##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|non-financial
measure|s.
'Ihe m|ost significant KPIs used by t|he Group are as follows:||
|---|---|---|---|---|
||||2022|2021|
|Grants and donations
Net rental income|paid out||83.2million
80.8million|83.1 million
80.9million|
|Dividend
income|||80.6million|$0.6million|
|Quoted and other investments
at fidr value
Investment
property
at fair value|||f34 4 million
849.9million|833.2million
851.1million|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||2022||2021||
|---|---|---|---|---|---|---|
||||Unrestricted|Funds|Unrestricted|Funds|
|||Note|0'000|0'000|0'000|0'000|
|Income and Endowments
from:|||||||
|Donations
and Grants Received||||1/50||1,250|
|Investments:|||||||
|Income fiom Fixed Asset Investments||||634||616|
|Interest Receivable and Similar|||||||
|Charges||||I||691|
|Rents and Charges Receivable||||2,131||1,733|
|Other:|||||||
|Property
Management
Fees Receivable||||1,304||1,004|
|Total Income||||5,320||5394|
|Expenditure
on:|||||||
|Raising Funds:|||||||
|Property
Outgoings|||(1,344)||(840)||
|Interest Payable and Similar Charges|||(75)||(9)||
|Investment
Management
Costs|||(1,009)||(832)||
|Charitable
Activities:|||||||
|Grants and Donations|||(3,177)||(3,061)||
|Direct Charitable
Activities|||(5)||(5)||
|Payments
from Special Projects Fund|||(1,063)||(222)||
|Other:|||||||
|Governance
Costs|||(54)||(4/)||
|Total Expenditure||||(6,727)||(5,016)|
|NET INCOME / (EXPENDITURE)|||||||
|BEFOREGAINS ON INVESTMKNTS||||(1,407)||278|
|Net Gains / (Losses) on Investments:|||||||
|Gains on Disposal ofInvestment|Property||984||4,135||
|Valuation ofInvestment
Properly|||(2,413)||833||
|Valuation ofOther|||||||
|Investments|||1,230||2,641||
|||||(199)||7,609|
|NET INCOME / (EXPENDITURE)|||||||
|BEFORETAX||5||(1,606)||7,887|
|Taxation||||(311)||33|
|NET INCOME
/ (EXPENDITURE)|||||||
|FORTHK YEAR AND MOVEMENT|||||||
|IN FUNDS||||(1,917)||7,920|
|Reconciliation
ofFunds:|||||||
|Total Funds Brought Forward||||90,252||82,332|
|TOTAL FUNDS CARRIED FORWARD||||88,335||90,252|
|The notes on pages 14to 33form part ofthese||Financial|Statements.||||
##
##
||||||2022||2021||
|---|---|---|---|---|---|---|---|---|
|||||Note|0'000|0'000|0'000|0'000|
|FIXEDASSETS|||||||||
|Tangible Assets
Investments||||9
10||1,025
84,312||1,025
84,255|
|||||||85,337||85,280|
|CURRENT ASSETS|||||||||
|Debtors||||11|11,801||14,226||
|Cash at Bank and in Hand|||||6,637||6,728||
||||||18,438||20,954||
|CREDITORS: Amounts|falling due within||||||||
|one year||||12|(12,260)||(13,182)||
|NET CURRENT ASSETS||||||6,178||7772|
|TOTAL ASSETSLESS|CURRENT||||||||
|LIABILITIES||||||91,515||93,052|
|CREDITORS: Amounts||falling|due||||||
|after more than one year||||13||(1,512)||(1,442)|
|PROVISIONS||||14||(1,668)||(1,358)|
|TOTAL NET ASSETS||||||88,335||90,252|
|UNRESTRICTED FUNDS|||||||||
|Designated
Funds
Other Charitable
Funds||||16
16||5,296
76,751||6,359
77,002|
|Non-Charitable
Funds||||16||6,288||6,891|
|TOTAL UNRESTRICTED||FUNDS||||88,335||90,252|
##
##
||||2022||2021||
|---|---|---|---|---|---|---|
|||Note|0'000|re000|0'000|0'000|
|FIXEDASSETS|||||||
|Tangible Assets
Investments||9
10||1,025
82,961||1,025
83,045|
|||||83,986||84,070|
