DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 Registered number: 10633799 Charity number.. 1171869 THE LONDON BOARD FOR SHECHITA (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee CONTENTS Page Reference and administrative details of the charity, its Trustees and advisers Trustees. report Trustees. responsibilities statement 10 Independent auditor's report on the financial ststements Statemont of financial activitios 15 Balance sheet 16-17 Statement of cash flows 18 Notes to the flnanclal statements 19-31
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022 Trustees Benjamin Mire Isaac Levy Russell Kett Brian Markeson Company registered number 10633799 Charity registerod number 1171869 Registered office 305 Ballards Lane London N12 8GB Company secretary Avrom Topperman Chief executive officer Avrom Topperman Independent auditor Blick Rolhenberg Audit LLP Chartered Accounlanls and Slatulory Auditor 16 Great Queen Street Covent Garden London WC2B SAH Bankers National Westminster Bank PIC City of London offi PO Box 12258 1 Princes Street London EC2R 8BP Solicitors Slanmore Law Practice 51153 The Broadway Middlesex HA7 4DJ Investment advisors Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Page 1
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2022 The Trustees present their annual report together with the audited financial statements of The London Board for Shechila for the year 1 July 2021 to 30 June 2022. 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 statements of the charitable company comply with the current statutory requirements, the requirements of the haritable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective 1 January 20191. Since the charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies Ljnder the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The objective of the Board is to ensure the provision of kosher meat and poultry for the Jewish community in and around London, and such other Jewish communities that may wish lo associate themselves with the Board. The Board shall achieve this by all such measures as may be deemed necessary, including administering and managing shechita (the Jewish religious, humane method of animal slaughter for food), through training and employing such staff as are required for shechita procedures, supervision of meal and poultry processing, sealing, monitoring and certification of these activities, in accordance with the Shulchan Aruch (the Code of Jewish Lawl and Halacha (Jewish religious and procedural Law following the Code). The Board's major expense includes Staff costs, sealing materials and general office expenses. Income to meet this expenditure is derived from shechita fees, shomer recharges and income generated from the charity's rental investment properties and listed investments. A licensee whose conditions and linCe require them lo use the services of a full or part-time supervisor Ishomerl provided by the Board, is recharged by the Board for the cost of such services. Establishments wishing lo manufacture andlor wholesale andlor retail products under the Board's rtifIcated supervision, must be licensed annually by the Board and submit themselves lo the jurisdiction of the Board's Rabbinical Authority. In protecting the provision of shechila and the supply of Kosher meat and poultry for its beneficiaries, the Board also budgets for training and educational services and provides a conduit for information passing between licensees, govemment agencies, ministries and the general public. The Board is also a major supporting member of the National Council of Shechita Boards of Great Britain, which is the main national organisalion responsible for the promotion of shechita as a humane method of animal slaughter for food consumption. The charity has achieved the aim of enabling the Jewish community lo have access to kosher meat and poultry that complies with their religious laws, by way of supervision, certification and administration. This is an essential tenet of Jewish communal life and allows the community lo continue lo function. This contributes towards Britain as a tolerant and enlightened society, by way of members of the Jewish community being able to practise their faith in an inclusive manner. In setting objectives and planning for aclivib'es, 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 IPB21'. Page 2
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Achievements and performance a. Licensing Prior to considering licence renewals for the Hebrew year 5782 (September 2021 to September 20221, members of the Licensing Committee Ichaired by Dr Lionel Finkelsteinl reviewed all licensed premises by way of a report prepared by the Chief Executive. Rav Hamachshir and senior inspector providing recommendations regarding the renewal of the linCe. All 3 regularly spend time at licensed premises and were able to provide comprehensive feedback to the licensing committee. The committee were able to offer renewal to all licensees. In addib'on, during this accounting period, the Board was pleased lo consider an application from and subsequently welcome on board as a licensee, Haydn's Kosher Meats of Manchester. As at the 30th June 2022, the Board licensed 25 premises Iwth the licences held by 10 individuals), whith included.. Three poUry abattoirs., Two fully Eu-approved factories las well as the 'factory' capacity at some of the licensed shops)., Eighteen licensed shops in London and licensed shops in Manchester. In considering whether to grant a licence there are a variety of considerations that are relevant beyond the suitability of the licensing and the premises. Some of those considerations relate lo protecting