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|||||||PAGES|
|---|---|---|---|---|---|---|
|Trustees'
annual report|||(incorporating|the director's report)||1to 5|
|Independent|auditor's|report tothe members||||6to 10|
|Consolidated|statement||offinancial activities (including||the consolidated||
|income and|expenditure||account)||||
|Consolidated|balance|sheet||||12|
|Charity balance sheet||||||13|
|Consolidated|statement||ofcash flows|||14|
|Notes to the|financial|statements||||15te 31|
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|||F|OR|THE|YEAR|ENDED 30JUNE 2021|ENDED 30JUNE 2021|||
|---|---|---|---|---|---|---|---|---|---|
|||||||2021||2020||
|||||||Unrestricted|Funds|Unrestricted|Funds|
||||||Note|||||
|Income and endowments||||||||||
|Investment
income|||||||1,841,706||1,884,391|
|Total income|||||||1,841,706||1,884,391|
|Expenditure||||||||||
|Expenditure
on raising funds:||||||||||
|Investment
management||costs|||6|(988,513)||(982,630)||
|Expenditure
on charitable||activities|||7)8|(381,502)||(835,313)||
|Taxation|||||10|(351,951)||(395,290)||
|Total expenditure|||||||(1,721,966)||(2,213,233)|
|Net gains on investments:||||||||||
|(Loss)/Gains
on revaluation|||of|||||||
|investment
property||||||(1,591,000)||164,250||
|Gains on revaluation of||unlisted||||||||
|investment||||||1,621,504||61,128||
|Gains on disposal|ofinvestment|||||||||
|property
Gains on disposal|ofunlisted|||||124,035||215,910||
|investment||||||633||||
||||||||155,172||441,288|
|Net income and net|movement|||in||||||
|funds|||||||274,912||112,446|
|Reconciliation offunds:||||||||||
|Total funds brought|forward||||||26,642,757||26,530,311|
|Total funds carried|forward||||22||26,917,669||26,642,757|
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||||2021|2020||
|---|---|---|---|---|---|
|||Note||||
|FIXEDASSETS||||||
|Investments||15|29,491,947|29,236,285||
|CURRENT ASSETS||||||
|Debtors||17|6,015,507|5,838,792||
|Cash at bank and in hand|||1,767,368|1,625,760||
||||7,782,875|7,464,552||
|CREDITORS: amounts|falling due|||||
|within one year||18|(849,942)|(650,422)||
|NET CURRENT ASSETS|||6,932,933||6,814,130|
|TOTAL ASSETSLESS|CURRENT|||||
|LIABILITIES|||36,424,880|36,050,415||
|CREDITORS: amounts|falling due|||||
|after more than one year||19|(7,845,211)|(8,040,658)||
|PROVISIONS||21|(1,662,000)|(1,367,000)||
|NET ASSETS|||26,917,669|26,642,757||
|FUNDS OF THE CHARITY||||||
|Unrestricted
funds||22|26,917,669|26,642,757||
|Total charity funds|||26,917,669|26,642,757||
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||BALANCE|SHEE|T ASAT30JUNE 2021||
|---|---|---|---|---|
||||2021|2020|
|||Note|||
|FIXEDASSETS|||||
|Investments|||24,682,453|25,001,038|
|CURRENT ASSETS|||||
|Debtors||17|729,690|704,406|
|Cash at bank and in hand|||1,542,421|961,781|
||||2,272,111|1,666,187|
|CREDITORS: amounts|falling due||||
|within
one year||18|(37,138)|(24,576)|
|NET CURRENT ASSETS|||2,234,973|1,641,611|
|NET ASSETS|||26,917,426|26,642,649|
|FUNDS OF THE CHARITY|||||
|Unrestricted
funds||22|26,917,426|26,642,649|
|Total charity funds|||26,917,426|26,642,649|
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||FORTH|E|Y|EAR ENDED 30JUNE|2021|||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|||||||g||
|CASH FLOWS FROM|OPERATING|ACTIVITIES||||||
|Net income||||||274,912|112,446|
|Adjustments for:||||||||
