2021-03-31-accounts - Mayfair Charities Limited

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		2021	2020
Grants and donations Net rental income	paid out	63.1 million f0.9million	X3.8 million 81.1 million
Dividend income		60.6 million	f0 6million
Quoted and other investments at fair value Investment property at fair value		633.2 million f51.1 million	f30.5 million 850.1 million

		FORTH	E YEA	RENDED 31M	ARCH 2021
				2021		2020
				Unrestricted	Funds	Unrestricted	Funds
			Note	0'000	0'000	0'000	0'000
Income and Endowments	from:
Donations and Grants Received					1,250		1,250
Investments:
Income from Fixed Asset Investments					616		602
Interest Receivable and	Similar
Charges					691		51
Rents and Charges Receivable					1,733		2,110
Other:
Property Management Fees Receivable					1,004		1,326
Total Income					5,294		5,339
Expenditure on:
Raising Funds:
Property Outgoings				(840)		(977)
Interest Payable and Similar Charges				(9)		(88)
Investment Management	Costs			(832)		(1,046)
Charitable Activities:
Grants and Donations				(3,061)		(3,785)
Direct Charitable Activities				(5)
Payments from Special	Projects	Fund		(222)		(132)
Other:
Governance Costs				(4/)		(98)
Total Expenditure					(5,016)		(6,126)
NET INCOME / (EXPENDITURE)
BEFOREGAINS ON INVESTMENTS					278		(787)
Net Gains / (Losses) on Investments:
Gains on Disposal ofInvestment		Properly		4,135
Valuation ofInvestment	Property			833		4,269
Valuation ofOther
Investments				2,641		(14,556)
					7,609		(10,287)
NET INCOME / (EXPENDITURE)
BEFORETAX					7,887		(11,074)
Taxation					33		(44)
NET INCOME / (EXPENDITURE)
FORTHE YEAR AND	MOVEMENT
IN FUNDS					7,920		(11,118)
Reconciliation ofFunds:
Total Funds Brought Forward					82,332		93,450
TOTAL FUNDS CARRIED FORWARD					90,252		82,332

					2021		2020
				rrote	4'aaa	K'sss	4'000	4'saa
FIXEDASSETS
Tangible Assets				9		1,025		1,025
Invesnnents				10		84,255		80,645
						85,280		81,670
CURRENT ASSETS
Debtors					14,226		2,457
Cash at Bank and	in Hand				6,728		13,324
					20,954		15,781
CREDITORS: Amounts		falling due within
one year				12	(13,182)		(12,123)
NET CURRENT	ASSETS					7,772		3,658
TOTAL ASSETSLESSCURRENT
LIABILITIES						93,052		85,328
CREDITORS:	Amounts		falling due
after more than	one year			13		(1,442)		(1,605)
PROVISIONS				14		(1,358)		(1,391)
TOTAL NET ASSETS						90,252		82,332
UNRESTRICTED FUNDS
Designated Funds				16		6,359		6,581
Other Charitable	Funds			16		77,002		68,556
Non-Charitable Funds				16		6,891		7,195
TOTAL UNRESTRICTED			FUNDS			90,252		82,332

			2021		2020
		Note	0'000	0'000	0'000	0'000
FIXEDASSETS
Tangible Assets		9		1,025		1,025
Investments		10		83,045		79,554
				84,070		80,579
CURRENT ASSETS
Debtors		11	4,922		5,171
Cash at Bank and in Hand			5,997		1,784
			10,919		6,955
CREDITORS: Amounts	falling due within
one year		12	(3,286)		(3,597)
NET CURRENT ASSETS				7,633		3,358
TOTAL ASSETSLESS	CURRENT
LIABILITIES				91,703		83,937
CREDITORS: Amounts	falling due after
more than one year				(1,442)		(1,605)
TOTAL NET ASSETS				90,261		82,332
UNRESTRICTED FUNDS
Designated Funds		16		6,359		6,581
Other Charitable Funds		16		83,902		75,751
TOTAL UNRESTRICTED FUNDS				90,261		82,332

			2021		2020
			Unrestricted	Funds	Unrestricted	Funds
		Note	S'000	0'000	'Z000	U000
Cash Flows from Operating Activities:
Net Cash used in Operating	Activities	23		(12,517)		115
Cash Flows from Investing	Activities
Dividends, Interest and Rents from
Investments			1,773		1,140
Proceeds from Sale ofInvestments			4,200
Purchase ofInvestments			(200)		(118)
Net Cash Provided by Investing Activities				5,773		1,022
Cash Flows from Financing Activities
Interest Paid			(9)		(9)
Net Cash Used in Financing Activities				(9)		(9)
CHANGE IN CASH AND	CASH
EQUIVALENTS IN THE	YEAR			(6,753)		1,128
CASH AND CASH EQUIVALENTS AT
IAPRIL 2020				13,324		12,275
CHANGE IN CASH AND	CASH
EQUIVALENTS DUE TO	EXCHANGE
RATE MOVEMENTS				157		(79)
CASH AND CASH EQUIVALENTS AT
31MARCH 2021		24		6,728		13,324

