Registered number: 07535303
Charity number: 1143110
THE KNIGHTLAND FOUNDATION
(A company limited by guarantee
Trustees, report and financial statements
For the Year Ended 31 January 2021

THE KNIGHTLAND FOUNDATION
IA company limited by guarantee)
Contents
Page
Roference and administrative details of the Companyj its Trustees and advlsers
Trustees. report
Independent auditors, report on the finanelal statements
Statement of flnanclal actlvitles
10
BalanGe sheet
11
statement of cash flows
12
Notes to the financial statements
13-24

THE KNIGHTLAND FOUNDATION
{A company limited by guarantee)
Reference and admlnlstratlve details of the Company¥ its Trustees and advlsers
For the Year Ended 31 January 2021
Trustees
J Friedman
U S Kaplan
SLew
B S Ehrenfeld (appointed 30 December 20201
Company reglatered
number
07535303
Charity registered
number
1143110
Registored office
5 North End Row
London
NW117RJ
Princlpal operating
oflice
16 Urban Hive
Londo
E5 9BQ
Indopendent auditors
Moore Kingston Smith
Chartered Accountants
Devonshire House
60 Goswell Road
London
EC1M 7AD
Bankers
Barclays Bank PLC
Leicester
LE87 2BB
Lloyds bank PLC
PO Box 10000
BX1 1LT
Interlm Managers
Joseph Colley and John Dickinson
Carter Backerwinler LLP
66 Prescot Street
London
E18NN
Page 1

THE KNIGHTLAND FOUNDATION
{A company limited by guarantee}
Trustees. report
Forthe Year Ended 31 January 2021
The Charity Commission {"the Commission) has engaged with the Knighlland Foundation since 2016, when its
proactive review of the charity's accounts revealed a number of concerns, including around insufficiently
documented loan agreements and transactions lo connected companies. In March 2017, the Commission issued
the charity's Iruslees with an action plan lo address Ihese matters.
The Commission continued to monitor the charity and due to unresolved concerns, il escalated Ils engagement
to a stalutory inquiry on 24 February 2021. An inquiry gives the regulator access lo the full range of ils legal and
enforcement powers. The inquiry will examine whether potential conflicts of interest and connected party
transactions have been properly managed and whether there has been any unaulhorised Ifuslee benefit. It will
also look al widei concerns around the charity's financial and resource management and the Iruslees, compliance
with their legal obligations.
The Commission has also exeicised its powers under the Charities Act 2011 to appoint joint interim managers.
John Dickinson and Joseph Colley, of Carler Backer Winter LLP, on 7 April 202110 help address the concerns at
the charity. By virtue of their appointment, the interim manager are required to lake over the management,
administration and operation of the charity and its properly and to discharge the functions of the trustees to the
exclusion of the current trustees.
The Trustees present their annual report together with the audited financial slalements of the Company for the
year 1 February 2020 to 31 January 2021. The Annual report serves the purposes of both a Trustees, report and
a directors, report under company law. The Trustees confirm that the Annual report and financial slalements of
the charitable company comply with the current slalutory requirements, the requirements of the charitable
company's governing document and the provisions of the Statement of Recommended Pr8Ctice ISORP)
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland {FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Acl 2006, the Strategic report required
of medium and large companies under the Companies Act 2006 Islralegic Report and Directors, Report)
Regulations 2013 has been omilled.
Objectives and activitie5
Policies and objectlves
The objectives of the chaiily are lo support the aclivities of religious Jewish organisations both in the UK and
abroad, especially those that promote Orthodox Jewish religion, education, relief of poverty and other welfare
aclivilies.
In selling objectives and planning for activities, the Trustees have given due consideration to general guidance
published by the Charity Commission relating to public benefit. including the guidance 'Public benefit: running a
charity {PB21'.
Grant-making policies
In making grants and donations, the Trustees use their personal knowledge of the inslilulion, its represenlalives.
operational efficiency and reputation. The Trustees monitor the application of the grants and donations by meeting
with represenlalives of the inslilulions and obtain information as to the ulilisalion of funds.
Achlevements and performance
* Main achlevements of the Charity
During the year, the charity distributed grants of £704,58112020.' £181,566).
Page 2

