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2021-04-05-accounts

Unrestricted Unrestricted funds
General Designated 2021 2020
Notes funds funds Total Total
Income E
Investment
income
- Rental income 2 9,322,877 9,322,877 10,146,215
- Dilapidations 517,500 517,500 18,765
- Bank interest 5,653 5,653 28,187
- Investment
interest		 211 211 4,794
- Dividends 72,690 72,690 88,609
Total income 9,918,931 9,918,931 10,286,570
Expenditure
Costs ofraising funds 3 1,203,496 1,203,496 1,464,637
Charitable
activities		 4 5,903,928 5,903,928 6,695,136
Total expenditure 7,107,424 7,107,424 8,159,773
Net income before gains/(losses) on investments 2,811,507 2,811,507 2,126,797
Net gains and losses on investments
Realised gain/(loss)
on		 revaluation
- Investments 521,147 521,147 (16,179)
- Investment
properties		 (3,000,000) (3,000,000)
Unrealised
gain/(loss)
on revaluation
- Investment
properties		 6a (5,009,607) (5,009,607) (3,930,900)
- Investments 7 2,199,050 2,199,050 (387,098)
Other gains/(losses) (4,043) (4,043)
Net income/(expenditure) 328,611 (2,810,557) (2,481,946) (2,207,380)
Transfers
between
funds		 18,980,513 (18,980,513)
Net movement
in funds		 19,309,124 (21,791,070) (2,481,946) (2,207,380)
Reconciliation
offunds:
Fund balances
brought		 forward 7,742,202 212,818,997 220,561,199 222,768,579
Fund balances carried forward 27,051,326 191,027,927 218,079,253 220,561,199

Unrestricted Unrestricted funds
General Designated 2020
Notes funds funds Total
Income E
Investment
income
- Rental income 2 10,146,215 10,146,215
- Dilapidations 18,765 18,765
- Bank interest 28,187 28,187
- Investment
interest		 4,794 4,794
- Dividends 88,609 88,609
Total income 10,286,570 10,286,570
Expenditure
Costs ofraising funds 3 1,464,637 1,464,637
Charitable
activities		 4 6,695,136 6,695,136
Total expenditure 8,159,773 8,159,773
Net income before gains/(losses) on investments 2,126,797 2,126,797
Net gains and losses on investments
Realised loss on sale of
- Investments (16,179) (16,179)
Unrealised
loss on revaluation
- Investment
properties		 6a (3,930,900) (3,930,900)
- Investments 7 (387,098) (387,098)
Net income I(expenditure) 2,110,618 (4,317,998) (2,207,380)
Transfers
between
funds		 114,318 (114,318)
Net movement
in funds		 2,224,936 (4,432,316) (2,207,380)
Reconciliation
offunds:
Fund balances
brought		 forward 5,517,266 217,251,313 222,768,579
Fund balances carried forward 7,742,202 212,818,997 220,561,199

Unrestricted funds
General Designated 2021 2020
Notes funds funds Total Total
Income E E
Investment
income
- Bank interest 1,078 1,078 5,433
- Investment
interest		 211 211 4,794
- Dividends 72,690 72,690 88,609
73,979 73,979 98,836
Income from charitable activities
Grants receivable
from
Benesco Charity
Limited		 5,800,000 5,800,000 6,300,000
Total income 5,873,979 5,873,979 6,398,836
Expenditure
Costs ofraising funds 3 58,921 58,921 60,912
Charitable
activities		 4 5,376,853 5,376,853 6,436,065
Total expenditure 5,435,774 5,435,774 6,496,977
Net income/(expenditure) before gains and losses 438,205 438,205 (98,139)
Net gains and losses on investments
Realised gain/(loss)
on		 sale of
Investments 521,146 521,146 (16,179)
Unrealised
gain/(loss)		 on revaluation of
investments 2,199,050 2,199,050 (387,098)
Otherlosses (4,043) (4,043)
Net income/(expenditure) 955,308 2,199,050 3,154,358 (501,416)
Transfers
between
funds		 (500,575) 500,575
Net movement
in funds		 454,733 3,154,358 3,154,358 (501,416)
Reconciliation
offunds:
Fund balances
brought		 forward 8,415,520 8,415,520 8,916,936
Fund balances carried forward 454,733 11,115,145 11,569,878 8,415,520