the consumer, some relate to protecting the reputation and integrity of, and public trust in the Board, and some relate to the need lo ensure sufficient competition in the relevant Kosher markets, whilst not compromising on quality available to consumers. Understsndably, some of those considerations conflict. In recent years, with the restructuring and consolidation among butchers, those considerations are potentially more in conflict now than ever before. The Board has also become increasingly aware of ils responsibilities under secular competition law which is why long ago it removed blanket reslriclions when considering applications for new premises that were close to existing premises. The Rabbinical Authority is asked for Halachic guidance on each application. Consideration is given lo the Report of SLG Economics Ltd Icommissioned to conduct a review of competition issues in the licensing, wholesaling and retailing of Kosher meatl, when determining licence applications, following the submission of this confidential expert report through the Board's solicitors in March 2013. b. The Trade and Consumers The Board maintains a close working relationship with the trade. Apart from contact with individual licensees, the Iruslees invite representatives of the trade to quarterly board meetings, with an open agenda. The Consumer Affairs Committee Ichaired by Seth Belsonl continues to promote the Board's brand and image and develop marketing initiatives and communications lo counter widely held perceptions, often expressed in some Jewish media about the price of Kosher meal and poultry. The Board continued to invite trade representatives lo deliver a routine report on the current stale of the market at each quarterly meeting. Page 3
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Achievements and performance Icontinuedl . Shechita Defence The defence of shechita is led through the National Council of Shechila Boards, of which the London Board is a significant financial contributor. Financial contributions assist in funding the work of Shechila UK, a Public Affairs Consultancy engaged by the National Council and the Board of Deputies, which undertakes work necessary in the realm of shechila defence, both as regards media relations and the promotion and defence of shechita at government level. Regular updates on the work of Shechita UK are distributed to interested parties by the Board. d. Rabbinical Authority The Board thanks the members of the Rabbinical Authority", Dayan M Gelley of the United Synagogue and Dayan A David of the Spanish & Portuguese Community for sharing their considerable knedge and lime that they have freely given to its work. e. Stsffing The Board currently employs 24 staff. There were no additional recruits to the Board during the current accounting year but one compulsory redundancy took place. Both recent senior appointments of Rav Hamachshir. Rabbi Binyomin Goldblatt and Cattle l Lamb team leader, Rabbi Avrohom Weisfish have settled in well and are making significant improvements to standards. The Chief Executive, Rav Hamachshir Isenior Rabbinic Supervisor) and Senior Inspector comprise the key management personnel of the charity and are in charge of directing and controlling, running and operating the charity on a day-to-day basis. The Chief Executive continues to monitor the staffing levels against any movement in volumes slaLJghtered and the fluctuating needs of ils licensees, including abattoirs and factories under its supervision. He liaises closely with the Rabbinical Authority on their staffing requirements, to ensure standards of Kashrut are maintained. The Board thanks ils staff for their work for the benefit of the community al locations, with working hours and conditions, that few members of the community would themselves be willing to work. All trustees give of their time freely and none of the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the period. No Iruslees were reimbursed for expenses during the year. In view of the nature of the charity, the trLJStees benchmark pay levels against other communal charities of a similar size. Particular regard is made when determining salary policy lo the scarcity of available labour in an extremely specialised field. Page 4
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Achievements and performance Icontinuedl f. Investment policy and perfomian¢e Benjamin Mire, one of the Board's Trustee5 continues to support the Chief Executive and his assistant, in the management of the Board's investment properties. Recently appointed management agents, KMP, have proven lo be pro-active in their work and there has been continued progress in rent reviews, lease renewals, new lettings and the redevelopment of empty properties to make them more marketable and letlable. Off the back of the COVID pandemic the Board saw the value of listed investments fluctuate in 2020121. Following a period of recovery early in the accounting year, the war in Ukraine impacted adversely on the listed investments. It is anticipated that the value of those investments, will in due course, recover. Throughout the period there has been some expenditure on investment properties in accordance with advice from the charity's managing agents. In addition, professional fees have been incurred with the charity's property solicitors and managing agents. Financial review a. Review of current year performance The board is a registered charity and non-profit making entity and it budgets for a modest surplus to enable il to operate with financial stability. For the 12 month period ended 30th June 2022, the results show a deficit of income resources over resources expended of £403.022 