|Net gains on investments||||||(155,172)|(441,288)|
|Dividends,
interest and rents from investments||||||(1,450,017)|(1,470,199)|
|Interest receivable
and similar income||||||(391,689)|(414,192)|
|Accrued expenses||||||(87,428)|73,891|
|Payments
for expenditure|on investment|properties||||282,796|185,435|
|Payments
for expenditure|on other investment|||||150,002|188,103|
|Interest payable and similar charges||||||519,852|565,980|
|Current
and deferred tax||||||351,951|395,290|
|Changesin:||||||||
|Trade and other debtors||||||(77,816)|58,566|
|Trade and other creditors||||||86,893||
|Cash (used in)/generated|from operations|||||(495,716)|(745,968)|
|Interest received||||||2,696|10,550|
|Tax paid||||||(56,951)|(290)|
|Net cash used in operating|activities|||||(549,971)|(735,708)|
|CASH FLOWS FROM|INVESTING ACTIVITIES|||||||
|Dividends,
interest and rents from investments||||||1,774,281|2,295,936|
|Cash receipts from the repayment ofadvances||||and loans||4,828|674,319|
|Purchases ofother investments||||||(438,234)|(3,424,674)|
|Proceeds from sale ofinvesnnent
properties||||||124,035|215,910|
|Proceeds from sale ofother investments||||||213,709|122,103|
|Payments
for expenditure|on investment|properties||||(282,796)|(185,435)|
|Payments
for expenditure|on other investments|||||(150,002)|(188,103)|
|Net cash generated/(used|in) from investing||activities|||1,245,821|(489,944)|
|CASH FLOWS FROM FINANCING||ACTIVITIES||||||
|Repayments ofborrowings
Interest paid||||||(75,912)
(478,330)|(193,999)
(437,530)|
|Net cash used in financing|activities|||||(554,242)|(631,529)|
|NET INCREASE/(DECREASE)
IN CASH||||AND CASH||||
|EQUIVALENTS
CASH AND CASH EQUIVALENTS AT|||BEGINNING OFYEAR|||141,608
1,625,760|(1,857,181)
3,482,941|
|CASH AND CASH EQUIVALENTS AT|||END OFYEAR||27|1,767,368|1,625,760|
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|INVESTMENT INCOME|||||
|---|---|---|---|---|
||||Unrestricted|Funds|
||||2021|2020|
|Rent and charges receivable
Income from unlisted
investment|||1,106,315
214,262|1,050,402
289,391|
|Interest receivable from unlisted|investment||23,486|20,562|
|Dividends
receivable from unlisted||investment|105,954|109,844|
|Bank interest receivable|||2,696|10,550|
|Loan interest receivable|||388,993|403,642|
||||1,841,706|1,884,391|
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|INVESTMENT MANAGEMENT|INVESTMENT MANAGEMENT|INVESTMENT MANAGEMENT|COSTS|||
|---|---|---|---|---|---|
|||||Unrestricted|Funds|
|||||2021|2020|
|Investment
Management|property
outgoings
and administration|||282,796
35,872|185,435
21,943|
|Investment
portfolio
Interest payable||management|fees|150,002
519,843|188,103
587,149|
|||||988,513|982,630|
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|EXPEN|DITURE ON CH|ARITABLE ACTIVITIES|BYFUND|TYPE||
|---|---|---|---|---|---|
|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||Funds|2021|Funds|2020|
|Grants
Support|paid
costs|340,852
40,650|340,852
40,650|821,339
13,974|821,339
13,974|
|||381,502|381,502|835,313|835,313|
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|EXPENDIT|URE ON CHAR|ITABLE ACTIVITIES|BYACTIV|ITY TYPE||
|---|---|---|---|---|---|
|||Grant||||
|||funding of|Support|Total Funds|Total Funds|
|||activities|costs|2021|2020|
|Grants paid
Governance|costs|340,852|40,650|340,852
40,650|821,339
13,974|
|||340,852|40,650|381,502|835,313|