				2021	2020
				0'000	0'000
Bank Charges and Interest					9
Losses on Foreign Exchange					79
					88
During the year gains	on foreign exchange		amounted tof157,000.
GRANTS AND DONATIONS PAYABLE
				2021	2020
				0'000	0'000
Grants and Donations	Paid			2,661	3,385
Non-monetary Donations		(see Note 21a—Provision ofFacilities)		400	400
				3,061	3,785

3.	GRANTS AND DONATIONS	GRANTS AND DONATIONS	PAYABLE (cont'd)
	The composition ofdonations		is shown below.
					0'000
	Beth Jacob Grammar School For Girls Limited				1,800
	Shaarei Orah Ltd				75
	Chevras Mo'oz Ladol				53
	BCTrust				49
	Amud Hatzedoka Trust				48
	Kahal Chassidim Bobov				37
	Gateshead Talmudical College				22
	Ahavat Shalom Charity	Fund			18
	Chasdei Aharon Limited				18
	MGS Charitable Trust				14
	Yesamach Levav				13
	Mercaz Hatorah Netzach	Yisroel			12
	The Kollel Bnei Yissochor				12
	Ezer Leyoldos Limited				11
	Marbeh Torah Trust				11
	Mifal Hachesed Vehatzedokoh				11
	Y.M.E.RCIO				11
	Friends ofMercaz Hatorah Belz Macnivka				10
	Kollel Geon Yaakov (Nesivos		Chaim KoBel)		10
	Other Donations				426
					2,661
4.	GOVERNANCE COSTS
				2021	' 2020
				0'000	0'000
	Auditors' Remuneration			26	26
	Legal and Professional Fees			21	72
				47	98
5.	NET INCOME BEFORETAX
	This is stated atter charging:
				2021	2020
				g'000	OOOO
	Auditors' Remuneration:
	Audit Fees			55	53
	Other Professional Services			3	32

Major components	Major components	2021	2020
		0'000	g'000
Deferred	tax:
Origination	and reversal oftiming differences	(33)
Taxation		(33)	44

		2021	2020
		g'000	f.'000
Net expenditure	before tax	7,887	(11,074)
Net expenditure	by rate oftax	1,499	(2,103)
Non taxable income and expenses		(1,443)	2,016
Timing difference on gift aid		(99)	(27)
Other differences		10	158
Taxation		(33)	44

								Property Held
								for use by
								Charity
								f'000
At	1	April	2020	and	31	March	2021	1,025

INVESTMENTS
				Long
	Freehold		Leasehold		Listed			Other
Group	Properties		Properties		Investments			Investments		Total
		f'000		f'000	f'000			f'000		f'000
FAIR VALUE
At 1 April 2020		36,177		13,958		18,110			12,400	80,645
Additions		200									200
Transfers		243		(243)		(18,080)			18,080
Disposals				(65)							(65)
Revaluation		1,507		(673)			16		2,625		3,475
At 31March 2021		38,127		12,977			46		33,105	84,255
			Long			Investments
	Freehold	Leasehold			Listed	iu	Subsidiary		Other
Company	Properties f'000	Properties f'000		Iavestments f'000		Undertakings f'000			Iavestments f'000		Total f'000
FAIR VALUE
At 1 April 2020	36,177		5,670		18,110			7,197		12,400	79,554
Additions	200										200
Transfers	243		(243)		(18,080)					18,080
Disposals			(65)								(65)
Revaluation	1,507		(496)		16			(296)		2,625	3,356
At 31March 2021	38,127		4,866		46			6,901		33,105	83,045