12021.. £288,053). However, this includes nel losses on investments of £31,316 12021.. gain of £83.2981. The investment propert was independently valued during the year and has a value of £5,460,000 12021.. £5,540,000). An impairment loss of £80,00012021." £NIll has been recognised in the current year in respect of this. Total expenditure during the year was £2,635,745 12021.. £2,745,633) of which £2,541,847 12021.. £2,657,400) was spent on the provision and administration of shechita, and the balance on investment, management and governance costs. This included a grant of £36,000 12021". £36,000), awarded to the National Council of Shechila Boards of Great Britain towards the protection and administration of shechita in the UK and EU. The Trustees remain confident that the Board remains a going concern despite its expenditure exceeding its direct income having regard to.. its investments its ongoing review of expenditure and the progress that has been made over the last 12 months in reducing the same on an ongoing basis. The FinanTr Committee (chaired by Laurence Golendl has continued its sophisticated role in advising and assisting the Honorary Treasurer, by regularly reviewing the Board's finances al its committee meetings. b. Reserves policy The Board has reviewed and maintained ils financial policy over recent years, whereby the unrestricted funds not ommitted to or invested in tangible or fixed assets or designated for other specific purposes (the 'free reserves'l held by the charity, should be four months of the wage and salary costs. this equates lo £725,465 in general funds. The free reserves at 30th June 2022 amount to £6,889,93412021.. £6,486,912). Page 5
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 . Investment policy It is the FX)licy of the Iruslees to invest surplus funds in suitable investments, in order to maximise returns to the harity. The charity holds an investments portfolio wth Ralhbones Investment Managers and has three income generating investment properties. d. Risk factors The trustees continue to assess the risks lo which the Board is exposed, in particular, those related to the operations and finances of the Board, and are satisfied that systems are in place to mitigate the Board's exposure lo risks. e. Risk management The trustees have a risk management strategy, which comprises.. An annual review of the principal risks and uncertainties that the charity faces, by updating a detailed risk register., The establishment of policies, systems and procedures lo mitigate those risks as identifi'ed in the annual review, by discussing these al regular Iruslee meetings that are held al least every month., and The implementation of procedures designed lo minimise and manage any potential impact on the charity, should those risks malerialise. This work has identified that there are a number of significant operational and financial risks that might impact the sustainability of the charity. Some of these risks are Identified elsewhere In this report, for example licensee- retention,. potential loss of an aballoir., and a change in legislative policy on the practi of shechila. A key element in the management of financial risk is a regular review of available liquid funds, to settle liabilities and debts as they fall due. This risk is mitigated by way of regular liaison with the bank, active management of trade debtors and creditor balans, and the monitoring of reserve funds to ensure adequate working capital is available to the charity. Attention has also been focused on operational and financial risks associated with the potential loss of an abattoir. Regular communications with abattoirs currently in use and establishing relationships with potential new abattoirs in conducting trial shechilas there redUS this risk. Structure. governance and management a. Constitution On advice from the Board's specialist charity solicitors, steps were taken in February 2017 to convert the legal slalus of the Board from an unincorporated charity lo a charitable company limited by guarantee. A members, consultation committee Iwilh delegates from each parent body) was consulted on draft articles and the charity incorporated formally at Companies House on 22nd February 2017 and registered with the Charity Commission on 2nd March 2017 following approval of the articles by the members. On 1 July 2019 the assets and liabilities of the unincorporated charity, then known as London Board for Shechila Icharity no. 2334671, were transferred to The London Board for Shechila charitable company registered with Companies House Iregislered no. 106337991 and with the Charity Commission for England and Wales Iregistered charity no. 11718691. The London Board for Shechita is a charitable company limited by guarantee, governed by ils Memorandum and Articles of Association dated 22 February 2017 as amended 16 April 2019. Page 6