Unrestricted funds
General Designated 2020
Notes funds funds Total
Income E E
Investment
income
- Bank interest 5,433 5,433
- Investment
interest		 4,794 4,794
- Dividends 88,609 88,609
98,836 98,836
Income from charitable activities
Grants receivable from
Benesco Charity Limited 6,300,000 6,300,000
Total income 6,398,836 6,398,836
Expenditure
Costs ofraising funds 3 60,912 60,912
Charitable
activities		 4 6,436,065 6,436,065
Total expenditure 6,496,977 6,496,977
Net expenditure before gains and losses (98,139) (98,139)
Net gains and losses on investments
Realised loss on revaluation of
Investments (16,179) (16,179)
Unrealised
loss		 on revaluation of
investments (387,098) (387,098)
Net expenditure (114,318) (387,098) (501,416)
Transfers
between
funds		 114,318 (114,318)
Net movement in funds (501,416) (501,416)
Reconciliation of funds:
Fund balances brought forward 8,916,936 8,916,936
Fund balances carried forward 8,415,520 8,415,520

Notes 2021 2020
F
Fixed assets
Tangible assets 7a 178,530,082 203,580,264
Investments:
Programme		 related 8 1,382,700 1,382,700
Other 8 11,115,145 8,556,391
191,027,927 213,519,355
Current assets
Debtors 4,721,055 5,081,899
Cash at bank, including deposits 24,120,668 5,460,362
28,841,723 10,542,261
Creditors: amounts falling due within one year 10 (1,790,397) (3,500,417)
Net current assets 27,051,326 7,041,844
Total assets less current liabilities 218,079,253 220,561,199
Net assets 218,079,253 220,561,199
Unrestricted
funds
General funds 11a 27,051,326 7,742,202
Designated
funds		 12a 191,027,927 212,818,997
218,079,253 220,561,199

Notes 2021 2020
F
Fixed assets
Tangible assets 7b
Investments 8 11,115,145 8,556,391
11,115,145 8,556,391
Current assets
Debtors
Cash at bank, including deposits 606,041 624,936
606,041 624,936
Creditors: amounts falling due within one year 10 (151,308) (765,807)
Net current assets 454,733 (140,871)
Total assets less current liabilities 11,569,878 8,415,520
Net assets 11,569,878 8,415,520
Unrestricted funds
General funds 11b 454,733
Designated
funds		 12b 11,115,145 8,415,520
11,569,878 8,415,520

Notes 2021 2020
F
Net cash provided
by operating		 activities 14a 1,383,959 365,653
Cash flows from investing
activities:
Interest receivable
8 other income		 5,864 32,981
Dividends
received		 72,690 88,609
Purchase of property,
plant and equipment		 (1,359,607) (580,900)
Proceeds from the sale ofproperty, plant and equipment 18,400,000
Purchase of programme
related investments		 (75,000)
Purchase ofother investments (4,786,397) (405,304)
Proceeds from sale of investments 3,181,239 1,607,565
Net cash provided
by investing		 activities 15,513,789 667,951
Change
in cash and cash equivalents
in the		 reporting period 16,897,748 1,038,604
Cash and cash equivalents
at the		 beginning ofthe reporting period 7,571,371 6,532,767
Cash and cash equivalents
at the		 end ofthe reporting period 14(b)&(c) 24,469,119 7,571,371

Costs of raising funds Costs of raising funds Costs of raising funds
Group Trust
2021 2020 2021 2020
Property expenses F F F
Repairs, rates and other non-
rechargeable
property		 expenses 2,151,731 1,081,173
Recovery ofexpenses previously expensed (1,868,580) (524,777)
283,151 556,396
Property management expenses
Agents'
management		 fees not
recoverable 333,895 383,945
Agents'
rent review and		 letting fees 392,187 324,978
Legal expenses 135,342 138,407
861,424 847,330
Total property expenses 1,144,575 1,403,725
Investment
porffolio		 expenses
Management
fees		 58,921 60,912 58,921 60,912
1,203,496 1,464,637 58,922 60,912
Charitable
activities
Group Trust
2021 2020 2021 2020
F
Grants payable (see Note 5) 5,531,871 6,384,308 5,221,271 6,353,865
Indemnity
Insurance		 - charity 77,810 45,035 42,310 26,038
Consultancy
and professional		 fees 146,756 128,806 76,495 35,794
General office expenditure 67,100 61,372 10,493 765
Sundry expenses 627 4,581 304 271
Depreciation 182 287
Pension costs 7,500 7,500 7,500 7,500
Governance
costs (see		 note 6 below) 72,082 63,247 18,480 11,832
5,903,928 6,695,136 5,376,853 6,436,065

Grants and donations donations
Trust
2021
Medicine 1,171,788
Education 1,097,745
Welfare 2,951,738
Total Trust 5,221,271
Subsidiary undertakings
Medicine 4,600
Education
Welfare 306,000
Total Subsidiary undertakings 310,600
Total 5,531,871
the grants
during
the lifetime ofthe settlor and the charity
larger donations,
however,
the following
analysis
has been		 has made use ofthi
provided:
Trust
Medicine
Grants made equal to or greater than F50,000:
Royal Marsden
Cancer Charity		 875,000
University
ofCollege London		 71,588
Chai Cancer Care 75,000
1,021,588
Grants made between 210,000 and 649,999 148,200
Grants made between E5,000 and E9,999
Grants made of less than F5,000 2,000
1,171,788