|CURRENT ASSETS|||||||
|Debtors|||4,316||4,922||
|Cash at Bank and in Hand|||2,193||5,997||
||||6,509||10,919||
|CREDITORS: Amounts|falling due within||||||
|one year||12|(649)||(3,286)||
|NET CURRENT ASSETS||||5,860||7,633|
|TOTAL ASSETSLESS|CURRENT||||||
|LIABILITIES||||89,846||91,703|
|CREDITORS: Amounts|falling due after||||||
|more than one year||||(1,512)||(1,442)|
|TOTAL NET ASSETS||||88,334||90,261|
|UNRESTRICTED FUNDS|||||||
|Designated
Funds
Other Charitable
Funds||16
16||5,296
83,038||6,359
83,902|
|TOTAL UNRESTRICTED FUNDS||||88,334||90,261|
##
##
##
##
|||2022||2021||
|---|---|---|---|---|---|
|||Unrestricted|Funds|Unrestricted|Funds|
||Note|f'000|f'000|f'000|f'000|
|Cash Flows from Operating
Activities:
Net Cash used in Operating
Activities|23||(822)||(12,517)|
|Cash Flows from Investing
Activities||||||
|Dividends,
Interest and Rents &om||||||
|Investments||905||1,773||
|Proceeds fiom Sale of Investments||1,074||4300||
|Purchase ofInvestments||(1,239)||(200)||
|Net Cash Provided
by Investing
Activities|||740||5,773|
|Cash Flows from Financing
Activities||||||
|Interest Paid||(9)||(9)||
|Net Cash Used in Financing
Activities|||(9)||(9)|
|CHANGEINCASHANDCASH||||||
|EQUIVALENTS IN THE YEAR|||(91)||(6,753)|
|CASH AND CASH EQUIVALENTS AT||||||
|IAPRIL 2020|||6,728||13,324|
|CHANGE IN CASH AND CASH||||||
|EQUIVALENTS DUE TO EXCHANGE
RATE MOVEMENTS|||||157|
|CASH AND CASH EQUIVALENTS AT||||||
|31MARCH 2021|24||6,637||6,728|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|INTEREST PAYABLE AND SIMILAR CHARGES||||
|---|---|---|---|
||2022||2021|
||8000||s'000|
|Bank Charges and Interest||9||
|Losses on Foreign Exchange||66||
|||75||
|In the prior year, gains on foreign exchange amounted tof157,000.||||
##
##
||||2022|2021|
|---|---|---|---|---|
||||s'000|s'000|
|Grants and Donations Paid|||2,777|2,661|
|Non-monetary|Donations|(see Note 21a—Provision ofFacilities)|400|400|
||||3,177|3,061|
##
##
##
|GRANTS AND DONATION|GRANTS AND DONATION|S PAYABLE (cont'd)|S PAYABLE (cont'd)||
|---|---|---|---|---|
|The composition ofdonations||is shown below.||s'sss|
|Beth Jacob Grammar
School||For Girls Limited||1,550|
|Amud Hatzdokoh
Trust||||79|
|Shsarei Orah Ltd||||78|
|Friends ofMir||||61|
|Mifal Hachesed Vehatzedokoh||||60|
|Chevras Mo'oz Ladol||||58|
|Kollel Rabinow (Divre Shir)||Foundation||47|
|The New Rachmistrivke|Synagogue||Trust|40|
|BCTrust||||34|
|The Rehabilitation
Trust||||32|
|One Heart - Lev Echod||||31|
|The Friends ofthe Bobover Yeshivah||||29|
|Friends ofMercaz Hatorah Belz Macnivka||||29|
|Kahal Chassidim
Bobov||||29|
|Friends ofBeis Chinuch|Lebonos Trust|||28|
|Marbeh Torah Trust||||27|
|Ssssov Beis Hamedrash||||26|
|Care All Limited||||26|
|Support the Charity Worker||||25|
|Mercaz Hatorah Netzach|Yisroel|||22|
|Chasdei Sorele||||22|
|Edupoor Limited||||20|
|LTC Trust Co||||20|
|Other Donations||||804|
|||||3,177|
##
||||2022|2021|
|---|---|---|---|---|
||||s'sos|s'000|
|Auditors'|Remuneration||26|26|
|Legal and|Professional|Fees|28|21|
||||54|47|
##
##
##
|This is stated after|charging:|||
|---|---|---|---|
|||2022|2021|
|||g'000|g'000|
|Auditors'
Remuneration:||||
|Audit Fees||55|53|
|Other Professional|Services|2|3|