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Structurej governance and management Icontinuedl a. Constitution {¢ontinued) On 24th April 2020 the Federab'on of Synagogues fomially ceased its involvement as a Parent Body of the Board,. all 3 Parent Bodies have reached agreement as to the terms of that exil. As a result of that, the Board is now made up of 15 members who are nominated by the remaining two parent bodies the Spanish & Portuguese Jews, Congregation and the United Synagogue. During the current accounting period, Isaac Levy remained President of the Board. Benjamin Mire and Russell Kett remained Vice-Presidenls and Brian Markeson as Hon Treasurer. b. Methods of appointment or election of Trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. . Publi¢ benefit statement In setting objectives and planning for aclivib'es, 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 IPB21'. The sections of this reFlOrt above, entitled. 'Objectives and activities,, 'Slruclure, governance and management,, and 'Achievements and performance. set out the objectives of The London Board for Shechila, and reports on the activities and successes in the accounting period to the 30th June 2022, as well as explaining the plans for 2023. The Board has a simple purpose, lo be responsible for the administration of the affairs of shechita for the London Jewish community, and such other communib.es as may wish to associate themselves with the Board. The Board itself does not deal in meal and poultry, bLJt seeks lo offer reliable shechila services at high standards of kashrLJt, and as cosl*ffectively and efficienlly as possible, to the consumers of Kosher meat and poultry. It seeks to reinvest any surpluses and other income, in keeping its fees as low as possible and improving its services. The support of the Board's licensees, staff and parent bodies is vital in enabling the Board lo deliver ils objectives, as is their appreciation that public benefit musl override their individual interests. The Trustees have considered this matter, and concluded'.- The aims of the Board continue to be charitable., That the aims and the work carried out give identifiable benefits lo the charitable sector, and both Indirectly and direclly lo individuals in need., That the benefits are for the public, are not unreasonably restricted in any way, and certainly not by ability lo pay., That there is no detriment or harm arising from the aims or activitie5. d. Members of the Board The role of the members is to promote the objective of the Board, and in so doing advise the Iruslees about the work of the Board and Ils policies, support the Iruslees In furthering the objective and assist the trustees with the monitoring and development of the Board, the members and the trustees. Page 7
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Plans for future periods The Strategic Review of 2018 noted the re-adoplion by the Iruslees of a strategy which identified three broad objectives for the Board'.- To secure the supply of Kosher meal and poultry,. At the lowest possible cost", At a high standard of Kashrus (dietary laws). Following consideration by the Board and consLJltalion with the trade, this strategy has guided the Board's work. However, each of the principles can sometimes work as opposing forces to one another. Indeed, the Strategy Committee Identified the fact that the Board is the only organisalion in the world that supplies shechila servi$ alone, without linkage lo the provision of other kashrut operations, and that any 'stand-alone' shechila operation cannot, of itself, produce surplus funds from ils operations alone. As part of the strategy, the trustees seek to involve all Board members in its work. This has involved the continued liaison with SLJb-committees, known as the Finance Committee, the Licensing Committee and the Consumer Affairs Committee. The UK'S departLJre from the European Union, alongside the war in Ukraine created fLJrther Cause for concern on the basis that some of the Board's licensees both import from and export to EU countries. Increased costs of transport together with limitations on product available from Poland means that additional capacity for the shechila of UK beef is required. Trustees The Iruslees are responsible to the members for their general control and management of the administration of the Board, and lo develop and implement its policies. The positions of President and Vice President rotate triennially as nominated by the parent bodies. These three members, together with an Honorary Treasurer, elected by the Board al the outset of the triennial, are the trustees. Each parent body shall each select lfrom among the members il has elecledl for appointment by rotation, a President and two Vice Presidents, provided always that such selections are subject lo the approval of the members by resolution. If a trustee or member is newly appointed and has not served previously, then the Chief Executive, with other experienced trustees, guides the new appointee through an induction process, in which a full explanation and training is given in the Board's operations, activities and their new constitutional and statutory responsibilities. The trustees meet al least monthly, to discuss the management accounts and ensure that the affairs of the Board are properly conducted. The day-lo-day running of the Board is through the Chief Executive, who is the secretary to the Board. The following served as trustees, and also as directors for the purposes of company law, during the period and up lo the dale of signature of the financial statements.. Isaac Levy Benjamin Mire Russell Kett Brian Markeson Page 8
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 Disclosure of infomiation to auditor Each of the persons who are Trustees al the time when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitys auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Auditor The auditors, Blick Rothenberg Audit LLP, have indicated their wllingness to continue in office. The designated Trustees will propose a motion reapF)ointing the auditor al a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by". ISAAC LEVY ITrusleel Dale.. 29-Mar-23 1 04..19 PDT Page 9
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2022 The Trustees (who are also the directors of the charity for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounb'ng Practicel. Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of ils Incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Aeeounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial ststemenls", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any lime the fi'nancial position of the charity and enable them lo ensure that the financial ststemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 10