THE KNIGHTLAND FOUNDATION
{A company limited by guarantee)
Trustees. report Icontinuedl
For the Year Ended 31 January 2021
* Investment policy and performance
Under the Memorandum and Articles of Association, the charity has Ihe power lo make 2ny investment which the
trustees see fil.
The Iruslees continue to assess the charity's investment portfolio and seek new investment opportunities to ensure
that the charity's asset base is maintained and SLtiiable profits are generate(J.
The Iruslees are satisfied with the return on inveslments achieved during the year and are confident that the
charity has adequate reserves to fulfil its charitable obligations.
Flnancial review
és Going concern
The Trustees recognise the economic and trading uncerlainlies resulting from the evolving coronavirus pandemic,
in particular the potential impact on rental collection and property values. The Trustees have therefore prepared
revised cash flow forecasls and stress tests taking these factors into account. These forecasts show that the
charity will be able lo continue lo meel ils obligations as they fall due without breaching covenants associated with
existing bank loans.
After making appropriate enquiries, the Trustees therefore have a reasonable expectation that the Company has
adeouale resources lo continue in operational existence for the foreseeable future. For this reason. they continue
to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of
the going concern basis can tso found in tho accounting policias.
* Reserves pollcy
The Charity is required lo maintain reserves in order lo ensure that il is in a position lo continue ils grant making
aclivilies. Consequently, the Trustees consider il appropriate to maintain unrestricted funds at a level which will
not impinge on its ability lo support charitable instilulions.
Al the year end, the Charity had total reserves of£5.692,03812020- £3,811,566), most ofwhich represents funds
invested in property, less secured borrowings.
The Charity meets ils key objectives of grant giving through the income generated in the year. The aim is lo
distribLfle funds as and when they are available.
4> Financial revlew
During the year the charity received donations of £1.064,500, which includes £792,500 from ils subsidiaries, of
which £778.500 related lo profits generated by the sale of investment property in Bellview Land Ltd.
Tlie IIubl¢¥b ¢iie ple¢lbed Ili¢lt they weie able lo collect 90Yo of contracted rents desplte the economlc dlsrupllons
caused by Covid-19. The trustees have recognised rental income of £661,430, which includes bad debts of
£37,934, and covid concessions of £33,125. The trustees wish lo acknowledge the public interest benefit arising
from rent concessions, which have assisted tenants in the Iiavel and louiist industries who were badly impacted
by Covid.
The Iruslees were able to use incoming funds lo achieve a substantial increase in the level of grant-making al
£704,58112020.' £181.566}. which enabled them to provide extra financial assistance 2nd support to families and
communities affected by Covid.
Page 3

THE KNIGHTLAND FOUNDATION
{A company limited by guarantee}
Trustees. report Icontlnuedl
For the Year Ended 31 January 2021
structure, governance and management
Constitution
The Knighlland Foundation is registered as a charitable company limited by guarantee and was set up by a
Memorandum and Articles of Association on 18 February 2011. Pursuant to the dulles as set out in the Interim
Managerfs appointment Order, they are to review the future governance of the charity- delerrlline whether the
charity has a viable tuture and either undertake the restructure ot the charity {Including appointment ot
independent Irusleesl or undertake the winding up of the charity in accordance with its Governing Documents
and apply the remaining funds to a charity with the same or similar charilable objects. The constitution of the
charity remains under review.
• Methods of appointment or electlon of Trustees
On 7 April 2021 the Charity Commission appointed John Dickinson and Joseph Colley of Carter Backer Winter
LLP as interim managers of the charity. The methods of appointment or election of Trustees is being reviewed
by the interim managers.
* Future developments
The Iruslees will continue to manage the charity's investments in order lo generate profits that will enable the
trustees lo respond lo the charity beneficiaries. evolving needs.
Following the year end, the chalily expects lo re￿1ve proceeds of at least £1.2m from its subsidiary Rowe Lane
Estates Ltd which the Iruslees will consider for the following purposes..
To achieve ils charitable objectives
To reduce the borrowing secured against its investment assets
• Rlsk managemènt
The Tr(Jstees have assessed the major risks lo which the Company is exposed, in particular those related to the
operations and finances of the Company. and are satisfied that systems and procedures are in place to miligale
exposure lo the major iisks.
The trustees have considered the risks associated with the values and returns generated by ils investment
property, as economic uncertainties continue. They are confident that investment values and returns will continue
al the levels staled in the accounts.
The Iruslees are continuing to work in association with their professional advisors lo strengthen the skills,
performance and effectiveness of the trustee board.
Statement of Trustees. responsibilities
Subject lo the above paragraphs within this report, the Trustees (who ale also the directors of the Company for
the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in
accordance with applioablc law and Unitcd Kingdom A¢Gounling Standard- Iunilcd Kingdom Gcncrally A¢ccplcd
A¢counling Praclicel.
Company law requires the Trustees to prepare financial statements for each financial year. Under eompany
law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and
fair view of the state of affairs of the Company and of its incoming resources and application of resources,
including ils income 2nd expenditure, for that period. In preparing these financial statements, the Trustees are
required to:
Page 4

