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||Page|
|---|---|
|Reference and Administrative
Details ofthe Charity, its Trustees and Advisers||
|Trustees' Report|2-5|
|Statement ofTrustees'
Responsibilities||
|Independent
Auditor's
Report on the Financial Statements|7-10|
|Consolidated
Statement of Financial Activities||
|Consolidated
Balance Sheet|12|
|Charity Balance Sheet|13|
|Consolidated
Statement ofCash Flows|14|
|Notes to the Financial Statements|15-32|
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|Trustees||Anthony
Coren|||
|---|---|---|---|---|
|||Graham
Weinberg|||
|||Stephen Stanton|||
|Charity registered|||||
|number||1160879|||
|Principal office and||Room 303|||
|registered|address|Winston
House|||
|||2 Dollis Park|||
|||London|||
|||N3 1HF|||
|Independent|Auditor|MHA|||
|||Chartered
Accountants|||
|||2 London Wall|Place||
|||London,
United|Kingdom||
|||EC2Y 5AU|||
|Investment|advisers|Canaccord
Genuity Wealth||Limited|
|||41 Lothbury|||
|||London,
United|Kingdom||
|||EC2R 7AE|||
|Investment|advisers|Cazenove
Capital|||
|||1 London Wall|Place||
|||London,
United|Kingdom||
|||EC2Y 5AU|||
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||||||Unrestricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|funds|
||||||2023|2023|2023|2022|
|||||Note|E||||
|Income and endowments|||from:||||||
|Donations||||3|59,536,182||59,536,182|2,900,000|
|Investments||||4|848,661||848,661|75,553|
|Total income and||endowments|||60,384,843||60,384,843|2,975,553|
|Expenditure
on:|||||||||
|Raising funds||||6|306,755||306,755|37,944|
|Charitable
activities||||7,8|1,249,756||1,249,756|145,064|
|Total expenditure|||||1,556,511||1,556,511|183,008|
|Net income before||net (losses)/gains|||||||
|on investments|||||58,828,332||58,828,332|2,792,545|
|Net (losses)/gains|on investments||||(1,481,303)||(1,481,303)|144,251|
|Net income before||taxation|||57,347,029||57,347,029|2,936,796|
|Taxation||||11|1,461,953||1,461,953||
|Net income after|taxation||||58,808,982||58,808,982|2,936,796|
|NCI acquisition||||17|1,196,901||1,196,901||
|Net movement
in|funds before other||||||||
|recognised
gains/(losses)|||||60,005,883||60,005,883|2,936,796|
|Other recognised|losses:||||||||
|Deficit on revaluation||offixed assets|||(730,988)||(730,988)||
|Net movement
in|funds||||59,274,895||59,274,895|2,936,796|
|Reconciliation of|funds:||||||||
|Total funds brought||forward|||3,176,705|1,843,021|5,019,726|2,082,930|
|Net movement
in funds|||||59,274,895||59,274,895|2,936,796|
|Total funds carried||forward|||62,451,600|1,843,021|64,294,621|5,019,726|
##
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|||||2023|2023|2022|2022|
|---|---|---|---|---|---|---|---|
||||Note||E|||
|Fixed assets||||||||
|Investments|||13||41,242,304||2,008,032|
|Investment
properties|||12||3,559,420|||
||||||44,801,724||2,008,032|
|Current assets||||||||
|Debtors: Amounts|falling due within one year||14|41,278||||
|Cash at bank and|in|hand||21,232,683||3,033,467||
|||||21,273,961||3,033,467||
|Creditors: Amounts||falling due within one||||||
|year|||15|(239,198)||(21,773)||
|Net current assets|||||21,034,763||3,011,694|
|Deferred taxation|||||(1,541,866)|||
|Total net assets|||||64,294,621||5,019,726|
|Charity funds||||||||
|Endowment
funds|||17||1,843,021||1,843,021|
|Unrestricted
funds|||17||62,451,600||3,176,705|
|Total funds|||||64,294,621||5,019,726|
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||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|
|||||||Note|E||
|Cash flows from operating|activities||||||||
|Net cash used
in operating|activities|||||20|63,087,526|1,916,101|
|Cash flows from investing|activities||||||||
|Dividends
and interest from|investments||||||848,661|75,553|
|Proceeds from the sale of investment
property|||||||4,664,554||
|Proceeds from sale ofinvestments|||||||6,243,550|201,536|
|Purchase ofinvestments|||||||(7,638,055)|(77,570)|
|Gift oflisted investments
from Gershon Coren Charitable|||||Foundation|13|(15,176,806)||
|Gift offreehold
investment
property
from||Gershon Coren|||Charitable||||
|Foundation||||||12|(60,000)||
|Transfer of listed investments|with consolidation|||ofRenco|Properties||||
|Limited|||||||(25,560,202)||
|Transfer of investment
property
with consolidation||||ofRenco Properties|||||