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BOARD FOR SHECHITA FOR THE YEAR ENDED 30 JUNE 2022 Opinion We have audited the financial statements of The London Board For Shechila Ilhe 'charity'l for the year ended 30 June 2022 which comprise the statement of financial activities, the balan sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice}. In our opinion the financial slalements.. give a true and fair view of the slate of the charitable company's affairs as at 30 June 2022 and of ils incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, 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 lo continue as a going concern for a period of al least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect lo going conrn are described in the relevant sections of this report. Page11
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BOARD FOR SHECHITA ICONTINUED} FOR THE YEAR ENDED 30 JUNE 2022 Other information The other information comprises the information included in the annual report other than the financial ststemenls and our auditor's report Ihereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the fi'nancial statements does not cover the other information and, except lo the extent othemise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stslemenls or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misststemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the fi'nancial slalements. the Trustees, report has been prepared in accordan with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understsnding of the charitsble company and its environment obtsined in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance wth the small companies regime and tske advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement lo prepare a Strategic report. Page 12
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BOARD FOR SHECHITA ICONTINUED} FOR THE YEAR ENDED 30 JUNE 2022 Responsibilities of trustees As explained more fully in the trustees, responsibilities slalement, 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 statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers 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 bul to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial ststemenls as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance wth applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the charities sector", we focused on specific laws and regulations which we considered may have a direct material effect on the financial ststemenls or the operations of the company, including the Companies Act 2006, Charities Act 2011, laxalion legislation and data protection, anli-bribery, employment and health and safely legislation., we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of management., and identified laws and regulations were communicated wrfchin the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility to fraud, their knowledge of actual. suspected and alleged fraud., and considering the internal controls in pla lo miligale risks of fraud and non-compliance wf(h laws and regulations. Page 13
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BOARD FOR SHECHITA ICONTINUED} FOR THE YEAR ENDED 30 JUNE 2022 Auditorfs responsibilities for the audit of the financial statements Icontinuedl To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures lo Identify any unusual or unexpected relationships., tested a sample of journal entries lo identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting eslimales were indicative of potential bias", and investigated the rationale behind significant or unusual Iransaclions. In response to the risk of irregularities and non-eompliance with laws and regulations, we designed procedures which included, but were not limited lo". agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential liligalion and claims., and reviewing correspondence wth HM Revenue and Customs. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal corresponden, if any. Material misstalemenls that arise due lo fraud can be harder lo delecl than those that arise from error as they may involve deliberate Gonalment or collusion. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. This description forms part of our auditor's report. Use of our report This report is made solely lo the charitsble company's trustees, 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 charitable company's trustees those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Russell Tenzer FCA (senior statutory auditor} for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants and Statutory Auditor stalulory Auditor 16 Great Queen Street Covenl Garden London WC2B SAH Dale.. 30031023 Page 14
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 JUNE 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Note Income from: Charitable activities Investments 2,008.860 335.179 2,008.860 335.179 2,047,784 326,498 Total income 2,344,039 2,344,039 2,374,282 Expenditure on: Raising funds Provision and adminislralion of Shechita 93.898 2,541,847 93,898 2,541,847 88,233 2,657,400 Totsl expenditure 2,635.745 2,635.745 2,745,633 Net expendlture before net {lossesllgalns on Investments Nel Ilossesllgains on investments Net movement in funds before other recognised gainslllosses) {291,7061 131,3161 {291,7061 131,3161 1371,3511 83,298 {323.0221 {323.0221 1288,0531 Other recognised gainsl{lossesl'. Losses on revaluation of investment policy 13 180.0001 180.0001 Net movement in funds {403,0221 {403,0221 1288,0531 Reeoneiliation of funds-. Total funds brought forward Nel movement in funds 6,889,934 {403.0221 6,889,934 {403.0221 7,177,987 1288,0531 Total funds carried forward 6,486,912 6,486,912 6,889,934 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 19 to 31 form part of these financial statements. Page 15