THE KNIGHTLAND FOUNDATION
IA company Ilmited by guarantee)
Trustees, report Icontinuedl
Forthe Year Ended 31 January 2021
select suitable accounting policies and then apply them consistenlty.,
observe the methods and principles of the Charities SORP IFRS 102}-,
make judgments and accounting estimates that are reasonable and prudent,.
slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material
departures disclosed and explained in the financial stalemenls.,
prepare the financial statements on the going concern basis unless il is inappropriate to presume that the
Company will continue in business.
The Trusrees are responslble for keeplng adequate accouniing records ihat are sufflclent to show and explaln the
Company's transactions and disclose with Teasonable accuracy al any lime the financial position of the Company
and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees al the lime when this Trustees, report is approved has confirmed IhaL
so far as that Tiustee is aware, there is no relevant audit information of which the charity's auditors are
unaware, and
that Trustee has taken 211 the steps that ought to have been taken as a Trustee in order lo be aware of any
relevant audit information and lo establish that the charity's auditors are aware of that information.
Auditors
The auditors, Moore Kingston Smith, have indi¢ated their willingne$s lo continue in office. The designated
Trustee5 will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by..
Joseph Colley
Interim Manager
Date.. 981 Iiz
Page 5

THE KNIGHTLAND FOUNDATION
IA company Ilmlted by guarantee}
Independent audltors. report to the of The Knightland Foundation
Opinion
We have audited the financial statements of The Knighlland Foundation {'Ihe company,) for the year ended 31
January 2021 which comprise the Slalemenl of Financial Activities, the Balance Sheet, the Cash Flow Slalement
and notes lo 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 Kinodom A¢¢ounling
Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland, (United
Kingdom Generally Accepted Accounting Praclicel.
In our opinion the financial statements..
give a true and fair view of the slate of Ihe charitable company's affairs as al 31 January 2021 and of ils
incoming resouices and application of resources. including ils income and expenditure, for the year then
have been properly prepared in accofdance with United Kingdom Generally Accepted Arcounling Practice.,
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Ba$ls for opinion
We conducted our audit in accordance wilh International Standards on Auditing (UK) IISAs{UKI) and applicable
law. Our responsibilities under those standards are further described in the Audiloi's Responsibilities for the audit
of financial statements section of our report. We are independent of the charitable company in accordance with
the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S
Ethical Standard, and we have fuSfilled our olhgr ethical rosponsibilitios in accordance with these rgquirement8.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide 8 basis forour opinion.
Conclusions relating to golng concern
In auditing the financial stalemenls, we have concluded that the trustees, use of the going concern basis of
accounting in the pieparalion of the financial slatements Is appropiiate.
Based on the work we have peTformed. 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 peiiod of at least iwelve months from when the financial statements are
aulhorised for issue.
Our responsibilities and the responsibilities of the trustees wilh respect to going wncern are described in the
relevant sections of this report.
Other infomiation
The other information comprises the information included in the annual report, other than the financial statements
and our auditor's report Ihereon. The Iruslees are responsible for the other information. Our opinion on the
linancial statements does not cover the other information and, except lo the extent otherwise explicitly staled in
our rèport, we do not express any form of assurance conclusion Ihereon.
In connection with our audit of the financial slatemenls. 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 lo be materially misslaled. If we identify such material
inconsistencies or apparent rnalerial misstatements, we are Tequired lo determine whether there is a material
Page 6

THE KNIGHTLAND FOUNDATION
IA company limited by guarantee)
Independent audltors. report to the of The Knightland Foundation
misslalement in the financial statements or a material misslatemenl of the other information. If, based on the work
we have performed, we conclude that there is a maleiial misstalemenl of this other information, we are required
to report that fact.
We have nothing to report in this iegard.
Oplnlons 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, annual report ft)r the linancial year for which the financial statements
are Prepared is consislenl with the financial slalements,. and
the trustees. annual report has been prepared in accordance with applicable legal requirements.
Matters on which we are requlred to report by exception
In the light of the knowledge and understanding of the company and ils environment obtained in Ihe course of the
audit, we have not identified material misstatements in the trustees, annual report.
We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report
to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us,. or
the financial statements are not In agreement wllh the accountlng records ano returns.. or
certain disclosures of trustees, iemuneralion specified by law are not made., or
we have not received all the information and explanations we require for audit. or
the Iruslees were not enlilled lo prepare the financial statements in accord2nce with Ihe small companies
regime and lake advantage of the small companies exemption in preparing the Trustees, Annual Report and
from preparing a Strategic Report.
Responsibilities of Trustees
As explained more fully in the trustees, responsibilities statement set out on page 23, the trustees (who are also
the directors of the charitable company for the purposes of company lawl are responsible for the preparation of
the financial slalemenls and for being satisfied that they give a true and fair view, and foT such internal control as
the Iruslees determine is necessary lo enable the preparation of financial slalemenls that are free from material
misstalemenl, whelhei due to fraud or error.
In preparing the financial slalemenls. the trustees are responsible for assessing the charitable company's ability
to continue as a going concern, disclosing. as applicable, mallers related to going concern and using the going
concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease
operations, or have no realistic alteinalive bul lo do so.
Auditor's responsibilities for the audit of the financlal statements
Our objectives are lo obtain reasonable assurance about whether the financial Statements as a whole are free
from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS {UKI will always delecl a maleiial misstalemenl when it exists. Misslalemenls can arise
from fraud or error and are Gollsidered material if, individually or in aggregate, they could reasonably be
Page 7

