The Garden Tornb (Jerusalem) Association (A ttompany limited by guarantee) Report of the Trustees and Financial Ststements Year endèd: 31 December 2023 Charity rio.. 1144197 Company number 7591911 Bennewith 2D18 Limited (SlalutoryAuditors} Upper Ground Floor 18 Farnham Road Guildford Surrey GU14XA
The Garden Tomb (Jerusalem) Association Contsnts Page Referen and administratwe infomiation Report ofthe Trustees 2-4 Report of the Independent Examiner ststement of Financial Actwities Balart Sheet Cashflow statement Notes foming part ofthe Financial Ststements -14
The Garden Tomb (Jerusalem) Association ReferÈnce and administrative Information PrÈsident.' Revd. P C Weaver Trustees and Council Members: P Keeys (Chairman) M E Mdridge SDKing A Laing Pwmayo KJRyan Sir C J Hoare Bt. F T Saunderson Revd. P C Vveaver (appointed December 2023} (resigned July 20231 (resigned July 20231 Jerusal8m Director: S Holland Charity Number: 1144197 Company Number.. 7591911 Charity Office: PO Box 19462 JerUS@M Israel 91193 Regtstered Office: A J Bennewith & Co Upper Ground Floor. 18 Farnham Road GLtildford Surr&y GU14K4 UK Correspondence Address: AJ Bennewith & Co Upper Ground Floor, 18 Famham Road Guildford Surrey GU14XA Bankers: Barclays Bank PIC 5 SDuthgate Street Bath BA1 1AQ Independent Examiner: A J BennewtEh FCA. FGPA, FFA, FIP& DChA, FRSA UpperGround Floor, 18 Famham Road Guildford Surrey GU14XA Investment managers: Bordier & Cie (UK) PLC 22 lthng Street st James's London SW1Y6QY
The Garden Tomb lJ&rusalem} Association ort of th8 Directo ntstees for the ear end¢d 31 Decomb&r 023 The Trustees who are also Dire¢ior5 of the Charty for the purp08es of the Companies Act 2006, present thèir report along with the financial statémènts of the Charrty for the year ended 31 December 2023. The Compary is limited by Guarante? and also a registered Charty. The Trusteès have adtspted the provision of AoUnting and Reporting by Charities.. Statement of Recommended Pocti¢e applicabl@ to chartttes preparing their accounts in accordance with the Financial RÈporting Stsndard in the UK and Republic of Ireland (FRS 102) leffeolive 1 January 2015). The Trustee$ have had regard to the guidance on public beneft published by the Charity Commission in exercising their powers or dubES. What is The Garden Tomb? Since 1894, the Garden Tomb. in East Jerusalem, has been maintsined by The Garden Tomb lJerLJsalem) Association, a UK Charitable Trust, as a place of Christtan worship, Witn tD and refiection of the lrfe, death and resurrectton of J¢sus the Mèssiah. Whilst many believe this to be the garden and tomb in which Jesus of Nzzareth was buried after his ¢ru¢thxion and from 1¢h he was raised from the dead, we do not know trjis for certain. However, are commitied to presérving the STte as a ptace ere people c8n reflect on tre Messiah's sacrthce and vl¢tory seen in His death and resur¢bOn, the beaity of the garden being a powetftjl visual reminder pf these events. ¢orBtitution The Garden fomb (JenjemI Assodatitsn was incorporated and registered with the Charity Commission in 2011 and ¢ommÈnced trading on 1st January, 2013 having taken over the business, assets and undertaking of an unineorporated registered charity {nurnber 1004062), of the same name. The Tnjstees transferred the business. assets and undertakrng of the previous Charity into this Charity to maintain the operations of The GaTden Tomb in line with current Charity