Grants and donations donations (continued)
Education
Grants made equal to or greater than F50,000:
Music in Secondary Schools Trust 350,000
Norwood 200,000
Tikun 75,000
London School ofJewish Studies 100,000
Jewish Schools Network 50,000
775,000
Grants made between F10,000 and 649,999 297,000
Grants made between F5,000 and E9,999
Grants made of less than F5,000 25,745
1,097,745
Welfare
Grants made equal to or greater than F50,000:
Jewish Care 400,000
Beit Halochem 100,000
Kisha ron 50,000
CST 200,000
JFS 500,000
Nightingale
Hammerson		 100,000
Jewish Leadership
Council		 50,000
Chief Rabbinate Trust 140,000
British Council 133,334
1,673,334
Grants made between F10,000 and 649,999 1,155,760
Grants made between E5,000 and E9,999
Grants made of less than F5,000 122,644
2,951,738
Subsidiary undertaking
Medicine
Grants made of less than E5,000 4,600
Education
Grants made of less than F5,000
Welfare
Grants made ofmore than F50,000:
Jewish Care 200,000
Work Avenue 100,000
Grants made between F5,000 and F49,999 6,000
Grants made of less than E5,000
310,600
Governance costs
Group Trust
2021 2020 2021 2020
F F E
Audit fees 72,082 63,247 18,480 11,832

7. Tangible fixed assets
(a) Group Office and
Investment properties office
Freehold Leasehold equipment Total
E E
Cost or valuation
At 6 April 2020 203,580,000 143,309 203,723,309
Additions 1,359,607 1,359,607
Disposals (21,400,000) (21,400,000)
Net loss on revaluation (5,009,607) (5,009,607)
At 5 April 2021 178,530,000 143,309 178,673,309
Depreciation
At 6 April 2020 143,045 143,045
Charge for the year 182 182
At 5 April 2021 143,227 143,227
Net book value
At 5 April 2021 178,530,000 82 178,530,082
At 5 April 2020 203,580,000 264 203,580,264
Ifstated under historical cost principles,
the comparable
 amounts
for the investment
properties
w		 ould be:
2021 2020
E
Cost 98,946,284 123,468,641
(b) Trust
Office
equipment Total
Cost or valuation
At 6 April 2020 and 5 April 2021 432 432
Depreciation
At 6 April 2020 and 5 April 2021 432 432
Net book value
At 5 April 2020 and 5 April 2021

Fixed asset investments
Group Trust
Quoted investments 2021
f		 2020
f		 2021
f		 2020
E
Market value at 6 April 2020 6,445,384 8,055,920 6,445,384 8,055,920
Gain I loss on revaluation 2,199,050 (387,098) 2,199,050 (387,098)
Additions 4,786,397 400,304 4,786,397 400,304
Disposals (2,660,094) (1,623,742) (2,660,094) (1,623,742)
FXdifference (4,043) (4,043)
10,766,694 6,445,384 10,766,694 6,445,384
Cash held for reinvestment 348,451 2,111,007 348,451 2,111,007
Market value at 5 April 2021 11,115,145 8,556,391 11,115,145 8,556,391
Programme
related investments		 1,382,700 1,382,700
Quoted investments
summary		 —Group and Trust:
2021 2020
Market value %oftotal Market value %oftotal
International
—Debt and fixed		 interest 967,383 8.7 491,835 5.7
North America —Equities 3,853,316 34.7 1,511,363 17.7
UK —Equities 488,060 4.4 903,998 10.5
International
—Equities		 5,457,931 49.1 3,538,186 41.4
Cash 348,455 3.1 2,111,009 24.7
11,115,145 100.0 8,556,391 100.0
Investments
representing		 over 5% by value ofthe portfolio are as follows:
2021f 2020f
Vontobel Asset Management 967,383 491,835
Carne Global Fund Managers 1,538,718 680,346
Polen Capital Investment 1,715,332 831,017
Fundsmith
LLP		 1,645,360 1,242,014
KBA Consulting
Management		 Limited 1,105,962
Scottish Mortgage
Investment		 Trust 1,016,899 470,212
Smithson
Investment
Trust		 PLC 626,574 422,240
Link Fund Solutions 576,027
Lindell Train Limited 1,166,123
8,616,228 5,879,814

Programme
related investments:		 Programme
related investments:		 Programme
related investments:		 Group
2021 2020
Cost: E
Brought forward 1,382,700 1,307,700
Further investments made during the year (see note below) 75,000
Carried forward 1,382,700 1,382,700
Position at end ofyear:
Soza Health
Share capital: Ordinary shares 58 58
Other loan advances 1,382,642 1,382,642
1,382,700 1,382,700
Carried forward 1,382,700 1,382,700
Movements
in year
Position at start ofthe year:
Soza Health Limited —share capital 58 58
—loan advance 1,382,642 1,282,642
1,382,700 1,282,700
Change
during the		 year
Soza Health Limited —share capital
—further loan advance 75,000
Movement
for the year		 75,000
Total programme related investment carried forward 1,382,700 1,382,700