		Company
		Number
Directl Held Subsidiaries
Freshwater Property Management	Limited	00891786
GladviRe Limited		02454653
Haysgrans Property Co. Limited		00662308
Metropolitan Properties Co.(Overseas) Limited		00863934
West Heath Vigas Management	Ltd	03180061

ollows:
										Capital dk
								Assets	Liabilities	Reserves
								0'000	0'000	K'000
Freshwater	Property Management						Limited	14,394	(11,730)	2,664
Gladville	Limited
Haysgrans	Property		Co.Limited					8,969	(5,149)	3,820
Metropolitan Properties				Co.(Overseas) Limited				444	(26)	418
West Heath Villas			Management			Ltd
summary	of	turnover,		expenditure			and profit or loss for the		year is shown	below for
ach operational		subsidiary			undertaking.
Turnover
										Metropolitan
							Freshwater			Properties
								Property	Haysgrans	Co.
							Management		Property	(Overseas)
								Limited	Co.Limited	Limited
								K'000	OOOO	f'000
								1,004	287
Cost ofsales									(219)
Administrative		expenses						(819)	(15)
Net valuation		gains	on	investment
property									(177)
Interest receivable			and	similar income				20		513
Interest payable and similar charges								(6)	(297)
Profit before tax								199	(421)	513
Taxation								(36)	80
Profit for	financial		year					163	(341)	513

DEBTORS
			Group		Company
			2021	2020	2021	2020
		Note	0'000	0'000	0'000	0'000
Amount owed by subsidiary
undertakings		lla			3,417	3,460
Interest receivable from	subsidiary
undertakings		lla			297	254
Amounts due from connected
undertakings		lib	12,753	865
Loan debtors (charitable	purposes)		640	640	640	640
Rental debtors			428	665	426	662
Other debtors			405	287	142	155
			14,226	2,457	4,922	5,171

	Group		Company
	2021	2020	2021	2020
	s'000	K'aaa	s'aaa	a'000
Cherry Orchard Properties
Limited	I	I
Newprop Company Limited	7	13
LKBInvestments Limited	28	28
Bastion Products Limited	10
Freshwater Family Retirement
Benefits Scheme	107
The Raphael Freshwater
Memorial Association
Limited	27	30
Highdom Co.Limited	12,082
The Bampton Property Group
Limited	36	62
Bampton (B&B)Limited	5	7
Bampton (Redbridge) Limited	2	3
Brickfield Properties Limited	142
City and Country Properties
Limited	171	271
City and Country Properties
(Midlands) Limited	36	67
Cromlech Property Co.Limited
(The)		219
The Hafiiard Property Co.
Limited	89	110
Other Freshwater Group
Companies	10	53
	12,753	865

CREDITORS: AMOUNTS FAL	LING DUE	WITHIN ONE	YEAR
		Group		Company
		2021	2020	2021	2020
	Note	0'000	0'000	4'000	4'000
Amounts owed to subsidiary
undertakings	120			1,096	1,106
Amounts owed to connected
undertakings	12b	12,262	9,717	1,754	578
Taxation and social security				23	59
Rent in advance		217	324	203	301
Other creditors and accruals		703	2,082	210	1,553
		13,182	12,123	3,286	3,597

		Group		Company
		2021	2020	2021	2020
		4'000	0'000	0'000	4'000
Bastion Products Limited		1,258	1,683
The Raphael	Freshwater
Memorial	Association
Limited		248	247	248	247
Highdorn Co. Limited		3,503	1,962	1,506	331
Metropolitan	Properties Co
(Cloisters)	Limited	735	583
LKBInvestments Limited		6,457	5,100
Freshwater	Family Retirement
Benefits Scheme
Other Freshwater Group
Companies		61	60
		12,262	9,717	1,754	578

	Group and Company
				2021	2020
				8'000	8'000
	Other Creditors			1,442	1,605
				1,442	1,605
	Amounts are payable	as follows:
	In more than one year	but not more than two years
	In more than two years but not more than five		years	1,442	1,605
	In f&ve years or more
				1,442	1,605
14.	PROVISION FORLIABILITKS
	The movement in the deferred taxation provision		during the year was:
	Group —Investment	Property
					E'000
	At 1 April 2020				1,391
	Movements during the	year			(33)
	At 31March 2021				1,358

follows:
			2021	2020
			s'aoa	e'000
Not later than		1 year	810	939
Later than	1 year and not later than 5 years		1,714	1,590
Later than	5 years		920	1,244
			3,444	3,773

UNRESTRICTED INCO	ME FUNDS
			Other	Non
		Designated	Charitable	Charitable
Group		Funds	Funds	Funds	Total Funds
		s'000	s'eea	s'eee	f.'000
Balance at 1 April 2020		6,581	68,556	7,195	82,332
Net income/(expenditure)	for the year	(222)	8,446	(304)	7,920
Balance at 31 March 2021		6,359	77,002	6,891	90,252

available for dis	tribution.
			Other
		Designated	Charitable
Company		Funds	Funds	Total Funds
		s'eao	s'000	t'000
Balance at I April 2020		6,581	75,751	82,332
Net expenditure	for the year	(222)	8,151	7,929
Balance at 31 March 2021		6,359	83,902	90,261