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|ANALYSIS OF GR|ANTS|||
|---|---|---|---|
|||2021|2020|
|GRANTS TO INSTITUTIONS||||
|Support of education|and relief ofpoverty|340,852|821,339|
|Total grants||340,852|821,339|
|Acheinu Limited|22,000|
|---|---|
|Beis Aharon Trust Limited|4,180|
|BeisRuchel School Limited|9,000|
|Beis Soroh Schneirer of Golders Green Limited|22,500|
|Beth Jacob Grammar
School for Girls Limited|18,000|
|Bnos Beis Yaakov Primary
School Limited|3,000|
|Chevras Mo'oz Ladol|8,150|
|Ezer Viznitz Foundation|3,000|
|Friends ofBeis Chinuch Lebonos Trust|30,000|
|Friends ofBeis Soroh Schneirer|10,000|
|Friends ofMercaz Hatorah Belz Macnivka|10,000|
|Friends ofToldos Avrohom
Yitzchok|5,000|
|Inspirations|7,100|
|Mekor Hachinuch|6,003|
|Mifal Hachesed Vehatzedokoh|40,000|
|Moreshet Hatorah Limited|50,500|
|One Heart —Lev Echod|15,000|
|The Woodstock Mikvah Limited|13,000|
|United Talmudical
Academy
Torah V'yirah|13,499|
|UTRY|20,000|
|YGS Yeshiva Gedola Seminar|4,500|
|Yetev Lev London Jerusalem
Trust|9,000|
|Sundry donations
less than f3,000 individually|17,420|
||340,852|
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|TAXATION|||
|---|---|---|
||2021|2020|
|Current tax:|||
|UK current tax expense|47,557||
|Adjustments
in respect ofprior periods|9,394|290|
|Total current tax|56,951|290|
|Deferred tax:|||
|Origination
and reversal oftiming differences|(136,684)|280,647|
|Impact ofchanges in tax rates|431,684|114,353|
|Total deferred tax|295,000|395,000|
|Tax on profit|351,951|395,290|
##
|The tax assessed on the net income for the year is lower than
tax in the UK of19%(2020:19%).|the standard
rate of|corporation|
|---|---|---|
||2021|2020|
|Net income before tax|626,863|507,736|
|Net income by rate oftax
Income exempt from tax
Expenses not deductible
for tax purposes
Adjustment
to tax charge in respect ofprior periods
Impact ofchanges in tax rates
Timing differences
on unrealised
gains
Timing differences
on gift aid payments
Other differences|119,104
(242,257)
116,469
9,394
431,684
(162,433)
79,990|96,470
(258,034)
208,767
290
114,353
237,826
4,940
(9,322)|
|Taxation|351,951|395,290|
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|INVESTMENTS|||||
|---|---|---|---|---|
||Freehold/||||
||Leasehold||Unlisted||
||investment|Unlisted|investm
eat||
|Group|property|investment*|(Loan)|Total|
|Fair value/cost|||||
|At 1 July 2020
Additions|16,459,450|10,102,928
223,972|2,673,907
214,262|29,236,285
438,234|
|Disposal||(160,663)|(52,413)|(213,076)|
|Revaluation|(1,591,000)|1,726,518|(105,014)|30,504|
|At30June 2021|14,868,450|11,892,755|2,730,742|29,491,947|
|At 30June 2020|16,459,450|10,102,928|2,673,907|29,236,285|
|Historical cost at 30June 2021|4,671,071|9,553,968|2,835,756|17,060,795|
||Freehold/|||||
|---|---|---|---|---|---|
||Leasehold|Shares in||Unlisted||
||investment|group|Unlisted|investment||
|Charity|properly|undertakings|investment*|(Loan)|Total|
||K|||||
|Fair value/cost||||||
|At 1 July 2020
Additions|471,450|12,761,000|10,102,928
129,379|1,665,660
214,262|25,001,038
343,641|
|Disposal
Revaluation||(2,183,000)|(150,002)
1,723,189|(52,413)|(202,415)
(459,811)|
|At 30June 2021|471,450|10,578,000|11,805,494|1,827,509|24,682,453|
|At 30June 2020|471,450|12,761,000|10,102,928|1,665,660|25,001,038|
|Historical cost at||||||
|30June 2021|27,803|102|9,470,036|1,827,509|11,325,450|