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 REGISTERED NUMBER.. 10633799 THE LONDON BOARD FOR SHECHITA IA Company limited by guarantee) BALANCE SHEET FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Note Fixed assets Investment property 13 5.460.000 5,540,000 5,460,000 5,540,000 Current assets Debtors Investments Cash al bank and in hand 14 15 372.618 633,912 192,063 358,683 654,600 475,239 1.198,593 1,488,522 Creditors.. amounts falling due within one year 16 1171,681) 1138,5881 Net current assets 1,026,912 1,349,934 Totsl assets less current liabilities 6,486.912 6,889,934 Total net assets 6.486.912 6,889,934 Charity funds Reslricled funds Unrestricted funds Designated funds General funds 17 5,460,000 1.026.912 6,540,000 1,349,934 17 Total unrestricted funds 17 6,486.912 6,889,934 Total funds 6,486,912 6,889,934 Page 16
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee BALANCE SHEET ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 The entity was entitled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtsin an audit for the year in question in accordan with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Do¢USne4 by. ISAAC LEVY 2qBDA64754Ca. B4318D2364054C3 . Brian Markeson (Trusteel Isaac Levy ITrusleel Dale.. 29-Mar-23 1 04..19 PDT The notes on pages 19 to 31 form part of these financial statements. Page 17
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Note Cash flows from operating activities Nel cash used in operating activities 19 1607.727} 1835,4471 Cash flows from investing activities Dividends, interests and rents from investments 324.551 318,715 Net cash provided by investing activities 324,551 318.715 Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1283,176} {516.7321 475,239 991,971 Cash and cash equivalents at the end of the year 20 192.063 475,239 The notes on pages 19 to 31 form part of these financial statements Page 18
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 General information The London Board for She¢hila is a private Company limited by guarantee incorporated in England and Wales. The address of ils registered office is 305 Ballards Lane, London, United Kingdom, N12 8GB. The charity is registered with the Charity Commission for England and Wales Icharity no. 11718691. In the event of the charity being wound up, the member's liability in respect of the guarantee is limited to £1 per member of the charity. The financial statements are presented in Sterling 1£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Accounting policies 2.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Statement 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 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The London Board For Shechita meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy. 2.2 Golng concern After making enquiries, the trustees have a reasonable expectation that the charitable company has adequate resources lo continue in operab'onal existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concem basis in preparing the financial ststemenls. 2.3 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from charitable activities relate to Shechits and Shomer fees from licensees and are recognised on a receiveable basis. Rentsl income from the investment properties held is recognised on an accruals basis in accordance with the rental agreement. Investment income is recognised on an accruals basis as and when notified by the fund manager. Page 19
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Accounting policies Icontinuedl 2.4 Expenditure Expenditure 15 recognised once there is a legal or conslru¢live obligation to transfer economic benefit to a third paty, it is probable that a transfer of e¢onomi¢ benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, Including support costs involved in undertaking each activity. Dire¢l costs atlributsble lo a single a¢livity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not atlributsble lo a single a¢livity are apportioned between 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 charity to raise funds for ils charitable purposes and includes costs of all fundraising activib.es events and costs of managing the company's investments. Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Investment property Investment property, which is propety held to earn rentals andlor capital appreciation, is initially recognised at cost. which includes the purchase cost and any dire¢lly attributable expenditure. Subsequently il is measured at fair value at the reporting end dale. The surplus or deficit on revaluation is re¢ognised in the stslement of financial activities. The gain or loss on the sale of investment properties, which represents proceeds less the Carrying value, are recognised in the statement of financial activitie5. 2.6 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the institution th whom the funds are deposited. 2.7 Tangible fixed assets and depreciation Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model. tangible fixed assets are measured al cost less a¢cumulaled depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to all(Kate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases.. Leasehold improvements Fixtures and fittings over life of lease 20, straight line Page 20