govemance and legislation. Both Charrties have the same Objectives. Our Aim To declare the message of Jesu$ Chrisvs death and resurrection to everyone visits the garden and lo proclaim th victory of His sacrifice in opening thè way for all people to weive forgiven and reconcAliation with God the Father. To this end. The Garden Tomb is maintained as a place of Mntness and worship, Mthere the beaity of the garden and the integrity of the message work tog&therto provide a place Whe everyone can encounter the presence of the risen ChrisL Our Activities Tours: our multi-national team of guides is available to provtde tr)ur3 around thè garden to all visitors - wherever possible in a visitols first language, or through translation. Leaflets are also freety available In over 30 languages for the benefrt of visitors who we a unable to guide in their own language. During a typical trjur, they wll be shovm a rock fa known as Skull Hill or Gordon's Golgotha, being a possible ItIon for the crucffixion of Jèsus Christ, together WEth a nearby rolling-stone tomb calved into the ro¢k where His body may have lain and, rf so, from whÈre He triumphantly rose from the dead. Meeting Ar&is: folln9 a tour, Christian groups are offere¢J the opportunity tts hold a ¢omrnunion service, or a Meeting in a designated area set aside for flection and celebration. A Quiet Place: for individual visitors, or the not requiring a Meeting area, there are numerous places around the garden where it is possible to take time to refflect on the beauty of the garden and on the signffi¢ance of the message of salvation in Christ Jesus. Our Team The ministy of The Garden Tomb is brought to lrfe by a multi-national team of local *aff and ov&rseas volunteers led by Simon HollanLI who was appointed Director in January 2023. Believers from Israei and Palestine work alongside Christian believe from arcjund the world in tiving the life of 'Unty in Messiah Jesus, and in pre¥enting the 'Good News, of Christ cruafied and raised to life. How We Operate During 201 S, the day-to-day operation of thè Garden Tomb was transferred to an Israeli registered non-profrt organisation. The Director lappointsd by the UK Charity) is supported by a management team, employsd in JerJsalem. The goveman¢e of the Charity is ctrnducted by the TrustseslDirectors, whose names are set out on pa9e 1. The Board of Trustees meets formally every quarter, with ad hoc meelings as ne$sary. Trustses are appointed by the Board of Trustees and hc)Id office for three years, after which they may 88ek re-election for a maxtmum of #dditsonal tern of three years.
Thè Garden Tomb (Jèrusalèm) Association Report on Acfjvities During the year, rtOr numbers incre8sed rapidty lo pre-covid lÈvèls and by mid-oetober had reached 291,890. A fUrtr 150,000 were Èxpected through tD th8 end of 2023 and to meèt this demand increased ourstaffing levels to better serve thè ifjsitors- Christyan pilgrirns9e groups from around th¢ world and local wis(ttsrs. On 7th October. war broke out beiwe¢n Israel and Hamas resultiru in a total collapse in the number of tourisvpilgrims to Ihe land, and e£)nsequenVyto The Garden Tomb. As the situation cl&vtloped. the Trustees dscaded to send staff 2nd volunteers home for their safety and the Garden was ciosed from the 22nd Octoberwith a soeurrty company providing on-site protection through to 6nd_2023. One important new posthon that of an OperatTons Manager who comrn8nc*d hrs dubes in S8ptsmber. However due to the changed c4rcumStan$ brought aboLrt by thg war, thè p0SOn tame redundant from DecembEr 2023. 