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|England
a|nd Wales (un|less otherwise
in|dicated).|
|---|---|---|---|
||||Company|
||||Number|
|Held directly:||||
|Spiritville|Investments|Limited|1241065|
|Heysarbor|Investments|Limited|0702850|
|Held indirectly:||||
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|were as fol|lows:||||
|---|---|---|---|---|
|||||2001|
|||||Nostrand|
|||Spiritville|Heysarbor|Ave|
|||Investments|Investments|Investors|
|||Limited|Limited|Corp.|
|Fixed assets||10,928,360|5266000|903,233|
|Current assets||4,472,469|3,732,251|769|
|Current liabilities||(333,345)|(1,586,047)|(113,457)|
|Long term
Provisions|liabilities|(5,471,363)
(1,205,000)|(2,990,413)
(451,000)|(724,296)|
|Net assets||8,391,121|3,970,791|66,249|
|Aggregate|capital and reserves|8,391,121|3,970,791|66,249|
|A summary
follows;|oftur|nover,|expenditure
a|nd|profit/(los|s)
for the year en||ded 30 June 2|021 is as|
|---|---|---|---|---|---|---|---|---|---|
||||||||||2001|
||||||||||Nostrand|
|||||||Spiritville||Heysarbor|Ave|
|||||||Investments|Investments||Investors|
|||||||Limited||Limited|Corp.|
|Turnover||||||833,931||251,634||
|Cost ofsales||||||(167,275)||(106,636)||
|Administrative|expenses|||||(103,264)||(24,457)|5,146|
|Profit on disposal
other invesnnents||of investment
property|||and|46,410||43,660||
|Profit on disposal of other investments
Net valuation
gains/(loss)
on investment||||property||||633
(1,591,000)||
|Net valuation|gains/(loss)||on other investments|||||3,329||
|Income from|other|fixed|asset investments|||||61||
|Interest receivable||and similar income||||228,631||210,885||
|Interest payable
and similar charges
Tax||||||(343,943)
(311,193)||(200,909)
(40,758)|(57,944)|
|Profit/(Loss)|for the financial year|||||183,297||(1,453,558)|(52,798)|
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|DEBTORS||||||
|---|---|---|---|---|---|
|||Group||Charity||
|||2021|2020|2021|2020|
||||||f.|
|Trade debtors||184,069|105,686|1,877|3,331|
|Amount
due
undertakings
Loan debtors|f'rom group|5,464,015|5,468,843|500,000
170,000|500,000
170,000|
|Taxation and
Prepayments|social security
and accrued income|4,961
362,462|5,528
258,735|57,813|31,075|
|||6,015,507|5,838,792|729,690|704,406|
##
|CREDITORS: amounts
faling due|within
one year||||
|---|---|---|---|---|
||Group||Charity||
||2021|2020|2021|2020|
|Bank loans and overdrafts|401,530|284,965|||
|Loan creditors|2,970||||
|Taxation and social security
Accruals and deferred income|68,873
355,196|362,104|36,662|24,000|
|Other creditors|21,373|3,353|476|576|
||849,942|650,422|37,138|24,576|
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|19.|CREDITORS: amou|nts
falling|due aft|er|more than o|more than o|ne yea|r|||
|---|---|---|---|---|---|---|---|---|---|---|
||||||Group||||Charity||
||||||2021||2020||2021|2020|
||||||g||g||||
||Bank loans and overdrafts|||7,845,211||8,040,658|||||
||The bank
loans
and|overdratts|is secured||by legal|charges||over|certain of the|group's|
||investment
properties|which are included||in|the Financial||Statements.||||
||Amounts
are payable|as follows:|||Group||||Charity||
||||||2021||2020||2021|2020|
||In more than one year|but not|||||||||
||more than two years|||7,845,211|||275,100||||
||In more than two years but not||||||||||
||more than five years|||||7,765,558|||||
||In five years or more||||||||||