9. Debtors
Group Trust
2021 2020 2021 2020
E
Due from managing agents 1,197,409 1,886,865
Rent arrears 1,821,356 894,113
Other debtors and prepayments 1,702,290 2,300,921
4,721,055 5,081,899
10. Creditors: amounts falling due within one year
Group Trust
2021 2020 2021 2020
E
Other taxes and social security 30,571 420,936
Amounts due to Benesco Charity Limited 137,678 127,178
Accruals and deferred income 1,741,302 2,454,481 13,630 13,630
Grants committed 625,000 625,000
Other creditors 18,524
1,790,397 3,500,417 151,308 765,808
Grants committed Grants committed Group Trust
2021 2020 2021 2020
E
Balance at 6 April 2020 625,000 1,400,000 625,000 1,400,000
Grants awarded
in the year		 5,531,871 6,384,308 3,221,271 6,353,865
Grants paid in the year (6,156,871) (7,159,308) (5,846,271) (7,128,865)
Balance at 5 April 2021 625,000 625,000

11. General funds General funds
a) Group 2021f 2020
At 6 April 2020 7,742,202 5,517,266
Net income 2,811,507 2,110,618
Realised loss on sale of investment property (3,000,000)
Realised loss on sale of investments 521,147
Other gains/(losses) (4,043)
Transfers between funds 18,980,513 114,318
At 5 April 2021 27,051,326 7,742,202
2021 2020
b) Trust
At 6 April 2020
Net income/(expenditure) 438,205 (114,318)
Realised loss on sale ofinvestments 517,103
Transfers between funds (500,575) 114,318
At 5 April 2021 454,733
12. Designated
funds
a) Group Property and investment
capital fund
Realised Unrealised
surplus on revaluation 2021 2020
disposal reserve Total Total
F E E
At 6 April 2020 132,376,954 80,442,043 212,818,997 217,251,313
Unrealised loss on revaluation
- Investment
properties		 (5,009,607) (5,009,607) (3,930,900)
- Investments 2,199,050 2,199,050 (387,098)
Transfers between funds (18,980,513) (18,980,513) (114,318)
At 5 April 2021 113,396,441 77,631,486 191,027,927 212,818,997
b) Trust Property and investment
capital fund
Realised Unrealised
surplus on revaluation 2021 2020
disposal reserve Total Total
F E E
At 6 April 2020 8,084,836 330,684 8,415,520 8,916,936
Movement due to revaluation in year
- Unrealised
loss on revaluation		 2,199,050 2,199,050 (387,098)
Transfers between funds 500,575 500,575 (114,318)
At 5 April 2021 8,585,411 2,529,734 11,115,145 8,415,520

13. Analysis of net assets between funds
Group General Designated
funds funds Total
E
Fixed assets 191,027,927 191,027,927
Current assets 28,841,723 28,841,723
Creditors (1,790,397) (1,790,397)
27,051,326 191,027,927 218,079,253
Trust General Designated
funds
F		 fundsf Total
Fixed assets 11,115,145 11,115,144
Current assets 606,041 606,042
Creditors (151,308) (151,308)
454,733 11,115,145 11,569,878
14. Notes to the cash flow statement
a) Reconciliation
of		 net expenditure for the year to
net cash provided by operating activities
2021 2020
E E
Net income for the year 2,811,507 2,126,797
Dividend receivable (72,690) (88,609)
Interest receivable and other sundry income (5,864) (32,981)
Depreciation 182 287
Decrease/(increase) in debtors 360,844 (1,119,627)
Decrease in creditors (1,710,020) (520,214)
Net cash provided by operating activities 1,383,959 365,653
b) Analysis ofchanges in net debt
At 6 April At 5 April
2020 Gashflow 2021
F
Cash at bank and in hand 7,571,371 16,897,748 24,469,119
c) Reconciliation
of		 net cashflow to movement in net debt
2021 2020
Increase in cash in the year 16,897,748 1,038,604
Net funds at the beginning
ofthe year		 7,571,371 6,532,767
Net funds at the end ofthe year 24,469,119 7,571,371

Interes ts
in group		 und ertakings
at the		 balance sheet date are as follows:
Proportion of nominal
Description value of issued
Country of ofshares shares held by
Name of undertaking incorporation held Group Trust
Benesco Charity Limited England (See note below)
Heath Retail Holdings Limited England F1 Ordinary 100%
Heath Retail One Limited England E1 Ordinary 100%