1 am th8rthl for his sgrvice to thè Garden during thrs difficuY( season. During this closed perlod. a signKficant Smprovementto the garden was Completed.. . remodelling the Tomb approath path, and altering the rneeting aré8 and platfo adjacent to the Tomb which wll provide a b&ttèrexperience when l$It0r numbers retum. Priorities for 2024: . Re-open tm& gaiden throughout 2024 to shar¢ the message ofthe Gospèl wth all who 11 corné . Complettt the developmènt ofthe UpppT l Lower Déck meeting areas byAugust . Prèpare for the ¢nd of hosliltb.es thatwo prayfor . Considerlhe future ministy of the Garden Tomb and ts income Streams in orderto sustain it during a time of crisis . Manage expgnditure to ensuie sufficient funth to mwrrtain the ¢hartty and support redUd staff numbers Maintain the site and gardens in good order in anticipation of visitors retuming agoin in large nutnbers. In th8 meantimt, The GardÈn Tomb cntinueS its rninisty ot prodarning tha gospel message to all Nvho come, supported by a devoted and dedicated, but smaller team otstaff and guid&s. During tt)is Current crisis, we look bad( b GtsY'$ faitmulness at drffieult periods in The Garden Tomb's history, and lotsk forw8rd with hopa and courage for all that lies ahead. Financial Rèview The financial results for 2023 are as s&t out in this report Totsl in(xJme in 2023 was £752,7071£447.987 .. 20221, and totsl annual expendrture was £766,859 1£1.010,$40 ." 20221 leading to net resour$ expere of £14,152 (£562,553 outgoing 2022). Thets WgTe realised gaIr On dispctsal of investrnènts of£S,052 in 223 {£61,804.. 20221. The Charity is financed by donation5 from supporters and income fft)m the Charitys investrnents. Gifts represent the amounts given tts thg Charity by intèrnational supporters oflhe Garden Tomb. In addtbon to incomè from investrents, the Charitywds also reimbursed for some ofthe costs ofsupplying rnan¥gement and other 1@Yant expertise to the opèr8tons based in East Jorusalem. Future Platls We conlnue lo look ahead to the ftrture wth Confiden knoMrirKJ that W8 have a un@ue role, privilege and reSpolIrtY to continue to prodairn the message of the death and resurrection of Jesus Christ through Th8 Garden Tomb. The Board of Tnjstees eontinues to remew opportunities to extend the rea¢h of the Gard&n Tomb's ministiies in line with OUrM$, set out abovtr. Reserve5 Poli¢y It is the policy Df th? Charty to continu8 to malntain untricted fijnds, kvhieh are the free reserves of the Chartty, at a level that equates to not lèss than six months unrestricted expandre to prolde adequate funds to cover all tsgulaAy incurred expenditure, as wèll 8S 8ny uneyctsd Costs that may artse from timé to tirne. Structure. Governance and iltsnagement Risk Aqanagement Tre Trustees have examined thè major strategic, business and operallonal risks which the Charity fac, and confjnn that systerns have been &stsblished to enabk regular reports to be projuced so thatth6 nec&8sary stops can te taken to Mgate those risks. Trainlng and Appointment of New Ttse$ The Ttustee5' policy is to identsfy commtied Chrtstiarts who ar8 sensthve to our ministy 8nd who have particular experti%e or application that WOU fvrther the work of The Garden Tomb so as to ensur& 8 srnooth irttegration Df Board members as others retire.
