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2021-04-05-accounts

Charity Registration No. 247425

THE CECIL ROSEN FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE CECIL ROSEN FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees M J Ozin MBE
J A Hart FCA
P H Silverman
S A Lever FCA
Charity number 247425
Principal address 35 Langstone Way
London
NW7 1GT
Auditor Peter Upton Limited
Bridge House
2 Bridge Avenue
Maidenhead
Berks
SL6 1RR
Bankers Nat West Bank PLC
350 Euston Road
London
NW1 3AX
Solicitors Zelin & Zelin
5A Cuthbert Street
London
W2 1XT

THE CECIL ROSEN FOUNDATION

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 18

THE CECIL ROSEN FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their report and accounts for the year ended 5 April 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The charity's objects are the assistance and relief of the poor especially the aged, infirm or handicapped and to support other charities generally.

The policies adopted in furtherance of these objects are to raise income by leasing the charity’s investment properties at commercial rents and ensuring the best possible income and security, also earning interest on all monies awaiting distribution or re-investment. The selection of charities to receive support is carried out by the Trustees who consider all applications received, and give special attention to the charities originally chosen by the settlor, the late Cecil Rosen.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding which activities the charity should support and regular reports of the work carried out by the chosen charities are received.

In particular support has continued to be given to Cancer Research UK, CPotential, Heart Cells Foundation, Chai Cancer Care, Royal National Institute for the Blind, Community Security Trust, Jewish Deaf Society, Jewish Care, Jewish Blind & Disabled, Langdon Foundation, British Heart Foundation, Prostate Cancer Research, Royal Free Hospital, Langdon, Great Ormond Street Hospital, Youth Aliyah and more than 25 Hospices around the UK. In addition, the London Fire Brigade. All donations made, follow the existing pattern chosen by the settlor. The Foundation continues to guarantee support to a number of charities over a fixed period. A number of Schools have received continuing support including, Alma Primary School, Beit Schvidler Primary School, Noam Primary School, Kisharon School, JCoSS, Sinai Jewish Primary School, Gesher School & Simon Marks Jewish Primary School. Additionally more than 160 smaller charities benefitted by amounts of not less than £300.

The donations for the year 2020/21 can be split into five major areas:

2020/21 2019/20
Health 21% 20%
Education 15% 12%
Care 43% 44%
Welfare 16% 19%
Religion 5% 5%

The Charity’s total income for the year was £459,163 (2020 - £485,121) with governance and support costs of £53,660 (2020 - £49,207) and donations made totalling £392,679 (2020 - £407,849).

THE CECIL ROSEN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Achievements and performance

No fees have been paid to the trustees for their services as trustees.

Although no investment purchases have been made during year, perhaps due to adverse trading conditions and the pandemic, the trustees continue to consider investment purchases to best utilise existing capital funds in order to achieve a better return of funds held on deposit.

The trustees have not considered the sale of any assets during the year.

The small plot of non-income producing land at Cosham was eventually sold at Auction, with the proceeds being used to refurbish two maisonettes in Gregson Ave that had previously formed part of commercial lettings. These maisonettes now produce the very first income stream directly from residential investments for the Charity.

The Pandemic has created a tremendous amount of extra work in managing the charity’s properties and the collection of rent, with allowances being granted to some tenants who were unable to trade. There have been numerous lease expiries, rent reviews and assignments with one multinational tenants going bankrupt.

Despite difficult trading conditions the Foundation's income remains suitably sufficient to meet all its charitable commitments.

Financial review

The attached financial statements show that despite the pandemic the charity has maintained satisfactory income and reserves during the year although the downturn in the rental appreciation of the retail sector of the property market has had an effect on the value of the retail investment properties.

It is the policy of the charity that unrestricted funds from income which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given ways in which additional funds may be raised.

This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is or could be exposed, and are satisfied that systems are in place to mitigate exposure to the major risks and have ensured that appropriate insurance is in place.

The Trustees monitor the investment returns on a regular basis.

Structure, governance and management

The charity was established by a charitable trust deed on 2 March 1966.

The trustees who served during the year are:

M J Ozin MBE J A Hart FCA P H Silverman S A Lever FCA

The charity is organised so that new trustees are appointed by existing trustees.

The trustees meet regularly to review its affairs, however, M J Ozin and Mr P Silverman, both trustees, manage the day to day administration of the charity and Mr M J Ozin acts as correspondent.