THE KNIGHTLAND FOUNDATION
IA company limlted by guarantee)
Independent audltors. report to the of The Knightland Foundation
expected to inftuence the economic decisions of users taken on the basis of these financial statements.
Ifregularilies, including fraud, are instances of non-compliance with laws and regulations. We design procedLJres
in line with our responsibilities, outlined above. lo delecl material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregula¥ities, including fraud is
detailed below.
Explanatlon as to what extent the audit was considered capable of detecting Irregularltles, Includlng
fraud
The objectives of our audit in respect of fraud. are,. to identify and assess the risks of material misstatement of
the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks
of material misslalement due lo fraud, Ihiough designing and implementing appropriate responses lo those
assessed risks,. and to respond 8pproprialely to instances of fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both management and
those charged with governance of the charttable company.
Our approach was as follows..
We obtained an understanding of the legal and regulatory requirements applicable to the charitable company
and considered that the most significant are Ithe Companies Act 2006, the Charities Acl 2011, the Charity
SORP, and UK financial reporting slandards as issued by the Financial Reporting Councill
We obtained an understanding of how the charitable company complSes with these requirements by
discussions with management and those charged with goveTnance.
We assessed the risk of material miss18temenl of the financial statements. including the risk of material
misslalemenl due to fraud and how it might occur, by holding discussions with management and those
charged with governance.
We inquired of management and those charged with governance as to any known instances of non-
compliance or suspected non4ompliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-
compliance with laws and regulations. This included making enquiries of management ar¢d those charged
with governance and obtaining additional corroborative evidence as required.
As parl of an audit in accordance with ISAS {UKI we exercise professional judgement and maintain professional
sceplicism throughout the audit. We also..
Identify and assess the risks of material misstatement of the financial stalemenls, whether due lo fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropTiale lo provide a basis for our opinion. The risk of not detecting a material misslalement
regulling from fraud is higher than ft>r ong resulting from error, as fraud may involve Gollu￿10n, forgcry,
inlentional omissions, misrepresenlalions, or the override of internal control.
Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of
the charitable company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Iruslees.
Page 8

THE KNIGHTLAND FOUNDATION
IA company limited by guarantee)
Independent auditors, report to the of The Knlghtland Foundation
Conclude on the appropriateness of the Iruslees, use of the going concern basis of accounting and, based on
Ihe audit evidence obtained, whether a material uncertainty exists ielaled lo events or conditions that may
cast significant doubl on the charitable company's ability lo continue as a going concern. If we conclude that
a material uncertainty exists. we are required to draw allenlion in our auditor's report to the related disclosures
in the financial statements or, if such disclosuros ar8 inadequate, to modify our opinion. Our Conclusions are
based on the audit evidence obtained up to the dale of our auditor's report. However, fltlure events or
conditions may cause the charitable company to cease to continue as 2 going concern.
Evaluate the overall presentation, structure and content of the financial slalemenls, including the disclosures,
and whether the financial ststements represent the undeTlying transactions and events in a manner that
2¢hieves fair presentation.
We communicate with those charged with governance regarding, among other mallers, the planned scope and
liming 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 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 slate to the company's
members those matters we are required lo slate lo them in an audilorfs report and for no other puipose. To the
fullest extent permitted by law. we do not a¢￿p1 or assume responsibility lo any party other than the charitable
company and charitable company's members as a body, for our audit work, for this report, or for the opinions we
have formed.
Date: 2810112022
ShSvani Kothari (Senior slatulory audilorl
for and on behalf of
Moore Kingston Smith LLP, Statutory Auditor
Devonshire House
60 Goswell Road
London
EC1M 7AD
Page 9