The Garden Tomb (Jèrusalem) Association Trustees, Responsibilities in relation to the Flnan¢ial Statements The Trustees are responsible for pr&paring the Report of the Trustees and the financial statements in accordan with applicablè law and United Kingdom AUntIng Standards {United ifjngdom Generally Apted Accounting Practice). The law applicable to charities in England and Walès requires the Trust&5 to prepare fmancial slalemenls for each financial yèar which give ? true and lair view of the state of affairs of the Chsrity and of the incomirtg resources and appli(3tion of resources of the Charty for that period. In preparing these financial statements, tha Trustees are required to.. select surtable accounting polieies 2nd then app them consistenty, observe the methods and principles in the Charthes SORP., make judgem8nts and estimates tha are reasonable and prudent. gtate whether applicable accciunting standards have b&2n followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the finanaal statements on a going GOnrn basis unless it is inappropriate to presume that the Chatttywill Continue in busin&%s. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable uraCY, at any time, the financial position of the Chartty snd enable them to ensure that the financA81 statements ¢ompty wlth the Companies Act 2006. They are also responsible for safeguarding the assets of the Charty and hence fortaking reasonable steps for the prevention and detectK)n of fraud and other irroguEarities. Statement as to disclosure of information to Independent Examiner So far as the Trustees are aware, there is no relewanl information las defined by Section 418 of the Companies Act 20061 of wht¢h the Charws auditors are unaware, and each Trustee has taken all the steps they ought to have takan as a trustee in order lo make them awar& of any audr( inforniation and lo establish that the Charitls auditors are aware of that information. Indèpendent Exarniner The Independent Examirter, AJ Bennewith, will be proposed for rè4ppointment al the forthcoming Annual General Meeting. Approved by the Trustees and slgned on their behaK by. P K8ay$, Chairman
Tho Garden Tomb {Jerusaleml Association In endent Examinerfs Re ort to the Trustees of Garden Tomb Jentsalem ciatlon Indepandent examine$ report to the trnstses of Garden Tomb (Jernsaleml A%socSation I report to thè charity trustees on my examination of the aceouFts of the Company forthè year ended 31 Dember 2023. Responsibllities and basis of report As the Charivs Trustees of the Company land aL80 its Directors for the purposes of company law) you are responsible for the pr8psration of the accounts in accordanTr the requirements of the Companies Act 2006 Ilhe 2006 Acn_ Having gatisfied myself that the accounts of the Company are not r¢quired to be audited under Part 16 of the 2008 Act and are eligible for independent examination, I r&port in respect of my examination of your Charity's accounts as carried out under section 145 of the ChatIeS Act 2011 (the 2011 ACV). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5) (bl of the 2011 Act. Indèpendent examinèrfs slatement I have Completed my examination. I confim) that no matters have com# to my attention in connection with the 6xamination grvtng me cause to believe- accounting records were not kept in resp6ct of the Company as Niuld by section 386 of the A¢t-. or thè accounts do not accord with those records-, or thè accounts not comply with the accounting requiremenls of sectron 396 of the 20[ Act other than any requirement that thè accounts gwe a true and fairview which is not a matter c4)nsidered as part of an indÈt*ndent examination-. or th& accounts have not been prepared in a¢cordance with the methods and prinaples of the Statement of R8cornmenOed Practi for acettunting and reporting by ¢harities lapplicable to Charities prèparing their aco)unts in accordance with the Finan¢ial Reporting Standard applicable in thè UK and Republic of Ireland IFRS 102)]. I have no concerns and have come across no other matters in etsnnection wtth the wmination to which attention should be drawn in this report in orderto enable a proper understanding of thè a¢nts lo be reachèd_ A J Bennewith FCA, FCPA, FF4 FFTA, FIPA, DChA, FRSA Upper Ground Floor 18 Farnham Road Guildford Surroy GU1 4XA