THE CECIL ROSEN FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

On behalf of the Board of Trustees

M J Ozin MBE

Trustee Dated: 31 January 2022

THE CECIL ROSEN FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2021

Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year (unless the charity is entitled to prepare accounts on the alternative receipts and payments basis).

In preparing accounts giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the accounts comply with the applicable law. 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.

THE CECIL ROSEN FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE CECIL ROSEN FOUNDATION

Opinion

We have audited the financial statements of The Cecil Rosen Foundation (the ‘charity’) for the year ended 5 April 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE CECIL ROSEN FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CECIL ROSEN FOUNDATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees 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 to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 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 (UK) will always detect a material misstatement 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 to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We exercise professional judgement and maintain professional scepticism through the audit. It is our responsibility to identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and to obtain evidence that is sufficient and appropriate to provide a basis for our opinion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Trustees , as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do no accept or assume responsibility to anyone other than the charity and the charity Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

THE CECIL ROSEN FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CECIL ROSEN FOUNDATION

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to 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 company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Upton (Senior Statutory Auditor) for and on behalf of Peter Upton Limited

31 January 2022

Chartered Accountants Statutory Auditor

Bridge House 2 Bridge Avenue Maidenhead Berks SL6 1RR

Peter Upton Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE CECIL ROSEN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021

Unrestricted
funds
2021
Notes
£
Income and endowments from:
Donations received
3
10,000
Investment Income
4
459,163
Other income
5
4,005
Total income
473,168
Expenditure on:
Charitable activities
6
418,684
Support costs
4,458
Governance costs
10
66,010
Total resources expended
489,152
Net gains/(losses) on investments
9
41,300
Net movement in funds
25,316
Fund balances at 6 April 2020
6,690,487
Fund balances at 5 April 2021
6,715,803		 Total
2020
£
10,000
485,121
59,648
554,769
421,271
3,000
56,207
480,478
(575,000)
(500,709)
7,191,196
6,690,487

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE CECIL ROSEN FOUNDATION

BALANCE SHEET

AS AT 5 APRIL 2021

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
General unrestricted funds
Revaluation reserve		 2021
£
£
6,396,421
92,199
479,964
572,163
(252,781)
319,382
6,715,803
4,962,683
1,753,120
6,715,803
6,715,803		 2020
£
£
6,355,261
110,572
481,232
591,804
(256,578)
335,226
6,690,487
5,553,667
1,136,820
6,690,487
6,690,487		 2020
£
£
6,355,261
110,572
481,232
591,804
(256,578)
335,226
6,690,487
5,553,667
1,136,820
6,690,487
6,690,487
6,690,487
6,690,487
6,690,487

The financial statements were approved by the Trustees on 31 January 2022

M J Ozin MBE P H Silverman Trustee Trustee

THE CECIL ROSEN FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2021

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
19
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets
Interest received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
-
-
857		 £
(2,125)
857
-
(1,268)
481,232
479,964		 2020
£
(748)
60,364
777		 £
17,097
60,393
-
77,490
403,742
481,232

THE CECIL ROSEN FOUNDATION

STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

1 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 Accounting policies

Charity information

The Cecil Rosen Foundation is a charitable trust set up by trust deed.

2.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

2.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

THE CECIL ROSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

2 Accounting policies

(Continued)

2.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

2.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic 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. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity 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 are allocated on the portion of the asset’s use.

Expenditure on management and administration of the charity includes all expenditure not directly related to the charitable activity. The charity has no expenditure on fundraising. Value added tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities. All charitable expenditure is recognised when paid and expenses when incurred.

2.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is not charged on land and buildings as these are revalued annually and the revaluation amount is recognised in the net income/(expenditure) for the year.

Depreciation on other fixed assets is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 25% on reducing balance

THE CECIL ROSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

2 Accounting policies

(Continued)

2.7 Investment properties

Investment properties, which are shown as tangible fixed assets in the accounts, are stated at market value. This policy is in accordance with the Statement of Recommended Practice - Accounting by Charities.

Investment properties are included in the balance sheet at their open market value at the balance sheet date as determined by M J Ozin, a trustee, who is an experienced estate agent. All movements on revaluation of the investments are recognised in the Statement of Financial Activity.

All fixed assets investments are located within the UK.

