##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||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|oftax expense|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|
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|||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|