##
##
|TAXATION|TAXATION||||
|---|---|---|---|---|
|Major components||oftax expense|2022|2021|
||||g'000|G'000|
|Deferred|tax:||||
|Origination|and reversal oftiming differences||311|(33)|
|Taxation|||311|(33)|
##
|
corporation tax in the UKof19%|(2021: 19%)by reference|to the analysis
below.||
|---|---|---|---|
|||2022|2021|
|||g'000|6'000|
|Net expenditure
before tax||(1,606)|7,887|
|Net expenditure
by rate oftax
Non taxable income and expenses||(305)
250|1,499
(1,443)|
|Timing differences on unrealised
Timing difference on gill aid
Impact ofchange in tax rate
Other differences|gains|(28)
(24)
429
(11)|(99)
10|
|Taxation||311|(33)|
##
##
##
##
##
##
|Gro|u|p and C|ompany||
|---|---|---|---|---|
|||||Property Held|
|||||for use by|
|||||Charity|
|||||0'000|
|At|1|April 2021 and 31March 2022||1,025|
|The||Properties|Held for Use by Charity are stated at historical cost.||
##
|INVESTMENTS||||||||
|---|---|---|---|---|---|---|---|
||Iong|||||||
||Freehold
Leasehold|Listed|||Other|||
|Group|Properties
0'000
Properties
0'000|Investments
0'000|||Investments
0'000||Total
0'000|
|FAIRVALUE||||||||
|At 1 April 2021
Additions
Disposals
Revaluation|38,127
3,917
(2,677)
(1,919)
12,977
(494)|||46|33,105
1730||84,255
3,917
(2,677)
(1,183)|
|At 31March 2022|37,448
12,483|||46|34,335||84,312|
||Long||Investments|||||
||Freehold
Leasehold|Listed|in|Subsidiary||Other||
|Company|Properties
0'000
Properties
Investments
0'000
0'000||Undertakings
0'000|||Investments
Total
0'000
0'000||
|FAIRVALUE||||||||
|At 1 April 2021
Additions|38,127
3,917
4,866|46|||6,901|33,105
83,045
3,917||
|Transfers||||||||
|Disposals
Revaluation|(2,677)
(1,919)
(22)||||(613)|(2,677)
1,230
(1,324)||
|At 31March 2022|37,448
4,844|46|||6,288|34|335
82961|
##
##
##
##
##
##
##
||||Company|
|---|---|---|---|
||||Number|
|Directl
Held Subs'diaries||||
|Freshwater|Property
Management|Limited|00891786|
|Gladville|Limited||02454653|
|Haysgrans|Property Co. Limited||00662308|
|Metropolitan
Properties Co.(Overseas) Limited|||00863934|
|Ind'|He d Subsidiaries|||
|ollows:||||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||Capital|ds|
|||||||Assets|Liabilities|Reserves||
|||||||0'000|0'000|0'000||
|Freshwater|Property Management||||Limited|14,899|(11,959)|2,940||
|Gladville|Limited|||||||||
|Haysgrans
Property Co.Limited
Metropolitan
Properties Co.(Overseas) Limited||||||7,736
418|(4,805)|2,931
418||
|summary|ofturnover,||expenditure||and profit or loss for the||year is shown|below for||
|ach operational
subsidiary||||undertaking.||||||
|||||||||Metropolitan||
||||||Freshwater|||Properties||
||||||Property||Haysgrans|Co.||
||||||Management||Property|(Overseas)||
|||||||Limited|Co.Limited|Limited||
|||||||g'000|g'000|K'000||
|Turnover||||||1,304|337|||
|Cost ofsales|||||||(149)|||
|Administrative
expenses||||||(993)|(16)|||
|Net valuation
gains||on|investment|||||||
|propert|||||||(472)|||
|Interest receivable||and|similar income|||||||
|Interest payable and similar charges||||||(6|(297|||
|Profit before tax||||||305|(597)|||
|Taxation||||||(29)|(292)|||
|Profit for|financial|year||||276|(889)|||
##
##
##
##
|DEBTORS|||||||
|---|---|---|---|---|---|---|
||||Group||Company||
||||2022|2021|2022|2021|
|||Note|0'000|0'000|0'000|8000|