|Limited|||||||(8,210,012)||
|Net cash (used in)/provided|by investing||activities||||(44,888,310)|199,519|
|Change
in cash and cash equivalents||in|the year||||18,199,216|2,115„620|
|Cash and cash equivalents
at the beginning|||ofthe year||||3,033,467|917,847|
|Cash and cash equivalents|at the end|of|the year|||21|21,232,683|3,033,467|
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|Unrestricted|Total|Total|
|---|---|---|
|funds|funds|funds|
|2023|2023|2022|
||F||
|59,536,182|59,536,182|2,900,000|
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2023|2023|2022|
||f.|||
|Rent|282,086|282,086||
|Dividends|560,894|560,894|75,550|
|Bank interest|5,681|5,681|3|
||848,661|848,661|75,553|
##
||||||2023|2022|
|---|---|---|---|---|---|---|
||||||E||
|Investment|management||fees||189,503|37,944|
|Subsidiary|trading|and|administration|expenditure|117,252||
||||||306,755|37,944|
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|Grant|||
|---|---|---|
|funding of|Governance|Total|
|activities|costs|funds|
|2023f|2023
E|2023
K|
|1,221,000|28,756|1,249,756|
|Grant|||
|---|---|---|
|funding
ot|Governance|Total|
|activities|costs|funds|
|2022|2022|2022|
|135,000|10,064|145,064|
##
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##
|Grants paid to Institu|tions|||
|---|---|---|---|
|||2023f|2022|
|Better World Charity||5,000||
|Tony Coren Gategi Project||200,000|100,000|
|Jewish Trails||20,000||
|Charitable
gifts via Smart Giving||175,000|5,000|
|UK Toremet Limited||85,000|30,000|
|Jami UK||10,000||
|UK Gives Ltd||55,000||
|JNF UK||455,000||
|Inspired||5,000||
|Centre for Jewish Life||5,000||
|Manna
UK||50,000||
|Jewish Childs Day||10,000||
|Together Plan||10,000||
|Foundation
for Jewish|Heritage|10,000||
|Shomrim
London||10,000||
|Harif||5,000||
|Israel Film Festival||5,000||
|Renaissance
Publicity||5,000||
|Hatzola||26,000||
|Jewish Medical Association||5„000||
|Jewish Futures Trust||15,000||
|Institute for Jewish Policy||5,000||
|Middle East Education|London|5,000||
|Smile Train||10,000||
|UKLFI Charitable
Foundation||10,000||
|International
Christian|Embassy|5,000||
|Campaign
Against Anti-Semitism||10,000||
|UK Jewish
Film||10,000||
|||1,221,000|135,000|
##
##
|8.|Governance|costs|||
|---|---|---|---|---|
||||2023|2022|
|||||E|
||Accountancy|services|7,767|2,440|
||Audit services||20,808|7,500|
||Bank charges||181|124|
||||28,756|10,064|
|9.|Staff costs||||
||||2023|2022|
||Wages and salaries||21,256||
||Social security|costs|3,484||
||||24,740||
|2023|2022|
|---|---|
|No.|No.|
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|||||2023|2022|
|---|---|---|---|---|---|
|||||E||
|Corporation|tax|||||
|Current tax on net income||for the|year|110,883||
|Adjustments|in respect of|previous|periods|(11,558)||
|Total current|tax|||99,325||
|Deferred tax||||||
|On disposal of investment||property||(1,561,278)||
|Total deferred tax||||(1,561,278)||
|Taxation on|net income|||(1,461,953)||
##
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||Freehold|
|---|---|
||investment|
||properties|
||F|
|Valuation||
|Additions|8,270,012|
|Disposals|(3,979,604)|
|Loss on revaluation|(730,988)|
|At 5April 2023|3,559,420|
|Charity||
||Freehold|
|---|---|
||investment|
||property|
|Valuation||
|Additions|60,000|
|At 5April 2023|60,000|
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||||Listed|
|---|---|---|---|
||||investments|
|Group||||
|Valuation||||
|At 6April 2022|||2,008,032|
|Additions|||48,375,063|
|Disposals|||(6,951,519)|
|Revaluations|||(2,189,272)|
|At 5April 2023|||41,242,304|
||Investments|||
||in|||
||subsidiary|Listed||
||companies|investments|Total|
|Charity||E|E|
|Valuation||||
|At 6April 2022||2,008,032|2,008,032|
|Additions|35,183,195|19,125,334|54,308,529|
|Disposals||(3,877,223)|(3,877,223)|
|Revaluations||(320,729)|(320,729)|
|At 5 April 2023|35,183,195|16,935,414|52,118,609|
##
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|Name|||Company|Registered office or principal|Registered office or principal|Holding|
|---|---|---|---|---|---|---|
||||number|place ofbusiness|||
|Renco|Properties|Limited|00526647|6th Floor, 2 London Wall|Place,|99.94%|
|||||London,
United
Kingdom,|EC2Y||
|||||5AU|||
##
|||Group|Group|
|---|---|---|---|
|||2023|2022|
|||E||
|Trade|debtors|3,844||
