form part of these financial statements
Page 8
MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 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.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Raising funds comprise the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Grants made are only recognised in the accounts when paid.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
There are no material uncertainties about the charity's ability to continue.
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MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
2. INVESTMENT INCOME
| Rental Income Ground rent & Service charges |
2022 2021 Unrestricted Total funds funds £ £ 301,954 277,369 8,861 - 310,815 277,369 |
2022 2021 Unrestricted Total funds funds £ £ 301,954 277,369 8,861 - 310,815 277,369 |
|---|---|---|
| 277,369 |
3. RAISING FUNDS
Investment management costs
| 2022 Unrestricted funds £ Management and letting fees 24,231 Rent and rates 5,571 Repairs and maintenance 23,529 Light and heat 4,115 Insurance 9,733 Legal and professional fees 12,772 Interest payable and similar charges 72,758 152,709 |
2021 Total funds £ 25,700 4,472 16,946 6,361 8,420 14,081 64,178 |
|---|---|
| 140,158 |
4. CHARITABLE ACTIVITIES COSTS
| 4. CHARITABLE ACTIVITIES COSTS |
||
|---|---|---|
| Grant funding of activities (see note 5) £ Grantmaking 527,470 Support Costs - 527,470 5. GRANTS PAYABLE Grantmaking The total grants paid to institutions during the year was as follows: Religious education Relief of poverty Advancement of religion Medical Social Welfare |
Support costs (see note 6) £ - 6,372 6,372 2022 £ 527,470 2022 £ 106,000 74,750 288,610 36,360 6,000 511,720 |
Totals £ 527,470 6,372 |
| 533,842 | ||
| 2021 £ 170,840 |
||
| 2021 £ 58,160 84,000 24,680 1,000 - |
||
| 167,840 |
Page 10
MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
5. GRANTS PAYABLE - continued
| Recipients of institutional grants: | |||||
|---|---|---|---|---|---|
| £ | |||||
| Friends Of Gur Foundation Israel | 150,000 | ||||
| Chevras Mooz Ladol | 60,000 | ||||
| Lehachzikom UK | 36,500 | ||||
| One Heart - Lev Echod | 36,000 | ||||
| Westcliff Chareidi Synagogue | 30,010 | ||||
| Ahavas Chesed | 30,000 | ||||
| Kollel Viznitz London | 25,000 | ||||
| Gitter Foundation | 20,000 | ||||
| Pesach Project (Chesed Charity Trust) | 20,000 | ||||
| Tchabe Kollel | 18,000 | ||||
| Amud Hatzdokoh Trust | 10,000 | ||||
| Grants below £10,000 | 76,210 | ||||
| 511,720 | |||||
| The total grants paid to individuals during the year was as follows: | |||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Relief of poverty | 15,750 | 3,000 | |||
| 6. | SUPPORT COSTS | ||||
| Governance | |||||
| Management | Finance | costs | Totals | ||
| £ | £ | £ | £ | ||
| Support Costs | 646 | 289 | 5,437 | 6,372 | |
| Support costs, included in the above, are as follows: | |||||
| 2022 | 2021 | ||||
| Support | Total | ||||
| Costs | activities | ||||
| £ | £ | ||||
| Telephone | 646 | 483 | |||
| Bank charges | 289 | 276 | |||
| Auditors' remuneration | 1,465 | 1,440 | |||
| Auditors' remuneration for non audit | |||||
| work | 2,015 | 1,980 | |||
| General expenses | 157 | 354 | |||
| Legal and professional fees | 1,800 | 1,040 | |||
| 6,372 | 5,573 |
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MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 1,465 | 1,440 |
| Auditors' remuneration for non audit work | 2,015 | 1,980 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
9. AVERAGE STAFF NUMBERS
The average number of staff in the year was Nil (2021 - Nil).
10. INVESTMENT PROPERTY
| FAIR VALUE At 1 January 2022 Additions At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
£ 5,498,898 32,550 |
|---|---|
| 5,531,448 | |
| 5,531,448 | |
| 5,498,898 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 6,400 | 15,656 |
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MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Bank loans and overdrafts (see note 14) 51,593 Trade creditors 3,493 Other creditors 1,398,444 Accruals and deferred income 3,480 1,457,010 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Bank loans (see note 14) 1,808,427 14. LOANS An analysis of the maturity of loans is given below: 2022 £ Amounts falling due within one year on demand: Bank loans 51,593 Amounts falling due between two and five years: Bank loans - 2-5 years 1,471,532 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by installments 336,895 15. SECURED DEBTS The following secured debts are included within creditors: 2022 £ Bank loans 1,860,020 |
2021 £ 52,580 1,526 947,027 4,194 |
|---|---|
| 1,005,327 | |
| 2021 £ 1,859,032 |
|
| 2021 £ 52,580 |
|
| 1,512,708 | |
| 346,324 2021 £ 1,911,612 |
The bank loans are secured by legal charges over certain of the charitable company's investment properties.
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MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
16. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
At 1.1.22 £ 1,773,382 950,000 2,723,382 2,723,382 |
Net movement in funds £ (375,736) - (375,736) (375,736) |
At 31.12.22 £ 1,397,646 950,000 |
| 2,347,646 | |||
| 2,347,646 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 310,815 310,815 |
Resources Movement expended in funds £ £ (686,551) (375,736) (686,551) (375,736) |
|---|---|---|
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.21 | in funds | 31.12.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,812,584 | (39,202) | 1,773,382 |
| Fair value reserve | 950,000 | - | 950,000 |
| 2,762,584 | (39,202) | 2,723,382 | |
| TOTAL FUNDS | 2,762,584 | (39,202) | 2,723,382 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 277,369 277,369 |
Resources Movement expended in funds £ £ (316,571) (39,202) (316,571) (39,202) |
|---|---|---|
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MOISHE AND ESTHER ITZINGER FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
At 1.1.21 £ 1,812,584 950,000 2,762,584 2,762,584 |
Net movement in funds £ (414,938) - (414,938) (414,938) |
At 31.12.22 £ 1,397,646 950,000 |
|---|---|---|---|
| 2,347,646 | |||
| 2,347,646 |
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 Movement resources expended in funds £ £ £ 588,184 (1,003,122) (414,938) 588,184 (1,003,122) (414,938) |
|---|---|
17. RELATED PARTY DISCLOSURES
Included in other creditors (note 12) are amounts totalling £1,373,845 (2021: £922,428) due to related companies under common control.
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