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Accounting policies Icontinuedl 2.8 Financial instruments The charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the charity becomes paty to the contractual provisions of the instrument. Financial liabilities are classified according to the substance of the contractual arrangements entered into. The charity's policies for ils major dasses of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised al Iransa¢lion price, unless the arrangement conslitules a financing Iransaclion, where the transaction is measured al the present value of the future reTripts discounted at a market rate of interest for a similar debt Instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other Creditors are initially recognised al transaction priTr, unless the arrangement constitutes a financing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortlsed cost, using the effective interest rate method. Impairment of financial assets Financial assets measured al cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If obje¢live evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured al cost less impairment, the impairment loss is measured as the difference beeen the asset's carying amount and the best estimate of the amount the company would receive for the asset if il were to be sold al the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference belween the asset's carrying amount and the present value of estimated cash flows discounted al the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rale for measuring any Impairment loss is the current effecb.ve Interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carying amount does not exceed what the carrying amount would have been had the Impairment not previously been recognised. The impairment reversal is re¢ognised in profit or loss. Page 21
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Accounting policies Icontinuedl Financial instruments {continued) Derecognition of financial assets and financial liabilities Financial assets are derecognised when (al the contractual rights to the cash flows from the asset expire or are sellled, or Ibl substantially all the risks and rewards of the ownership of the asset are transferred lo another paty or (¢1 despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are dere¢ognised when the liability is extinguished, that is when the conlraclual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liabilty simultaneously. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid Investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Pensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity lo the fund in respect of the year. 2.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are re¢ognised immediately as an expense when the charity is demonstrably committed to lerminale the employment of an employee or to provide lerminalion benefits. 2.12 Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated ftjnds comprise unreslri¢led funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the unrestricted general funds. Revaluations on investment propety are allocated to the designated fund. Page 22
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Income from charitable activities Unrestricted funds 2022 Total funds 2022 Total funds 2021 Shechita and shomer fees 2,008,860 2.008.860 2,047,784 Investrnent income Unrestricted funds 2022 Total funds 2022 Total fLJnds 2021 Rental income Income from listed investments Interest receivable 319,498 15,603 78 319,498 15,603 78 314,261 12,156 81 335,179 335,179 326,498 Raising funds Unrestricted funds 2022 Total funds 2022 Total funds 2021 Investment management costs Expenses on investment properties Bad debt expense 4,975 85,974 2,949 4,975 85,974 2.949 4,373 83,860 93,898 93,898 88,233 The bad debt expense relates to the write off and provision of tenants, arrears. Page 23
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Analysis of expenditure on charitsble activities Summary by fund type Unrestricted funds 2022 Total 2022 Total 2021 Shechita and shomer ServIS 2,541,847 2.541.847 2,657,400 Analysis of expenditure by activities Activities undertaken directly 2022 Grant funding of activities Total funds 2022 Total fLJnds 2021 2022 Shechita and shomer fees 2,500,847 41,000 2.541,847 2,657,400 Total 2021 2,617,150 40,250 2,657,400 Analysis of direct costs Shechita and shomer fees 2022 Total funds 2022 Total funds 2021 Staff costs 2,176,394 41,223 55,372 36,347 101,294 37,013 37,843 15,361 2,176,394 41,223 55.372 36,347 101,294 37,013 37.843 15,361 2,340,244 35,691 54,586 23,000 92,150 30,347 28,192 12,940 Materials Travelling Insuran Professional fees Rents and rates other costs Governance costs 2,500,847 2,500,847 2,617, 150 Governance costs includes audit fees of £12,50012021.' £11,000) excluding VAT. Page 24
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 Analysis of grants Grants to Institutions 2022 Total funds 2022 Total funds 2021 Grants 41,000 41.000 40,250 Total 2021 40,250 40,250 The charity has made the following material grants to institutions during the year.. 2022 2021 Name of institution National Council of Shechita Boards of Great Britain Other grants lo institutions of less than £4,000 each 36.000 5,000 36,000 4,250 41,000 40,250 Auditorfs remuneration 2022 2021 Fees payable lo the charity's auditor for the audit of the charity's annual accounts 12,500 11,000 Fees payable lo the charity's auditor in respect of.. All non-audil services not included above 363 863 10. Staff costs 2022 2021 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1.943,978 158,372 74,044 2,117,631 183,287 39,326 2.176.394 2,340,244 Included within wages and salaries are redundancy payments of £33,308 12021." £157,455) to staff members. Page 25