|Other|debtors|37,434||
|||41,278||
##
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|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||E||E|E|
|Trade creditors||9,506|21,773|9,380|21,773|
|Corporation|tax|134,459||||
|Other taxation and social security||9,727||||
|Other creditors||14,407||||
|Accruals||71,099||||
|||239,198|21,773|9,380|21,773|
##
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|Group||
|---|---|
||2023|
|At 6April 2022||
|Charge for the year|1,541,866|
||1,541,866|
|The deferred|tax liability is made up as follows:|tax liability is made up as follows:|||
|---|---|---|---|---|
||||Group|Group|
||||2023|2022|
||||E||
|Revaluation|of investment|properties|(663,357)||
|Revaluation|of listed investments||(878,509)||
||||(1,541,866)||
##
|||Balance at 6||||Gains/|Balance at 5|
|---|---|---|---|---|---|---|---|
|||April 2022|Income|Expenditure|Investments|(Losses)|April 2023|
|||E||E|f.|||
|Unrestricted||||||||
|funds||||||||
|General
Fund||3,176,705|59,753,977|4,056,764||(360,967)|66,626,479|
|Subsidiary||||||||
|companies-||||||||
|Charity Interest|||630,487|(4,148,831)|1,175,073|(1,850,213)|(4,193,484)|
|Subsidiary||||||||
|companies-||||||||
|Non-controlling||||||||
|interest|||379|(2,491)|21,828|(1,111)|18,605|
|||3,176,705|60,384,843|(94,558)|1,196,901|(2,212,291)|62,451,600|
|Endowment||||||||
|funds||||||||
|Expendable||||||||
|endowment|fund|1,843,021|||||1,843,021|
|Total offunds||5,019,726|60,384,843|(94,558)|1,196,901|(2,212,291)|64,294,621|
##
|17.|Statement|offunds|(continued)||||||
|---|---|---|---|---|---|---|---|---|
||Statement|offunds|- prior year||||||
||||Balance at|||Transfers|Gains/|Balance at|
||||1April 2021|Income|Expenditure|inlout|(Losses)|5April 2022|
|||||E|||||
||Unrestricted||||||||
||funds||||||||
||General
Fund||239,909|2,975,553|(183,008)||'/44, 251|3,176,705|
||Subsidiary||||||||
||companies-||||||||
||Charity Interest||||||||
||Subsidiary||||||||
||companies-||||||||
||Non-controlling||||||||
||interest||||||||
||||239,909|2,975,553|(183,008)||144,251|3,176,705|
||Endowment||||||||
||funds||||||||
||Expendable||||||||
||endowment|fund|1,843,021|||||1,843,021|
||Total offunds||2,082,930|2,975,553|(183,008)||144,251|5,019,726|
##
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|Analysis ofnet assets between funds -cur|rent year|||
|---|---|---|---|
||Unrestricted|Endowment|Total|
||funds|funds|funds|
||2023|2023|2023|
|Fixed asset investments|39,399,283|1,843,021|41,242,304|
|Investment
property|3,559,420||3,559,420|
|Current assets|21,273,961||21,273,961|
|Creditors due within one year|(239,198)||(239,198)|
|Deferred taxation|(1,541,866)||(1,541,866)|
|Total|62,451,600|1,843,021|64,294,621|
##
||Unrestricted|Endowment|Total|
|---|---|---|---|
||funds|funds|funds|
||2022|2022|2022|
|Fixed asset investments|165,011|1,843,021|2,008,032|
|Current assets|3,033,467||3,033,467|
|Creditors due within one year|(21,773)||(21,773)|
|Total|3,176,705|1,843,021|5,019,726|
##
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||||||||||Group|Group|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2023
E|2022f|
||Net income for the year||||(as per Statement of||Financial Activities)||58,808,982|2,936,796|
||Adjustments
for:||||||||||
||Losses /|(gains) on|investments||||||2,212,291|(144,251)|
||Dividends|and interest||from investments||||4|(848,661)|(75,553)|
||(Increase)
in debtors|||||||14|(41,278)||
||Increase|/(decrease)|in||creditors|||15|82,966|(800,891)|
||Value of|NCI loss in|period to 100%control||||||1,196,901||
||Increase|in deferred|tax||||||1,541,866||
||Increase|in corporation|||tax||||134„459||
||Net cash|provided|by operating|||activities|||63,087,526|1,916,101|
|21.|Analysis|ofcash and||cash equivalents|||||||
||||||||||Group|Group|
||||||||||2023
E|2022f|
||Cash in hand||||||||21,232,683|3,033,467|
||Total cash and cash|||equivalents|||||21,232,683|3,033,467|
|22.|Analysis|ofchanges||in net debt|||||||
||||||||||Acquisition||
||||||||||and||
||||||||At 6April||disposal of|At 5April|
||||||||2022|Cash flows|subsidiaries|2023|
|||||||||f,|||
||Cash at bank and in||hand||||3,033,467|6,788,809|11,410,407|21,232,683|
||||||||3,033,467|6,788,809|11,410,407|21,232,683|
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