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||||||PAGES|
|---|---|---|---|---|---|
|Trustees'
annual report||(incorporating|the director's report)||1to 5|
|Independent|auditor's
report to the 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||||15to31|
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||F|OR|THE|YEAR|ENDED 30JUNE 2022|ENDED 30JUNE 2022|||
|---|---|---|---|---|---|---|---|---|
||||||2022||2021||
||||||Unrestricted|Funds|Unrestricted|Funds|
|||||Note|||||
|Income and endowments|||||||||
|Donations received||||||1,000|||
|Investment
income||||||2,561,634||1,841,706|
|Total income||||||2,562,634||1,841,706|
|Expenditure|||||||||
|Expenditure
on raising funds:|||||||||
|Investment
management|costs|||6|(828,542)||(988,513)||
|Expenditure
on charitable|activities|||7,8|(350,694)||(381,502)||
|Taxation||||10|(59,076)||(351,951)||
|Total expenditure||||||(1,238,312)||(1,721,966)|
|Net gains on investments:|||||||||
|Gains/(Loss)
on revaluation||of|||||||
|investment
property|||||100,000||(1,591,000)||
|(Loss)/Gains
on revaluation||of|||||||
|unlisted
investment|||||(528,810)||1,621,504||
|Gains on disposal ofinvestment|||||||||
|properly|||||92,997||124,035||
|(Loss)/Gains
on disposal|ofunlisted||||||||
|investment|||||(2,603)||633||
|||||||(338,416)||155,172|
|Net income and net movement|||in||||||
|funds||||||985,906||274,912|
|Reconciliation offunds:|||||||||
|Total funds brought
forward||||||26,917,669||26,642,757|
|Total funds carried forward||||22||27,903,575||26,917,669|
##
##
||||2022|2021|
|---|---|---|---|---|
|||Note|||
|FIXEDASSETS|||||
|Investments|||29,140,069|29,491,947|
|CURRENT ASSETS|||||
|Debtors||17|5,016,731|6,015,507|
|Cash at bank and in hand|||655,977|1,767,368|
||||5,672,708|7,782,875|
|CREDITORS: amounts|falling due||||
|within one year||18|(5,219,202)|(849,942)|
|NET CURRENT ASSETS|||453,506|6,932,933|
|TOTAL ASSETSLESS|CURRENT||||
|LIABILITIES|||29,593,575|36,424,880|
|CREDITORS: amounts|falling due||||
|after more than one year||19||(7,845,211)|
|PROVISIONS||21|(1,690,000)|(1,662,000)|
|NET ASSETS|||27,903,575|26,917,669|
|FUNDS OF THE CHARITY|||||
|Unrestricted
funds||22|27,903,575|26,917,669|
|Total charity funds|||27,903,575|26,917,669|
##
##
||||2022|2021|
|---|---|---|---|---|
|||Note|||
|FIXEDASSETS|||||
|Investments||15|24,782,640|24,682,453|
|CURRENT ASSETS|||||
|Debtors||17|2,758,575|729,690|
|Cash at bank and in hand|||399,667|1,542,421|
||||3,158,242|2,272,111|
|CREDITORS: amounts|falling due||||
|within one year||18|(37,651)|(37,138)|
|NET CURRENT ASSETS|||3,120,591|2,234,973|
|NET ASSETS|||27,903,231|26,917,426|
|FUNDS OF THK CHARITY|||||
|Unrestricted
funds||22|27,903,231|26,917,426|
|Total charity funds|||27,903,231|26,917,426|
##
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||||Note|2022|2021|
|---|---|---|---|---|---|
|||||E||
|CASH FLOWS FROM OPERATING|ACTIVITIES|||||
|Net income||||985,906|274,912|
|Adjustments for:||||||
|Net loss/(gains)
on investments
Dividends,
interest and rents from investments||||338,416
(1,383,426)|(155,172)
(1,450,017)|
|Interest receivable
and similar income||||(322,658)|(391,689)|
|Accrued expenses
Payments
for expenditure
on investment|properties|||4,742
206,021|(87,428)
282,796|
|Payments
for expenditure
on other investment||||158,274|150,002|
|Interest payable and similar charges