The Garden Tomb (Jerusalem) Association Statement of Financial Activities for the Year Ended 31 December 2023 Unrestricted Funds Restricted Funds Total 2023 Total 2022 No INCOMING RESOURCES Incoming resources from charitable actlvff(ies Voluntary inccAme- Donations and gifts Incoming resources from generated funds Investment income Other incoming resourees Total inwmlng resources 612,055 612,055 252.766 11,618 129.034 11,618 129,034 752,707 5,155 190.066 752,707 447,987 RESOURCES EXPENDED Charitable activitses Charttable activity Governan costs 757.501 9,358 757,501 9,358 766.859 S92,200 18,340 Total resources expended 766,859 1,010.540 Net resourc8s incomingllexpended) 114,152) (14.1521 1562,553) Net gainslllosses) on investments Realised Unrealised 5,052 37.207 5.052 37.207 61,804 (87,772) Net movemgnt in funds 28.1 28,107 (588,521) Fund balances brought forovard atstart of year 3.023,786 3,023,786 3,612.307 Fund balances carned forward at end of year £ 3,051,893 £ 3,051,893 £ 3,D23.786
The Garden Tomb lJ9rusalem) Association Balance Sheèt as at 31 December 2023 Note 2023 2022 Non current assèts Tangible fixpA assets Investments Debtors falling due after one year 1,271,532 787,117 S44,420 2,703.069 10 12 1.191,573 545,270 T74,026 2,510,869 Current assets Debtors". amounts falling due wthin one year Cash deposits a brokers Cash at bank and in hand 11 10,143 21,453 369,293 400,889 202,850 254.863 85,948 543,661 Credltors Amounts falling due within one year 13 52,065 30.744 Nèt current assets 348,824 512,917 Net Assets £ 3,051,893 £ 3,023.786 Unrestricted funds General fund Revaluation reserve 14 2,614,161 437,732 2,623,261 400,525 Total fuods For the finan¢ial year in question, the company was entitted to exemption under section 477 of the CcKnpani&s Act 2006 relating to small companies. No members have required the company lo obtsn an audit of ts a¢xounts for the year in question in accordance with section 476 of the Companies Act 2006. The Directors aCknedge their responsibilty fpr comptying with the requitEments of the Act with respect to accounting rewrds and for the preparation of the accounts. These accounts have beeTr prepared in accordance wi(h the provisions applicable to cornpanies subject lo the small companies wime. The financial stalernents were approved in principle by the Board of Trustee5 at their meeting in . were fomially signed off by the FinanTr Com itt that acts on behalf of the Board of Trustees (which ES itself made p of Trustees and Treasurer @t¢) on . 10 . and were signed on its behalf by P Keeys- Chairman On behalf of the trustees". P K*ys Ichaimianl
Th¢ Garden Tomb (Jerusa5eml Association Cashflow Statement for the Year Ended 31 Decemb 023 Notès 2023 2022 Cashfiows from oparating activities Net expenditure forthe year (from Statement of Finaneial Activitie8} Adjusted for. Depreeiation Gains on invesbnents Dwidends and bank intsrest Decreasal(In¢reasel in Debtors (DeCreaSe)Jlnea$e in Creciitors GainAoss on dtsposai 28,107 1588.5211 139,886 (42,259) (11,6181 322,313 21.321 132.924 25,968 15,1551 122.255 112,053) 60,507 Net cashflows from operating actIveS 457,550 1264,0751 Cashflows from investing activities Dividends and bank interest Purchase of tangible assets Net proceeds from sale of invesknents Affjulsition of investments 11,618 (219,6461 160,013 (359,601) 5,15S 440,414 {322,8381 Net cash used in Investing act5vlties 407,6161 122.731 Net cash (utilised)Igenerated In the year frorn all activities 49,935 £ {141,344) Cash and cash equivalents brought foryrdrd at the beginning of the year Cash * brokers Cash at bank and in hand 254,863 85,948 340,811 225,981 256.174 482,155 Cash and cash equivalents carried forward at the end of the year Cash at brokers Cash al bank and in hand 21.453 369,293 390,746 254.863 85.948 340,811 Net Idecreasgvincrease in cash and cash equlvalents over the year 49,935 141,3M)
The Gardèn Tomb {Jerusaleml Association otes fomiin for the art of the financial ststements ar endÈd 31 Decembar 2023 1. Principal accounting policies a. Basis of preparing the financiat ststements The finaftctal statements of the charitable company. which is a public benefft entity under FRS 102, h8ve been prepsred in accordance with the Charities SORP IFRS 102) 'Accounting and Reporting by Ch8rities'. Statement of Recommended Practice applicable tc> charibes Preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 2015),, Finan Reporting Standard 102 'The FInancial Reporting Statard applicable in the UK and Republic of IreIand' and the Companies Act 2006. The financial statements have been prepared under the historic cost convention. b. Incoming resources All incoming resoLJrttès are included in the SOFA when the Charity is legally entitled to the income