THE KNIGHTLAND FOUNDATION
{A company Ilmited by guarantee)
Statement of financial activities (incorporating income and expendlture accounti
For the Year Ended 31 January 2021
Total
funds
2021
Total
funds
2020
Unrestricted
funds 2021 £
Note
InGome from..
Donations and legacies
Investments
1.127,331
664,143
1,127,331
664,143
283,882
455.832
Total income
Expenditure on:
Investment management costs
Charitable activities
1,791,474
1,791.474
739.714
253,551
804,291
253,551
804,291
481,850
254.329
Total expenditure
1,057,842
1,057,842
736, 179
Net gains on investments
12
1,104,107
1,104,107
530,000
Net movement in funds
1,837,739
1,837,739
533,535
Reconciliation of funds:
Total funds brought fotward
Nel movement in funds
3,811,566
1,837,739
3,811,566
1,837,739
3,278,031
533,535
Total funds carrled forward
5,649,305
5,649,305
3,811,566
The Statement of financial activities includes all gains and losses re¢ognised in the year.
The notes on pages 13 to 24 foTm part of these financial stalemenls.
Page 10

THE KNIGHTLAND FOUNDATION
IA company limited by guarantee)
Registered number: 07535303
Balance sheet
As at 31 January 2021
2021
2020
Note
Flxed assets
Investments
Investment property
13
12
201
9,060,000
201
7,955,893
9,060,201
7,956.094
Current assets
Debtors
Cash al bank and in hand
14
1,709,519
3,432
1,832,203
2,673
1.712,951
1,834,876
Creditors.. amounts falling due within
one year
15
1355,7861
(t, 132.000)
Net current assets
1,357.165
702,876
Total assets less current Ilabilities
10,417,366
8,658,970
Credilors.. smounts falling duè aftèr more
than one year
16
14,768,061)
(4,847,404)
Total not assets
5,649,305
3.811.566
Charitv funds
Unrestricted funds
17
5,649,305
3.811,566
Total funds
5,649,305
3.811.566
The financial statements have been prepared in accordance with the provisions applicable lo entities subject lo
the small companies regime.
I he Iinancial statements were approved ancl authorised tor issue by the Trustees and signed on their behalf by..
Joseph Collèy
Interim manager
Dale..
2810112022
The notes on pages 13 to 24 form parl of these financial slalements.
Page11

THE KNIGHTLAND FOUNDATION
IA company limited by guarantee)
Statement of cash flows
For the Year Ended 31 January 2021
2021
2020
Note
Cash flows from operating activities
Nel cash used in operating activities
18
258.760
1,433,989
Cash flows from investing activities
Purchase of investment property
(2,509,072)
Net cash provided byllused Inl Investlng actlvltles
{2,509,0721
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Interest payable
5.972,731
170,880) (4,529,809J
1187,1211 (385,701)
Net cash {used inllprovided by financlng actlvltles
{258,0011
1,057.221
Change In cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
759
(17,8621
20.535
2,673
Cash and cash equivalents at the end of the year
19
3,432
2,673
The notes on paqes 13 10 24 form parl of these financial statements
Page 12

THE KNIGHTLAND FOUNDATION
(A company limited by guarantee)
Notes to the financial statements
Forthe Year Ended 31 January 2021
General information
The Knightland Foundation is a charilable company registered in England and Wales under the Charities
Act. The address of the registered office is given on the Information page.
Accounting pollcles
2.1 Basis of preparation of flnanclal statements
The financia5 statements have been prepared in accordance with the Charities SORP (FRS 1021
Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffective l January 2019}, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
The Knighlland Foundation meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised at historical cost or transaction value. Investment properly is carried
al fair value as slated in the relevant accounting policy.
2.2 Golng concern
The Twstees recognise the economic and llading uncertainties resulting from the evolving
coronavirus pandemic, in particular the potential impact on rental collection and property values. The
Tiuslees have therefore piepared revised cash ffow forecasts and stress tests taking these factors
into account. These forecasts show that the charity will bè ablp tts r.t)ntiniip tts mè.gt its c)bligatinn8
they fall due without breaching covenants associated with existing bank loans.
After making appropriate enquiries, the Trustees therefore have a reasorTrable expectation that the
Company has adequate resources to continue in operational existen￿ for the foreseeable future. For
this reason. they continue to adopt the going concern basis in preparing the financial slalements.
The Trustees are therefore Confident of beirsg able lo Ifade for a period of al least 12 months from
the approval of the financial slalemenls and the Trustees have therefore concluded Ih8t il is
appropriate for the financial statements lo be prepared on the going concern basis. These financial
slalemenls do not include any adjuslmenls should the going concern basis preparation be
inappropiiale.
2.3 Income
All income is recognised once the Charity has enlillement to the income, il is probable that the income
will be received and the amount of income receivable can be measured reliably.
Dontions in kind received as property management selv1￿$, are included at valuation and recognised
as income when they are received.
Income tax recoveTable in relation to investment income is recognised at the time the investment
income is receivable.
Page 13