2.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

THE CECIL ROSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

3 Donations received

Unrestricted Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donated goods and services 10,000 10,000
4 Investment Income
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Rental income 458,306 484,344
Interest receivable 857 777
459,163 485,121
5 Other income
Unrestricted Total
funds
2021 2020
£ £
Net gain on disposal of tangible fixed assets - 50,364
Other income 4,005 9,284
4,005 59,648
6 Charitable activities
2021 2020
£ £
Depreciation and impairment 140 187
Donations to other charitable organisations 392,679 407,849
Property related expenses 25,073 13,235
Bad debts written off 792 -
418,684 421,271

THE CECIL ROSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year.

During the year the trust paid management fees of £31,734 (2020 £35,671) to a business under the control of Peter Silverman one of the trustees of the charity.

During the year the trust made donations of £126,879 (2020 £114,210) to the Jewish Blind and Physically Handicapped Society of 35 Langstone Way, London NW7 1GT, a charitable company limited by guarantee of which Mr M Ozin and Mr P Silverman are directors.

The charity has been provided, free of charge, with offices within buildings owned and managed by the Jewish Blind & Physically Handicapped Society.

The open market value of these facilities was £10,000 for the year. This amount has been included within these accounts as both income and expenditure in accordance with the Charities SORP(FRS 102).

Professional fees of £4,080 (including VAT) (2020 £3,600) were paid to Stewart & Partners, a firm of Chartered Accountants owned by Mr S A Lever, a trustee, for the preparation of the annual accounts.

8 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

9 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Revaluation of investments 41,300 (575,000)

THE CECIL ROSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

10 Governance costs

Management fee
Audit fee
Legal and professional
Bank charges
Sundry expenses		 2021
£
36,160
4,725
13,095
250
1,780
56,010		 2020
£
35,671
3,750
5,150
305
1,331
46,207

11 Taxation

The charity is a non profit organisation and there is no liability to tax.

12 Tangible fixed assets

Cost or valuation
At 6 April 2020
Revaluation
At 5 April 2021
Depreciation and impairment
At 6 April 2020
Depreciation charged in the year
At 5 April 2021
Carrying amount
At 5 April 2021
At 5 April 2020		 Investment
Properties
£
6,354,700
41,300
6,396,000
-
-
-
6,396,000
6,354,700		 Computers
£
748
-
748
187
140
327
421
561		 Total
£
6,355,448
41,300
6,396,748
187
140
327
6,396,421
6,355,261

Land and buildings were revalued at the balance sheet date by M J Ozin, one of the Trustees,on the basis of open market value. Mr M J Ozin has significant experience in the valuation of properties and the Trustees consider that any benefit of an external valuation would be outweighed by the additional costs of the valuation.

At 5 April 2021, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £4,817,400 (2020 - £4,827,400).

THE CECIL ROSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

13 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors		 2021
£
92,199
-
92,199		 2020
£
75,572
35,000
110,572

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
15
Other creditors
Accruals		 2021
£
17,183
99,068
103,518
33,012
252,781		 2020
£
6,057
94,739
143,888
11,894
256,578

15 Deferred income

2021 2020
£ £
Other deferred income 99,068 94,739

Deferred income is rents received in advance at the year end which are released to the Statement of Financial Activities as they fall due.

16 Related party transactions

Disclosable related party transactions during the year are shown in Note 7.

17 Statement of total recognised gains and losses

Statement of total recognised gains and losses
Unrestricted Income Funds
Balance at 5 April 2017 6,715,803
Unrealised gains included in above balance:
Unrealised gains at 6 April 2016 1,711,820
Net gains/(losses) on revaluations in year 41,300
Unrealised gains at 5 April 2017 1,753,120

THE CECIL ROSEN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

18 Analysis of changes in net funds
The charity had no debt during the year.
19 Cash generated from operations 2021 2020
£ £
Surplus/(deficit) for the year 25,316 (500,709)
Adjustments for:
Investment income recognised in statement of financial activities (459,163)
(485,121)
Gain on disposal of tangible fixed assets - (50,364)
Fair value gains and losses on investments (41,300) 575,000
Depreciation and impairment of tangible fixed assets 140 187
Movements in working capital:
Decrease/(increase) in debtors 18,373 (55,416)
(Decrease)/increase in creditors (8,126) 55,317
Increase/(decrease) in deferred income 4,329 (6,140)
Cash absorbed by operations (460,431)
(467,246)