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 10. Stsff costs {continued) The average number of persons employed by the charity during the year was as follows.. 2022 No. 2021 No. Management and administration Shechila and associated stsff 21 26 24 30 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2022 No. 2021 No. In the band £60,001- £70,000 In the band £80,001- £90,000 In the band £90,001 - £100,000 In the band £220,001- £230,000 Remuneration and benefits received by key management personnel during the year amounted lo £94,806 12021.. £93,752). 11. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefils12021 £NILI. During the year, no Trustee expenses have been incurred12021 £NILI. Page 26
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 12. Tangible fixed assets Leasehold Fixtures and improvements fittings Total Cost At 1 July 2021 53,132 16.408 69.540 At 30 June 2022 53,132 16,408 69,540 Depreciation At 1 July 2021 53,132 16.408 69.540 At 30 June 2022 53.132 16.408 69.540 Net book value At 30 June 2022 At 30 June 2021 13. Investment property Freehold investment property Valuation At 1 July 2021 Loss on revaluation 5,540.000 180.0001 At 30 June 2022 5,460,000 The freehold investment properties were valued at £5,460,000 as al 30 June 2022 by an independent third paty. The valuations were carried out by an RICS qualified surveyor on an open market, existing use basis. Page 27
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 14. Debtors 2022 2021 Due within one year Trade debtors other debtors Prepayments and accrued income 298,490 74.128 256,223 81,691 20,769 372,618 358,683 15. Current asset investments 2022 2021 Listed investments 633,912 654,600 16. Creditors: Amounts falling due within one year 2022 2021 Trade cdItorS 56,134 43,053 31,126 53,106 Other laxalion and social security other creditors Accruals and deferred income 70,554 54,356 171,681 138,588 2022 2021 Deferred income 56,521 40,323 Deferred income relates to rent received in advance. Page 28
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 17. ststement offunds ststement offunds- currentyear Balance at 30 June 2022 Balance at 1 July 2021 Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Designated funds 5,540,000 180,000} 5,460,000 General funds General funds 1.349.934 2.344.039 12.635.745) 131.316} 1.026.912 Total Unrestricted funds 6,889,934 2,344,039 I2,635,7451 1111,316> 6,486,912 The designated fund is equal lo the value of the investment properties held by the charity. These amounts have been shown as designated funds as il is the charity's current intention not to use any proceeds from any sale of investment properties lo fund the day-lo-day activities of the charity. statement of funds - prior year Balance at 30 June 2021 Balance al 1 July 2020 Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Designated funds 5,540,000 5,540,000 General funds General funds 1,637,987 2,374,282 12,745,633) 83,298 1,349,934 Totsl Unrestricted funds 7,177,987 2,374,282 12,745,633) 83,298 6,889,934 The designated fund is equal to the value of the investment properties held by the charity. These amounts have been shown as designated funds as il is the charity's current intention not to use any proceeds from any sale of investment properties to fund the day-to-day activities of the charity. Page 29
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 18. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2022 Total funds 2022 Investment property Current assets Creditors due within one year 5,460,000 1,198,593 1171,6811 5,460,000 1.198.593 {171.6811 Totsl 6,486,912 6,486,912 Analysis of net assets betsveen funds - prior year Unreslricled funds 2021 Total funds 2021 Investment propety Current assets 5,540,000 5,540,000 1,488,522 1,488,522 1138,5881 1138,5881 Creditors due within one year Total 6,889,934 6,889,934 19. Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Nel expenditure for the year las per Slalement of Financial Activities} 1323.022} 1288,0531 Adjustments for- Lossesllgainsl on investments Dividends, interests and rents from investments Increase in debtors Increaselldecreasel in creditors Increasellde¢reasel in deferred income 31,316 1335.179} {13,935} 16,895 16,198 183,2981 1326,4981 176,6311 138,0871 122,8801 Net cash used in operating activities 1607.727} 1835,4471 Page 30
DoGuSvJn Envelope ID". COB52469-9631.4D72.89D2.OEFD96B69524 THE LONDON BOARD FOR SHECHITA IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 20. Analysis of cash and cash equivalents 2022 2021 Cash in hand 192,063 475,239 21. Analysis of change$ in net debt At 1 July 2021 Cash flows At 30 June 2022 Cash at bank and in hand Liquid investments 475,239 654,600 1283,176) (20,688) 192,063 633,912 1.129,839 1303.864} 825.975 22. Pension commitments The charity opeffttes a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in independent administered funds. The pension cost charge represents contributions payable by the charity to the funds and amounted to £74,04412021". £39,326). No contributions were payable to the funds at the balance sheet dale12021." £Nill. 23. Operating lease commitments At 30 June 2022 the charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows". 2022 2021 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 23.000 92,000 28,750 28,165 92,000 51,750 143,750 171,915 24. Related party transactlons During the year, the charity paid a grant of £36,000 12021". £36,000) to the National Council of Shechila Boards of Great Britsin, a charitable organisation with one common trustee. Page 31