and the amount can b& quantified 1th reasonsble aUrary. Investment intA)me is induded when it is receivable by the Charty. c. Rèsources expended Ail expenditure is accounted for on an accrua basis and has been classified under hdIng$ that aggregate all costs related lo a category. Govemance costs are those incurred for the running of the charity ttself as an organisation. d. Tangible fixed assets and depreciation Tangiblè fixed assets are capttalised and included at cost induding any inidentsl costs of acquiSon. Depreciation is provlded al the following rates so as to wrlte off each tangibie fixed asset over its u$efvl economic life.. Buildin9 & renovation Tomb project 20% on cost 100A on cost Land has not been 12Pitalised due to the significant dtfficujty of valuing the unique Jerusalem site. The etrst of the land when purchaseci in 1894 was £2,000. Freehold buildings at the Jerusalem site are ststed at 1994 v21uat.on and have not been depreciated. Finaneial Reporbng Standard 17 requires freehold propttty to be depreaaled. The standard has not been complièd wth in this Gase as the Trustees wnsider the usefvl economic lrfe of the buildings to be su¢h that the depreciation Charge would have no material effeot on the finanual stslements. e. Investments Invesbnents are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. f. Foreign currnncies Specffic transath.ons in foreign currencies are translated into sterling at the exchange rate in operation at the date of the transacton. Transactions througoLrt the year are translated at the average exchange rates for the year. Monetary ?ssets and liabilrties are retranslated at the rate of exchange rulSng at the balance sheet clate. l thfferences ?re taken to the SOF g. Taxation The Charty is exempt from corporation tax on its eharitable activities. h. Fund aeeounttng Unrestricted fvnds can be used in accordance with the charitsblè objectNes at th& discretion tsf the Trustees. RestriGtecl funds CAn only be used for parttcular restricted purposes within the objects of the Charity. Restrictions arise en specified by the donor orthen ftjnds a rai8ed for parbcular rèstricted purposes. Further explanation of the nareS and purpose of each fijnd is included in the notes to the finanaal statements.
The Garden Tomb (Jerusalèm) Association Tolal 2023 Total 2022 UK Israel 2. Incoming resources from charltsble activttses Donations and gifts other donations and gffts 612.055 £ 612.055 612,055 £ 612,055 252,766 £ 252,766 3. Investment income Bank interest Dividends and ffxed int8rest 466 11,152 £ 11,618 468 11,152 11,618 5.133 5,155 4. Othar incoming resources Management fees from Arnut2h 129,034 £ 129,034 129,034 £ 129,034 190,066 £ 190,066 10
The Garden Tomb (Jerusalem) Association Total 2023 Total 2022 UK Israel 5. Direct charttable expenditure Accountancy. payroll & bookkeeping lowances for wmrnunity guides Bank charges & platfom fees Depwiation Building & renovations Tomb project Exchange rate IgainslAosses Insuranee Investment broker fees IT costs Legal and professional fees Recruitment Property rerrtal Site security Repairs and maintenance Salary and pension Gosts Othér employee expenses Ex gratta I Severan pay Contraciors Events Book royalies Sundry expenses and staff gits Travel - Gommunty guides, staff Covid loan write off Loss on disposal of assets 10,320 10,320 49,290 3,904 10.949 60,238 3,163 49,290 326 3,578 117.721 21,5 117,721 21,965 89,115 2,679 8,289 29,535 117.721 9,516 165,735) 2.658 6,767 31,597 14,687 89,115 2,679 8,289 29,535 4,794 4,794 80.318 17,399 1.57S 120.232 3,932 80,318 17,399 44,425 1,575 120,232 3,932 145,957 30,867 1,501 5,474 1.501 5.474 1,862 2.109 103 26,981 482,142 60,507 41.6S2 41.S52 147,804 147,804 £ 315,7J3 £ 441.798 £ 757,501 992,200 Governance costs Independent Examination Council and staff travel expenses Legal and professior2al fees HonoT3ria 4,800 2,891 1,667 4.800 2.891 4,800 1,807 2,733 9,000 £ 9.358 9,358 18,340 Tolal reSoueS expended £ 325 061 £ 441,798 £ 786,859 £ 1.010,540 6. Staff costs The average weekly number of employees during the yearwas.. The costs of employtng those staff were: Salaries and wages - UK Social securty costs- UK Pension scheme- UK 2023 2022 92,505 95,100 3,251 2.372 24,476 48,485 £ 120,232 145,957 During 2023, one employee was paid between £60,000 and £70,000 in¢luding pension and employers national insuran¢9 conthbutions (2021" One employee betsveen £70,000 and £80,OC¥)). The Charity makes contributions into its approved UK AutTrenrolment pension scheme.