Current
and deferred tax||||420,499
59,076|519,852
351,951|
|Changesin:
Trade and other debtors||||66,165|(77,816)|
|Trade and other creditors||||571|86,893|
|Cash generated
from/(used
in) operations||||533,586|(495,716)|
|Interest received||||150|2,696|
|Tax paid||||(31,076)|(56,951)|
|Net cash from/(used
in) operating
activities||||502,660|(549,971)|
|CASH FLOWS FROM INVESTING|ACTIVITIES|||||
|Dividends,
interest and rents from investments||||1,451,681|1,774,281|
|Cash receipts from the repayment ofadvances
Purchases ofother investments||and loans||1,155,870
(2,133,342)|4,828
(438,234)|
|Proceeds from sale of investment
properties||||772,997|124,035|
|Proceeds from sale ofother investments||||1,373,807|213,709|
|Payments
for expenditure
on investment
properties
Payments
for expenditure
on other investments||||(206,021)
(158,274)|(282,796)
(150,002)|
|Net cash generated
from investing
activities||||2,256,718|1,245,821|
|CASH FLOWS FROM FINANCING|ACTIVITIES|||||
|Repayments
ofborrowings
Interest paid||||(3,278,427)
(592,342)|(75,912)
(478,330)|
|Net cash used in financing
activities||||(3,870,769)|(554,242)|
|NKT (DECREASE)/INCREASE
IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OFYEAR||||(1,111,391)
1,767,368|141,608
1,625,760|
|CASH AND CASH EQUIVALENTS|AT END OFYEAR||27|655,977|1,767,368|
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|INVESTMENT INC|OME|||||
|---|---|---|---|---|---|
|||||Unrestricted|Funds|
|||||2022|2021|
|||||g|g|
|Rent and charges receivable||||1,059,819|1,106,315|
|Income from unlisted|investtnent|||164,209|214,262|
|Interest receivable from unlisted||investment||27,240|23,486|
|Dividends
receivable|from unlisted||investment|132,158|105,954|
|Bank interest receivable||||150|2,696|
|Loan interest receivable||||322,508|388,993|
|Foreign exchange gain||||63,063||
|Release ofdebt||||792,487||
|||||2,561,634|1,841,706|
##
|INVESTMKNT MANAGEMENT|INVESTMKNT MANAGEMENT|INVESTMKNT MANAGEMENT|COSTS|||
|---|---|---|---|---|---|
|||||Unrestricted|Funds|
|||||2022|2021|
|Investment|property|outgoings||206,021|282,796|
|Management
and administration
Investment
portfolio management
Interest payable|||fees|43,748
158,274
420,499|35,872
150,002
519,843|
|||||828,542|988,513|
##
|EXPEN|DITURE ON CH|ARITABLE ACTIVITIES|BYFUND|TYPE||
|---|---|---|---|---|---|
|||Unrestricted|Total Funds|Unrestricted|Total Funds|
|||Funds|2022|Funds|2021|
|||||g|g|
|Grants
Support|paid
costs|324,200
26,494|324,200
26,494|340,852
40,650|340,852
40,650|
|||350,694|350,694|381,502|381,502|
##
|EXPENDIT|URE ON CHAR|ITABLE ACTIVITIES|BYACTIV|ITY TYPE||
|---|---|---|---|---|---|
|||Grant||||
|||funding of|Support|Total Funds|Total Funds|
|||activities|costs|2022|2021|
|||||g||
|Grants paid
Governance|costs|324,200|26,494|324,200
26,494|340,852
40,650|
|||324,200|26,494|350,694|381,502|
##
##
##
|ANALYSIS OFGRANTS|||
|---|---|---|
||2022|2021|
|GRANTS TO INSTITUTIONS|||
|Support of education
and relief ofpoverty|324,200|340,852|
|Total grants|324,200|340,852|
|Acheinu Limited|||24,000|
|---|---|---|---|
|Beer Hatorah|||4,680|
|Bayis Lepleitos|||5,000|
|BeisRuchel School Limited|||9,000|
|Beis Yaakov Primary
School|Foundation||4,000|
|Beth Jacob Grammar
School|for Girls|Limited|8,500|
|Chevras Mo'oz Ladol|||10,700|
|Comet Charity Ltd|||6,000|