|Amount
owed by subsidiary
undertakings||lla|||2,903|3,417|
|Interest receivable|&om subsidiary||||||
|undertakings||lla||||297|
|Amounts
due from connected|||||||
|undertakings
Loan debtors (charitable purposes)||Ilb|10,161
617|12,753
640|17
617|640|
|Rental debtors|||543|428|538|426|
|Other debtors|||480|405|241|142|
||||11,801|14,226|4,316|4,922|
##
##
##
||Group||Company||
|---|---|---|---|---|
||2022|2021|2022|2021|
||4'aaa|s'000|s'Oaa|4'a00|
|Cherry Orchard Properties|||||
|Limited|I|I|||
|Newprop
Company
Limited|8|7|||
|LKBInvestments
Limited|50|28|||
|Bastion Products Limited|15|10|||
|Freshwater
Family Retirement|||||
|Benefits Scheme|439|107|||
|The Raphael Freshwater|||||
|Memorial
Association|||||
|Limited|17|27|17||
|Highdorn
Co.Limited|8,841|12,082|||
|The Bampton Property
Group|||||
|Limited|51|36|||
|Bampton (BAB)Limited|6|5|||
|Bampton (Redbridge)
Limited|12|2|||
|Brickfield Properties
Limited|285|142|||
|City and Country
Properties|||||
|Limited|253|171|||
|City and Country
Properties
(Midlands)
Limited|50|36|||
|Cromlech Property Co.Limited|||||
|(The)|||||
|The Halliard
Properly Co.|||||
|Limited|112|89|||
|Other Freshwater
Group|||||
|Companies|21|10|||
||10,161|12,753|17||
##
##
##
|CREDITORS: AMOUNTS FAL|LING DUE|WITHIN ONE|YEAR|||
|---|---|---|---|---|---|
|||Group||Company||
|||2022|2021|2022|2021|
||Note|f'000|f'000|f'000|f'000|
|Amounts
owed to subsidiary
undertakings|||||1,096|
|Amounts
owed to connected||||||
|undertakings|120|11,167|12,262|82|1,754|
|Taxation and social security|||||23|
|Rentin advance||317|217|289|203|
|Other creditors and accruals||776|703|278|210|
|||12,260|13,182|649|3,286|
|account, are interest Iree and effectiv|ely repayable
on d|emand.|||
|---|---|---|---|---|
||Group||Company||
||2022|2021|2022|2021|
||f'000|f'000|f'000|f'000|
|Bastion Products Limited|1,260|1,258|||
|The Raphael Freshwater|||||
|Memorial Association|||||
|Limited||248||248|
|Highdorn
Co.Limited|1,060|3,503|82|1,506|
|Metropolitan
Properties Co|||||
|(Cloisters) Limited|893|735|||
|LKBInvestments
Limited|7,893|6,457|||
|Freshwater
Family Retirement|||||
|Benefits Scheme|||||
|Other Freshwater
Group|||||
|Companies|61||||
||11,167|12,262||1,754|
##
##
##
##
||Group and Company|||||
|---|---|---|---|---|---|
|||||2022|2021|
|||||K'000|K'000|
||Other Creditors|||1,512|1,442|
|||||1,512|1,442|
||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|||1,512|1,442|
||In five years or more|||||
|||||1,512|1,442|
|14.|PROVISION FORLIABILITIES|||||
||The movement
in the deferred taxation provision||during the year was:|||
||Group —Investment|Property||||
||||||g'000|
||At 1April 2021||||1,358|
||Movements
during the|year|||310|
||At 31March 2022||||1,668|
##
##
|The total f
follows:|uture minimum
lease payments
receivable
under n|on-cancellable
operating
lease|s are as|
|---|---|---|---|
|||2022|2021|
|||s'000|s'000|
|Not later than
1 year
Later than
1year and not later than 5years
Later than 5years||927
1,691
1,286|810
1,714
920|
|||3,904|3,444|
##
##
##
##
|UNRESTRICTED INCO|ME FUNDS|||||
|---|---|---|---|---|---|
||||Other|Non||
|||Designated|Charitable|Charitable||
|Group||Funds|Funds|Funds|Total Funds|
|||s'000|s'000|s'ooo|e'000|