ANALYSIS	OF NET ASSETSBE	TWEEN FUNDS
			Net Current	Long Term
Group		Fixed Assets l'000	Assets K'000	Liabilities g'000	Total 8'000
Unrestricted	Income Funds	85,280	7772	(2,800)	90,252
Total Funds		85,280	7,772	(2,800)	90,252
			Net Current	Long Term
Company		Fixed Assets K'000	Assets g'000	Liabilities 8'000	Total OOOO
Unrestricted	Income Funds	84,070	7,633	(1,442)	90,261
Total Funds		84,070	7,633	(1,442)	90,261

					Group		Company
					2021	2020	2021	2020
					K'000	4'000	4'000	4'000
Financial		assets measured	at fair value
through	income and expenditure:
Listed and		other investments	(see Note	10)	33,151	30,510	33,151	30,510
Investment		in subsidiary undertakings		(see
Note 10)							6,901	7,197
Financial		assets measured	at amortised
cost (see	Note 11)				14,226	2,457	4,922	5,171
Financial		liabilities measured at
amortised		cost (see Note 12&13)			14,624	13,728	4,728	5,202

		At		Non-cash	At
		1Apr 2020	Cash flows	movements	31Mar	2021
		OOOO	5'000	I.'000	8'000
Cash	in hand and at bank	13,324	(6,596)			6,728
Debt	due afler one year	(1,605)		163	(1,442)
		11,719	(6,596)	163		5/86

donated to charitable	companies, the trustees ofwhich are Tr	ustees ofthe Company.
		2021	2020
		0'000	0'000
Beth Jacob Grammar	School for Girls Limited;
Donations		1,800	1,647
Provision offacilities		400	400

23.	RECONCILIATION OF NET	INCOME TO NET CASH USE	D IN OPERATING A	CTIVITIES
			2021	2020
			s'000	s'000
	Net expenditure for the year		7,920	(11,118)
	Adjustments for:
	Losses/(gains) on investments		(7,609)	10,287
	Interest paid		9	88
	Dividends, interest and rents from investments		(2,200)	(1,786)
	Notional rent received		400	400
	Increase/(decrease) in charitable	loan provisions	45	229
	Net charitable loans (advanced)/repaid		(45)	(129)
	(Increase)/decrease in debtors		(12,007)	345
	Increase/(decrease) in creditors		1,003	1,755
	Increase/(decrease) in provisions	for liabilities	(33)	44
	Net cash used in operating activities		12,517	115
24.	ANALYSIS OF CASH AND CASH EQUIVALENTS
			2021	2020
			s'000	s'000
	Cash atBank and in Hand		6,728	13,324
	Total cash and cash equivalents		6,728	13,324

	2021		2020
	f'000	0'000	f'000	f'000
Income and Endowments from:
Donations and Grants Received		1,880		1,650
Investments:
Income trom Fixed Asset Investments		616		602
Interest Receivable and Similar
Charges		455		281
Rents and Charges Receivable		1,446		1,803
Total Income		4,397		4,336
Expenditure on:
Raising Funds:
Property Outgoings	(621)		(768)
Interest Payable and Similar Charges	(3)		(81)
Charitable Activities:
Grants and Donations	(3,061)		(3,785)
Direct Charitable Activities	(5)
Payments from Special Projects Fund	(222)		(132)
Other:
Governance Costs	(4'7)		(98)
Total Expenditure		(3,959)		(4,864)
NET INCOME / (EXPENDITURE)
BEFOREGAINS ON INVESTMENTS		438		(528)
Net Gains / (Losses) on Investments:
Gain on sale ofInvestment Property	4,135
Valuation ofInvestment Property	1,010		4,869
Valuation ofListed and Other
Investments	2,346		(15,459)
		7,491		(10,590)
NET INCOME / (EXPENDITURE) FOR
THE YEAR AND MOVEMENT IN FUNDS		7,929		(11,118)
Reconciliation ofFunds:
Total Funds Brought Forward		82,332		93,450
TOTAL FUNDS CARRIED FORWARD		90,261		82,332

		2021		2020
		Unrestricted	Funds	Unrestricted	Funds
		0'000	0'000	S'000	P000
Rents and Other Charges Receivable			1,446		1,803
Less:Property Outgoings
General and Water Rates		62		68
Insurance		34		26
Repairs and Maintenance		198		253
Lighting and Healing		87		132
Porterage and Cleaning		91		110
Legal and Professional	Charges	100		112
Service Charges		12		9
Letting Commission		37		58
			(621)		(768)
NET PROPERTY REVENUE			825		1,035