THE KNIGHTLAND FOUNDATION
IA company limited by guarantee)
Notes to the financial statements
Forthe Year Ended 31 January 2021
Accountlng pollcles leontinued}
2.4 Expenditure
Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit
In a third p2rly. il iq prohahlE.b Ihxl a Ir8nsf•.r nf ep.onomic. hp_nelilg will bp. rp.qiiirerl in *p.Illp.me.nl 2nd
the amount of the obligation can be measured reliab5y. Expenditure is classified by activity. The costs
of each activity are made up of the lolal of direct costs and shared costs, including support costs
involved in undertaking each aclivily. Direct costs atlribulable lo a single activity are allocated directly
to that aclivily. Shared costs which contribute to more than one activity and support costs which are
not allribulable to a single activity are apportioned beiween those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asset's use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its
harilable purposes and includes costs of all fundmising activities events and non-charilable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Company's objectives. as well as any associated support costs.
2.5 Investments
Fixed asset investments are a form of ftnanc121 instrument and are initially recognised at their
transaction cost and subsequently measured at fair value al the Balance sheet date, unless the value
cannot be measured reliably in which case il is measured at Cost less impairment. Investment gains
and 1055e5, whether reali5ed or unreali5ed, are Goinbined and presented as 'QainsllL055esl on
investments, in the Statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.6 Investment Property
Investment property is carried at fair value determined annually by the directors, with the use of
external valuations, the current market rents and investment property yields for comparable real
estate. adjusted if necessary forany difference in the nature, location or condition of the specific asset.
No depieciation is provided. Changes in fair value are recognised in the SOFA.
2.7 Liabilltles and provlslons
Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past
event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount
of the settlement can be eslimaled reliably.
Liabilities are recognised at the amount that the Company anticipates il will pay to sellle the debt or
the amount il has received as advanced payments for the goods or services il must provide.
Provisions are measured al the best estimate of Ihe amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The
unwinding of the discount is recognised in the Slalemenl of financial activities as a finance cost.
Page 14

THE KNIGHTLAND FOUNDATION
(A company Ilmited by guarantee)
Notes to the financial statements
For tho Year Ended 31 January 2021
Accountlng pollcles (contlnuedl
2.8 Taxatlon
The charity is exempt fmm coiporation tax on ils charitable aclivilies.
2.9 Financlal Instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial
inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently
measured al their settlement value with the exception of bank loans which are subsequently
measured al amortised cost using the effective interest method.
2.10 Fund accountlng
General funds are unreslricled funds which are available for use at the discretion of the Trustees in
furtherance of the geneial objectives of the Company and which have not been designated for other
purposes.
Investment income, gains and losses are allocated lo the appTopriale fund.
Crlllcal accountlng estlmates and areas of Judgment
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectation5 offuture event& that are believed to be reasonable under the circumstances.
Critical ac¢ountlng eslimales and assumptions..
In preparing these financial slalemenls the Iruslees have made judgements lo determine the fair value of
the company's investment properly. F8¢lors taken into consideration include the cuirenl market rents
and investment properly yields for comparable real eslale, adjusted if necessary for any difference in the
nature, location or condition of the specific asset, and taking into account the impact of COVID-19.
Income from donation5 and legacies
Unrestricted
funds
2021
Total
funds
2021
Tolal
funds
2020
Donations
Donations in kind
1,064,500
62.831
1,064,500
62,831
283,882
Total 2021
1,127,331
1,127,331
283,882
Page15

THE KNIGHTLAND FOUNDATION
{A company limited by guarantee)
Notes to the financial statements
For the Year Ended 31 January 2021
Income from donations and legacles Icontlnued)
Donations include £1.064,500 (2020- £283,882) fiom related corporate entities. See related party
transactions note for more details.
Donations in kind comprise propeily management services received. Similar service were recieved last
year, but these were not quanlllled In ihe accounts. The Iruslees have cseclded io recognlse the value of
these services this year. See related party Iiansaclions note for more details.
Investment income
Unrestricted
funds
2021
Total
funds
2021
Tot81
funds
2020
Investment income - rental income
Investment income - rent concessions
Investment income - interest
661,430
133,1251
35.838
661,430
{33,1251
35,838
455,830
664.143
664,143
455,832
Investment management costs
Unrestricted
funds
2021
Total
funds
2021
Tolal
funds
2020
Property expenses
Insurance recharges
Repairs and maintenance
Interest payable and similar charges
Property management- donation in kind
Agenls fees
Legal and professional fees
12,677
150,890}
5,975
222,958
62,831
12,677
(50,8901
5,975
222,958
62,831
68,829
(49,547)
60.827
385, 701
24,000
(7,960)
253,551
253,551
48t,850
Page 16