The Garden Tomb (Jerusaieml ASS0¢tiOn 7. Trusts8s' and reEatsd partie8. rmuneratioN and ben¢fits The Charity is ctsntrolled by its Truste•s who a aL8o its Llrectors. None of the Trustees are remunerated. In addthon. key mana9ernent personnel wete paid £120,rJ2 in remuneratv)n, emplOrS national in$urance and pension ntributions dtsring 2023 P022.. £131,782). 8. Relat+d partiè$ transa¢tions The Gatden Tomb (Jèrusaleml Asso¢t8tioll UK has trans8cions wth Garden Ton7b Jerusalem. a notfor profitAs50CEtion registered and operating in IsraÈl, Israeli Soaetiès Registrar numt>&r 580656165. Both the UK entity and the Israeli entty h8ve sever81 btratd members in cx)mmon. Related parbes transactions represent payments for the continuing Assouation opÈration5 durin9 the yearand previous years, whith lead to dÈb¢t or credit balan at the date of Balanc8 Sheet Start-u rovided rden Tomb J sale Isrd81 m The Gar n Tomb alem Assoa tion UK- On August2018, an intsr&st free loan agreernentwas agreed between the two entthes for an amountof NIS 1,617,000. 1£379.0761. Th& loan was obtained forthe pOSe of maintsining operath)n8 in IsRel. During the year 2023. Garden Tomb Istsel repaid to the UKthe total amount of £79.828. The loan princ4)al as at December31 2023 w¥$ NIS 1.397,6071£2992481. arden Tomb Jèrusalern Israel m The Gard n Tomb A$atrOn During year2022, Garden Tomb Israel obtsined loans from G8r(len Tomb UKforthe balan of 0$,517 INIS 879,7501, for the purpose of tnaintaining AsswatioTr operation5. During 2023, Garden Torr Israel repaid £58,773 tD the UK. As 0131 DeC£mr2023, the UK Board approved to wrfte off thi$ loan and re¢ogni5e the amount rf£147,804 INIS 7TO,0531 as a dctnation tts the Is11 As50oation. cha In 2019, the Garden Tomb Jewsaletn signed 8 servi agreementwth the UKA5souation forthe purpose of establtshing responsibilthes and obligations of both parbes and Servi to be provided by the UKAssoraaion towards Garden Tomb Jerusalem Israel. As stated in the agreement the reapient of the serviS IGardEn Tomb Jèrusalem Israel) $hall pay th8 provider (Garden Tomb Jerusalem Assouation UK) a monthEy fee of $20,000 USD less voluntser8 expenses covered by thè Garden Tomb Jerus81em Ista21. For the year2023. the UK tharged Israel servtro (Èrge fees for£129.0341$160.000 USD). From Au9USt 2023 to the year end 2023. the fees forthe malning months of the yeaT1$60,000 USD) were exemptsd. At31 Dmber 2023 the atnount owed to the UKfrom Israel w&s £345,172 INIS 1,812,090). g. Tangible fix assets FreÈhokl buildings Building & renovations Tomb Project Total 1 Janu8ry 2023 Addthons Disposals 31 DebEr2D23 973,618 588,6Q3 1,562,421 219,646 219,646 588.6C13 219,646 1.782,067 Depreciatif) 1 January 2023 Chae for year Elirnination on disp¢)sal 31 Dec6mbar 2023 370,848 117,721 370,848 139.686 21.965 488,569 21,965 510,534 Nat book values 31 D*mbEr 2023 973.818 100,034 £ 1,271.532 31 ember 21 973.818 217.755 £ 1.191,573 The value of the freehold buildings is Epresented by.. 2023 2022 Rev8lu8tton in 1994 Subsequent cost 530,045 530,045 443.773 443.773 £ gn,818 £ 973,818 12