|Friends ofBeis Chinuch Lebonos Trust|||20,000|
|Friends ofBeis Soroh Schneirer|||45,500|
|Friends ofMercaz Hatorah Belz Macnivka|||15,000|
|Friends ofToldos Avrohom|Yitzchok||8,500|
|Gateshead
Talmudical
College|||4,000|
|Meor David|||4,000|
|One Heart —Lev Echod|||10,000|
|Revach Vehazola Trust|||8,270|
|Sharei Chaim|||6,000|
|Tchabe Kollel Limited|||6,000|
|The Bais Rochel Dsatmar Charitable||Trust|5,000|
|The Rehabilitation
Trust|||20,100|
|Tomchei Yotzei Anglia|||5,000|
|United Talmudical
Academy|Torah V'yirah||13,500|
|United Talmudical
Associates Ltd|||41,000|
|YGS Yeshiva Gedola Seminar|||4,000|
|Yeshivat Meharash
Engel Radomishl
Yetev Lev London Jerusalem
Trust|||5,750
8,500|
|Sundry donations
less than I3,000 individually|||22,200|
||||324,200|
##
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##
|TAXATION|||
|---|---|---|
||2022|2021|
||g||
|Current tax:|||
|UK current tax expense|31,069|47,557|
|Adjustments
in respect ofprior periods|7|9,394|
|Total current tax|31,076|56,951|
|Deferred tax:|||
|Origination
and reversal oftiming differences|28,000|(136,684)|
|Impact ofchanges in tax rates||431,684|
|Total deferred tax|28,000|295,000|
|Tax on profit|59,076|351,951|
##
|The tax assessed on the net income for the year
tax in the UK of19%(2021:19%).|is lower than|the standard
rate of|corporation|
|---|---|---|---|
|||2022|2021|
|||g|g|
|Net income before tax||1,044,982|626,863|
|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
Differences
arising from taxation ofchargeable
gains
Timing differences
on unrealised
gains
Timing differences
on gift aid payments||198,547
(338,322)
137,172
7
(11,184)
109,474
(36,480)|119,104
(242,257)
116,469
9,394
431,684
(162,433)
79,990|
|Other differences||(138)||
|Taxation||59,076|351,951|
##
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##
|INVESTMENTS|||||
|---|---|---|---|---|
||Freehold/||||
||Leasehold||Ualisted||
||investment|Unlisted|investment||
|Group|property|investment*|(Loan)|Total|
|Fair value/cost|||||
|At 1 July 2021
Additions|14,868,450|11,892,755
659,398|2,730,742
1,473,944|29,491,947
2,133,342|
|Disposal|(680,000)|(1,246,410)|(130,000)|(2,056,410)|
|Revaluation|100,000|(651,106)|122,296|(428,810)|
|At 30June 2022|14,288,450|10,654,637|4,196,982|29,140,069|
|At 30June 2021|14,868,450|11,892,755|2,730,742|29,491,947|
|Historical cost at 30June 2022|4,011,348|8,970,285|4,179,700|17,161,333|
||Freehold/|||||
|---|---|---|---|---|---|
||Leasehold|Shares in||Unlisted||
|Charity|investment
property|group
undertakings|Unhsted
investment*|investment
(Loan)|Total|
|||K||||
|Fair value/cost||||||
|At 1 July 2021
Additions|471,450|10,578,000|11,805,494
658,523|1,827,509
117,044|24,682,453
775,567|
|Disposal
Revaluation||1,264,000|(1,158,274)
(651,106)|(130,000)|(1,288,274)
612,894|
|At 30June 2022|471,450|11,842,000|10,654,637|1,814,553|24,782,640|
|At 30June 2021|471,450|10,578,000|11,805,494|1,827,509|24,682,453|
|Historical cost at||||||
|30June 2022|27,803|102|8,970,285|1,814,553|10,812,743|
##
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##
|England
and Wales (u|nless|otherwise
indicat|ed).|
|---|---|---|---|
||||Company|
||||Number|
|Held directly:||||
|Spiritville
Investments|Limited||1241065|
|Heysarbor
Investments|Limited||0702850|
|Held indirectly:||||
|2001 Nostrand
Ave Investors||Corp. (USA)|5575356|