|20.|DEFERRED INCOME||||||||||
||||||||||2021|2020|
||At 1 July 2020
Amount released to income||||||||17,188
(17,188)|47,653
(47,653)|
||Amount
deferred in year||||||||56,186|17,188|
||At 30June 2021||||||||56,186|17,188|
||Deferred income arises from rents received||||in advance.||||||
|21.|PROVISIONS|||
|---|---|---|---|
||Deferred tax:|||
|||Group|Charity|
||At 1 July 2020
Charge for the year|1,367,000
295,000||
||At 30 June 2021|1,662,000||
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|ANALYSIS OFNET ASSETS B|ETWEEN FUNDS|ETWEEN FUNDS|||
|---|---|---|---|---|
||Group||Charity||
||Unrestricted|Total Funds|Unrestricted|Total Funds|
||Funds|2021|Funds|2021|
|Investments|29,491,947|29,491,947|24,682,453|24,682,453|
|Current assets|7,782,875|7,782,875|2,272,111|2,272, 111|
|Creditors less than 1 year|(849,942)|(849,942)|(37,138)|(37,138)|
|Creditors greater than 1 year|(7,845,211)|(7,845,211)|||
|Provisions|(1,662,000)|(1,662,000)|||
|Net assets|26,917,669|26,917,669|26,917,426|26,917,426|
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|The carrying|The carrying|amount for each|amount for each|amount for each|category|offinancial instrument|offinancial instrument|is as|follows:||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||Group|||Charity||
|||||||2021|2020||2021|2020|
||||||||||K|K|
|Financial|assets||measured
at fair||||||||
|value through
expenditure|||income|and||12,795,988|10,102,928||22,383,494|22,863,928|
|Financial|assets||that are equity||||||||
|instruments||measured||at cost less|||||||
|impairment||||||1,827,509|2,673,907||1,827,509|1,665,660|
|Financial|assets||that are debt||||||||
|instruments||measured||at|||||||
|amortised||cost||||7,782,875|7,464,552||2,272,111|1,666,187|
|Financial|liabilities measured||||at||||||
|amortised||cost||||8,695,153|8,691,080||37,138|24,576|
##
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|are as follo|ws:|||||
|---|---|---|---|---|---|
|||Group||Charity||
|||2021|2020|2021|2020|
|Not later than 1year||785,099|319,919|6,972|6,948|
|Later than
5years
Later than|1 year and not later than
5 years|1,291,158
1,764,047|1,085,735
1,477,481|7,155
161,019|6,735
126,210|
|||3,840,304|2,883,135|175,146|139,893|
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|||2021|2020|
|---|---|---|---|
|Cash|at bank and in hand|1,767,368|1,625,760|
|Bank|overdress|||
|||1,767,368|1,625,760|
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|||2021|2021|2020||
|---|---|---|---|---|---|
|||Unrestricted|Funds|Unrestricted|Funds|
|Income and endowments||||||
|Donations
and legacies|||840,000||866,000|
|Investment
income|||401,012||481,804|
|Total income|||1,241,012||1,347,804|
|Expenditure||||||
|Expenditure
on raising funds:||||||
|Investment
management
costs||(158,887)||(195,956)||
|Expenditure
on charitable
activities||(381,502)||(835,313)||
|Total expenditure|||(540,389)|(1,031,269)||
|Net (loss)/gains
on investments:||||||
|Loss on revaluation ofinvestments||||||
|in group undertakings||(2,183,000)||(276,000)||
|Gains on revaluation
ofunlisted||||||
|investment||1,723,189||61,128||
|Gains on disposal of investment
property||33,965||10,270||
||||(425,846)||(204,602)|
|Net income and net movement|in funds||274,777||111,933|
|Reconciliation offunds:||||||
|Total funds brought
forward|||26,642,649|26,530,716||
|Total funds carried forward|||26,917,426|26,642,649||