The Garden Tomb {JerusalÈml Association 10. Investments 2023 2022 Market value at start of year Acquisitions at cost Nel sale prOed8 from disposals Net realis gains on disposals Net Unrealed gain110S$es) on revaluation Movement in exGhange rates Market value at end of year 545,270 359,601 (160,0131 5.052 43,254 16,04n £ 787,117 688,815 322,838 (440,414} 61.804 {125,2621 37,490 £ 545,270 Historical Gost al ènd of yvar £ 706,171 £ 507,585 All investments are listed on a recognised 8tock exchange and are représented by. Fixed interest securities UK equity shares 181,010 162 Non-UK equity sharès AMernalrrf& funds 461,721 144,225 787,117 Tl,698 238 326,005 141,330 545.270 11. Debtors-. arnounts falling due within one year Prepayments and accrued income.. UK Loan to employee Israel Shop pur¢hases Loan to Amutah on fomiation Management fees -knulah 2022 Comd Loan to Amutah . 10,143 8,892 3.4C(I 1,582 72.765 75,099 41.112 10,143 £ 202,850 . The board after discussion with the Israeli Amutah and Management agreed to write off the remainder ofthe 2022 Comd Loan. The value ofthe debt when wriiten off was £147.804. 11 Long tern) debtors {24 years) Loan to Amutah on fonnation Management fees- Amutah 2022 Cowd Loan loAmutah" 299,248 345,172 306.311 302,250 165,465 £ 644.420 £ 774,026 . The board after discU10n wth th8 Israeli Amulah and Management a9rÈed to wrtte r)fFthe remainder of the 2022 Covid Loan. The value ofthe debt when written off Wds £147.804. 13. Creditors: amounts frdlling due within one year A¢crued expens&%: UK Tomb Project amounts owed to Amutah Warehouse rent 16,833 27,255 7,977 30.744 52,085 £ 30,744 13
The Gardan Tomb (Jerusalem) Association 14. Movement in funds The movement on funds for2023 is as follows: Balan as at 1 January 2023 Net movement in funds Balance as at 31 DFL@mber 2023 All funds ?re UnrEstricted. General fLtnd$ 2,623,261 400,525 £ 3,023,786 (9.1001 37,207 28,107 £2,814,161 437,732 £ 3,051,893 Revaluation reseNe Net movemènt in funds, included above, is as follows.. Incoming resour Resources expended Movement in funds Unrestricted funds." General fvnds 757.759 766,859 {9,1001 37,207 28.107 Revaluation reseNe 37.207 794,966 Total funds 766,859 15. Comparative movemènt in funds The movement on funds for 2022 is as follows.. Balan(* as at 1 January 2022 Net movement in fiJnds Balan¢e as at 31 December 2022 All funds are Unrestricted. General funds 3,124,010 {500,7491 £2,623.261 Revaluation r&setve 488,297 187.772) 400.525 £ 3,612,307 £ 1588,521 £ 3,023 786 Net movement in funds, included above. is as follows: Incoming resources Resources expended Movement in funds Unrestricted funds: General funds 509,791 1,010,540 {500,749) Revduation reserve (87,772) 187,772) Total funds £ 422. 19 £ 1,010,540 588,521 14