|Meridian US Investment|2021 Inc. (USA)||6322825|
|Meadowood
Hillcrest SILUS||Inc. (USA)|6435707|
##
##
##
|were as f|ollows:||||||||
|---|---|---|---|---|---|---|---|---|
|||||||2001|||
|||Spiritville|Heysarbor|Nostrand||Ave|Meridian US|Meadowood|
|||Investments|Investments||Investors||Investment|Hillcrest SIL|
|||Limited|Limited|||Corp.|2021 Inc.|US Inc.|
|Fixed assets||11,891,652|3,425,000||1,025,529||287,827|1,069,073|
|Current assets||3,834,999|2,405,963|||627|110|5,622|
|Current liabilities||(5,380,018)|(116,101)||(195,841)|||(82)|
|Long tenn|liabilities|(500,000)|(1,900,000)||(822,364)||||
|Provisions||(1,157,000)|(533,000)||||||
|Net assets||8,689,633|3,281,862|||7,951|287,937|1,074,613|
|Aggregate|capital and reserves|8,689,633|3,281,862|||7,951|287,937|1,074,613|
|A summary
follows:|of|turnov|er,
expenditure|and profit/(lo|ss)
for the|year en|ded 3|0 June 2|022|s as|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||2001||||
|||||Spiritville|Heysarbor|Nostrand|Ave|Meridian|US|Meadowood|
|||||Investments|Investments|Investors||Investment||Hillcrest SIL|
|||||Limited|Limited||Corp.|2021|Inc.|US Inc.|
|Tulllover||||791,290|246,316||||||
|Cost ofsales||||(125,480)|(74,259)||||||
|Administrative|expenses|||96,824|773,753|(17,027)||(1,535)||(58)|
|Profit on disposal ofinvestment|||||||||||
|property
and|other|investments||98,178|4,836||||||
|Net valuation|gains/(loss)||on investment||||||||
|property|||||100,000||||||
|Income from|shares in group undertakings|||3,756|||||||
|Income from|other|fixed|asset||||||||
|investments|||||862|||5,757||5,598|
|Interest receivable||and similar income||241,376|133,839||||||
|Interest payable
and similar charges||||(336,432)|(123,642)|(65,789)|||||
|Tax||||48,000|(107,076)||||||
|Profit/(Loss)|for the financial year|||817,512|954,629|(82,816)||4,222||5,540|
##
##
##
|DEBTORS|||||
|---|---|---|---|---|
||Group||Charity||
||2022|2021|2022|2021|
|||||g|
|Trade debtors|114,401|184,069|2,130|1,877|
|Amount
due from group
undertakings
Loan debtors|4,178,145|5,464,015|2,400,000
170,000|500,000
170,000|
|Taxation and social security|8,464|4,961|||
|Other debtors and prepayments|715,721|362,462|186,445|57,813|
||5,016,731|6,015,507|2,758,575|729,690|
##
##
|CREDITORS: amounts
falling du|e within
one year||||
|---|---|---|---|---|
||Group||Charity||
||2022|2021|2022|2021|
|||g|g|g|
|Bank loans and overdrafts|4,968,314|401,530|||
|Loan creditors|2,970|2,970|||
|Taxation and social security
Accruals and deferred income|64,596
157,101|68,873
355,196|37,175|36,662|
|Other creditors|26,221|21,373|476|476|
||5,219,202|849,942|37,651|37,138|
##
##
##
|CREDITORS: a|mou|nts
falling|due aft|er|more than o|more than o|ne yea|r||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||Group||||Charity|||
||||||2022||2021||2022||2021|
||||||||||||g|
|Bank loans and overdrafts||||||7,845,211||||||
|The bank
loans|and|overdrafts|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|||
||||||2022||2021||2022||2021|
||||||||||f.|||
|In more than one|year|but not||||||||||
|inore than two years||||||7,845,211||||||
|In more than two|years but not|||||||||||
|more than five years||||||||||||
|In five years or more||||||||||||
|DEFERRED INCOME||||||||||||
||||||||||2022||2021|
|At I July 2021|||||||||56,186||17,188|
|Amount released|to income||||||||(56,186)||(17,188)|