THE KNIGHTLAND FOUNDATION
IA company Ilmited by guarantee)
Notes to the financial statements
For the Year Ended 31 January 2021
Analysis of grants
Grants to
Institutions
2021
Total
funds
2021
Total
funds
2020
Granl Payable
704,581
704,581
181,566
The Company has made the following material grants to institutions during the year..
2021
Name of Institutlon
United Talmudical Associates Ltd
225,000
43,500
38,000
Chasdei Aharon
Chevras Maoz Ladol
306,500
398,081
Other grants lo institutions
704,581
Analysis of expenditure by activities
Grant
funding of
actlvltles
2021
Support
costs
2021
Total
funds
2021
Total
funds
2020
Grants payable
704,581
99,710
804,291
254,329
Page 17

THE KNIGHTLAND FOUNDATION
{A company limited by guarantee)
Notes to the financial statements
Forthe Year Ended 31 January 2021
Analysls of expendlture by activities {continuedl
Analysls of support eosts
Total
fund5
2021
Total
ruridb
2020
Actlv5tlos
2021
Bad debt
Bank charges
Accountancy fees
Legal and professional fees
Governance costs
37,934
195
37,934
195
147
300
17,757
43,824
17,757
43,824
70.316
2,000
99.710
99,710
72, T63
Included within governance costs are auditors remuneration and legal and professional fees.
Audltors. remuneratlon
2021
2020
Fees payable lo the Company's auditor for the audit of the Company's
annual accounts
15,000
2,000
Fees payable lo the Company's auditor in respect of..
All non-audil services not included above
300
10.
Trustees. remuneratlon and expense5
During the year, no Trustees fe¢eived any remuneiation or other benefits (2020- £NIL).
During the year ended 31 January 2021, no Trustee expenses have been incurred (2020- £MIL).
11. Employees
The average monthly number of employees was NIL12020 - NIL).
Page18

THE KNIGHTLAND FOUNDATION
IA company Ilmited by guarantee)
Notes to the financial statements
For the Year Ended 31 January 2021
12. Investment property
Freehold
Investment
properly £
Valuatlon
At 1 February 2020
Surplus on revaluation
7,955,893
1,104,107
Al 31 January 2021
9,060,000
The 2021 valuations were made by the trustees, based whefe applicable on discussions with valuation
professionals and on valuation reports on certain of the group's properties prepared for lending purposes.
on an open market value for existing use basis.
The Tiustees commissioned an indicative valuation of the charity's commercial property portfolio as al 2
July 2021 from Lambelh Smith Hampton. The purpose of that valuation was lo inform the Trustees of the
existing value within the estate. The Trustees accept that there is no evidence lo support a material
difference be￿een a valuation at 31 January 2021 and the one conducted on 2nd July 2021, and have
adopted the valuation in full this year. In the previous year the Trustees adopted a more cautious approach
due to the uncertainty of the impact of Covid 19.
13. Fixed assot investments
Investments
in
subsidiary
companies
Cost or valuatlon
Al 1 February 2020
201
At 31 January 2021
201
Net book value
At 31 January 2021
201
At 31 January 2020
201
Page19

THE KNIGHTLAND FOUNDATION
IA company limlted by guarantee)
Notes to the financlal statements
For the Year Ended 31 January 2021
Prlnclpal subsldlarles
The following were subsidiary undertakings of the Company..
13. Fixed asset Investments {contlnued)
Names
Principal activity
Cla$s of
shares
Holding
Bellview Management Ltd
Bellview Land Ltd
Canvey Housing Ltd
Rowe Lane Estates Ltd
Properly investment Ordinary
Properly investment Ordinary
Property investment Ordinary
Property investment Ordinary
100Yo
50Yo
1000
50¥0
The financial results of the subsidiaries for the year were=
Names
ProflUILossl
Net assetsl
I Surplusl Illabilitiesl
(Deficit) for
the year £
Bellview Management Ltd
Bellview Land Ltd
Canvey Housing Ltd
Rowe Lane Eslales Ltd
202,048
{2.045,3601
2,527
962,303
229,721
20,834
18,045}
185,163
14. Debtors
2021
2020
Due withln one year
Trade debtors
Amounts owed by group undertakings
23,61 S
1,685,904
10,795
1,821,408
1.709.519
1.832.203
Amounts owed by group undertakings are repayable on demand.
Page 20