|Amount
deferred|in year||||||||23,992||56,186|
|At 30June 2022|||||||||23,992||56,186|
|Deferred income|arises from rents received||||in advance.|||||||
|PROVISIONS||||||||||||
|Deferred tax:||||||||||||
||||||||||Group|Charity||
|At 1 July 2021
Charge for the year|||||||||1,662,000
28,000|||
|At 30June 2022|||||||||1,690,000|||
##
##
##
##
##
|||At 1July|||Gains and|At 30June|
|---|---|---|---|---|---|---|
|Group||2021|Income|Expenditure|losses|2022|
|General|funds|26,917,669|2,562,634|(1,238,312)|(338,416)|27,903,575|
|||At 1July|||Gains and|At 30June|
|Charity||2021|Income|Expenditure|losses|2022|
|||K||||K|
|General|funds|26,917,426|900,781|(515,250)|600,274|27,903,231|
##
|ANALYSIS OFN|E|T ASSETSB|ETWEEN FUNDS|ETWEEN FUNDS|||
|---|---|---|---|---|---|---|
||||Group||Charity||
||||Unrestricted|Total Funds|Unrestricted|Total Funds|
||||Funds|2022|Funds|2022|
||||f.||||
|Investments|||29,140,069|29,140,069|24,782,640|24,782,640|
|Current assets|||5,672,708|5,672,708|3,158,242|3,158,242|
|Creditors less than|1|year|(5,219,202)|(5,219,202)|(37,651)|(37,651)|
|Creditors greater than||1 year|||||
|Provisions|||(1,690,000)|(1,690,000)|||
|Net assets|||27,903,575|27,903,575|27,903,231|27,903,231|
##
##
##
|||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|---|
|||||||2022|2021|2022|2021|
|||||||||f.||
|Financial assets||measured||at fair||||||
|value through||income|and|||||||
|expenditure||||||13,037,066|12,795,988|22,496,637|22,383,494|
|Financial assets||that are equity||||||||
|instruments|measured||at cost less|||||||
|impairment||||||1,814,553|1,827,509|1,814,553|1,827,509|
|Financial assets||that are debt||||||||
|instruments|measured||at|||||||
|amortised|cost|||||5,672,708|7,782,875|3,158,242|2,272,111|
|Financial liabilities measured|||||at|||||
|amortised|cost|||||5,219,202|8,695,153|37,651|37,138|
##
##
|are as follo|ws:|||||
|---|---|---|---|---|---|
|||Group||Charity||
|||2022|2021|2022|2021|
|Not later than
1 year||687,736|818,237|6,972|6,972|
|Later than
5 years
Later than|1 year and not later than
5 years|1,976,175
3,278,460|2,177,502
3,121,143|7,940
185,028|7,940
179,503|
|||5,942,371|6,116,882|199,940|194,415|
##
##
##
##
|||2022|2021|
|---|---|---|---|
|Cash|at bank and in hand|655,977|1,767,368|
|Bank|overdrafts|||
|||655,977|1,767,368|
##
##
##
##
|||||2022|2022|2021|2021|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Funds|Unrestricted|Funds|
|Income and endowments||||||||
|Donations
and|legacies||||520,000||840,000|
|Investment
income|||||380,781||401,012|
|Total income|||||900,781||1,241,012|
|Expenditure||||||||
|Expenditure
on|raising funds:|||||||
|Investment
management
costs||||(164,556)||(158,887)||
|Expenditure
on|charitable
activities|||(350,694)||(381,502)||
|Total expenditure|||||(515,250)||(540,389)|
|Net (loss)/gains|on investtnents:|||||||
|Gains/(Loss)|on revaluation|of||||||
|investments|in group undertakings|||1,264,000||(2,183,000)||
|(Loss)/Gains|on revaluation|of|unlisted|||||
|investment||||(651.106)||1,723,189||
|(Loss)/Gains|on disposal of|investment||||||
|property||||(12,620)||33,965||
||||||600,274||(425,846)|
|Net income and net movement|||in funds||985,805||274,777|
|Reconciliation|offunds:|||||||
|Total funds brought
forward|||||26,917,426||26,642,649|
|Total funds carried forward|||||27,903,231||26,917,426|