THE KNIGHTLAND FOUNDATION
IA company Ilmited by guarantee)
Notes to the financial statements
For the Year Ended 31 January 2021
15.
Creditors.. Amounts falllng due within one year
2021
2020
Bank loan5
Trade creditors
Loans from UK charities
Other laxalion and SOGial security
Other creditors
Accruals and deferred income
138,563
23,675
130, 100
64,544
4t5,000
11.252
417.961
93.143
39,505
52.789
101,254
355.786
1.132,000
Other creditors include £3,220 (2020 - £359,732) that Was owed to related parties.
2021
2020
Deferred income
Balance brought forward
Amounts ieleased during the period
AiiiuuiiLb Llel¥i led dui iiiy Lliv yeiiud
90,143
190.1431
89,456
90.143
Balance carrled forward
89.456
90.143
16. Creditors: Amounts falling due after More than one year
2021
2020
Bank loans
4,768,061
4,847,404
The bank loans are secured by fixed charges over the investment properties. The rates payable on the
loans are fixed partly al 3.940A until expiry in May 2025 and partly at 3.1 OA until expiry in November 2024.
Loan amortisalion of £150,000 per annum is due until expiry.
Included within the above are amounts falling due as follows..
2021
2020
Between one and two years
Bank loans
147,495
130, 100
Page 21

THE KNIGHTLAND FOUNDATION
(A company limited by guarantee)
Notes to the financial statements
Forthe Year Ended 31 January 2021
16. Creditors: Amounts falling due after more than one year (continued)
2021
2020
Between two and five years
Bank loans
4,620,566
4,032.313
Over five years
Bank loans
684,991
17. Statement of funds
Statement of funds - current year
Balance at 1
February
2020
Balance at
Gainsl 31 January
(Losses)
2021
Income Expenditure
Unrestrlcted funds
General Funds - all funds
3,811,566 1,824,599
11,090,967> 1,104,107
5,649,305
Statement of funds - prior year
B818nce at
1 February
2019 In¢ome
Balance al
Gains/ 31 January
(Losses)
2020
Expendilure
Unrestricted funds
General Funds
3,278,031 739, 714
(736,179)
530,000
3,811.566
Page 22

THE KNIGHTLAND FOUNDATION
IA company limited by guarantee)
Notes to the financial statements
For the Year Ended 31 January 2021
18.
Reconclllation of net movement In funds to net cash flow from operating actlvltles
2021
2020
Np.t inrnmp. fnr Ihp. period18s per Statement of Financial Aclivilies)
1,837,739
533.535
Adjustments for:
Revaluation of property
Interest paid
Decrease in debtors
Increasel{decreasel in creditors
11,104,107) (s30,0(￿)
187.121
385,701
122,684
527.881
1784,677)
516.872
Net cash provided by operating actlvltles
258,760
1.433.989
19.
Analysls of cash and cash equivalents
2021
2020
Cash in hand
3,432
2,673
Total cash and cash equivalents
3,432
2,673
20.
Analysls of chanoes In net debt
At1
February
2020 Cash flows
At31
January
2021 £
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
2,673
1130.1001
{4,847,4041
759
3,432
18,4631 {138,5631
79,343 14,768,061)
(4.974,831)
71,639 {4,903.192)
Page 23

THE KNIGHTLAND FOUNDATION
IA company Ilmited by guarantee)
Notes to the flnanclal statemenls
For the Year Ended 31 January 2021
21.
Related party transactions
The following amounts were owed {loll from related parties, in which the ITuslees have a controlling
interest. All changes in the balances relate lo cashflows in the year.
2021
2020
Bellview Management Limited {subsidiary)
Bellview Land Limited {subsidiaryl
Canvey Housing Limited Isubsidiaryl
Rowe Lane Esales Ltd Isubsidiaryl
Bellview Eslales Ltd {common controll
Bellview Management IUKI Limited {¢ommon controll
341,808
335,808
201.503
132,045
1, 152.051
(359. 732)
132,045
1,212,051
13,220)
4,702
1,687,386
1.461,675
A trustee, J Friedman. also has a 50¥0 share in a subsidiary of the charity Rowe Lane Estates Ltd.
During the year the charity recelved donations of £1,064,500 {2020 - £283,882) from companies under
the control of J Friedman.
During the year Bellview Housing Limited. one of the charity subsidi2ries, loaned the charity £37,500
which was repaid by the year end.
Amounts owed (to)Ifrom companies under common control are interest free and repayable on demand.
Property management services for the value of £62,831 were provided by Bellview Management (UK)
Limited, a company under the control of one of the Iruslees. These services were provided al no charge,
and have been shown in the accounts as a donation-in-kind.
22. Post balance sheet events
Following the year end, the charity expects to receive proceeds of al least £1.2m from ils subsidiary
Rowe Lane Estates Ltd which the Iruslees will consider for the following purposes..
To achieve its charitable objectives
To reduce the borrowing secured against its investment assets
On 7 April 2021, the Charity Commission exercised ils powers under the Charities Act 2011 to appointjoinl
interim managers, John Dickinson and Joseph Colley, of Carter Backer Wnter LLP, on 7 April 2021 to help
address thè. r.nnr.p.rn8 at thp. rhxrity
Page 24