|Balance at 1 Aprfi 2021||6,359|77,002|6,891|90,252|
|Net income/(expenditure)|for the year|(1,063)|(251)|(603)|(1,917)|
|Balance at 31March 2022||5496|76,751|6,288|88,335|
|available
for dis|tribution.||||
|---|---|---|---|---|
||||Other||
|||Designated|Charitable||
|Company||Funds
s'ooo|Funds
s'Ooo|Total Funds
4'000|
|Balance at 1 April 2021||6,359|83,902|90,261|
|Net expenditure|for the year|(1,063)|(864)|(1,927)|
|Balance at 31March 2022||5,296|83,038|88,334|
##
|ANALYSIS|OFNET ASSETS BE|TWEEN FUNDS||||
|---|---|---|---|---|---|
||||Net Current|Long Term||
|Group||Fixed Assets
g'000|Assets
F000|Liabilities
g'000|Total
K'000|
|Unrestricted|Income Funds|85,337|6,178|(3,180)|88,335|
|Total Funds||85,337|6,178|(3,180)|88,335|
||||Net Current|Long Term||
|Company||Fixed Assets
F000|Assets
g'000|Liabilities
g'000|Total
F000|
|Unrestricted|Income Funds|83,986|5,860|(1,512)|88,334|
|Total Funds||83,986|5,860|(1,512)|88,334|
##
##
##
##
|||||Group||Company||
|---|---|---|---|---|---|---|---|
|||||2022|2021|2022|2021|
|||||4'000|K'000|s'000|e'eoo|
|Financial||assets measured
at fair value||||||
|through
income and expenditure:
Listed and other investments
(see Note|||10)|34,381|33,151|34,381|33,151|
|Investment
Note 10)||in subsidiary
undertakings|(see|||6,288|6,901|
|Financial||assets measured at amortised||||||
|cost (see|Note 11)|||11,801|14,226|4,316|4,922|
|Financial||liabilities measured
at||||||
|amortised||cost (see Note 12Es 13)||13,772|14,624|2,161|4,728|
##
##
##
|donated to charitable|companies,
the trustees ofwhich are Tr|ustees ofthe Company.||
|---|---|---|---|
|||2022|2021|
|||4'000|4'000|
|Sassov Beis Hmnedrash||26||
|Beth Jacob Grammar|School for Girls Limited:|||
|Donations||1,150|1,800|
|Provision offacilities||400|400|
##
##
##
##
#
##
##
##
##
##
##
##
|23.|RECONCILIATION
OFNKT|INCOME TO NKT CASH USED|IN OPERATING A|CTIVITIES|
|---|---|---|---|---|
||||2022|2021|
||||s'000|s'sse|
||Net expenditure
forthe year||(1,917)|7,920|
||Adjustments
for:
Losses/(gains)
on investments
Interest paid
Dividends,
interest and rents from investments||199
75
(1,422)|(7,609)
9
(2,200)|
||Notional rent received||400|400|
||Increase/(decrease)
in charitable|loan provisions|334|45|
||Net charitable
loans (advanced)/repaid||(41)|(45)|
||(Increase)/decrease
in debtors||2/58|(12,007)|
||Increase/(decrease)
in creditors
Increase/(decrease)
in provisions|for liabilities|(1,018)
310|1,003
(33)|
||Net cash used in operating
activities||(822)|(12,517)|
|24.|ANALYSIS OF CASH AND CASH EQUIVALENTS||||
||||2022|2021|
||||s'000|s'000|
||Cash atBank and in Hand||6,637|6,728|
||Total cash and cash equivalents||6,637|6,728|
##
##
||2022||2021||
|---|---|---|---|---|
||0'000|0'000|8000|0'000|
|Income and Endowments
from:|||||
|Donations
and Grants Received||1,250||1,880|
|Investments:|||||
|Income I'rom Fixed Asset Investments||634||616|
|Interest Receivable and Similar|||||
|Charges||298||455|
|Rents and Charges Receivable||1,794||1,446|
|Total Income||3,976||4,397|
|Expenditure
on:|||||
|Raising Funds:|||||
|Properly Outgoings|(1,195)||(621)||
|Interest Payable and Similar Charges|(69)||(3)||
|Charitable Activities:|||||
|Grants and Donations|(3,177)||(3,061)||
|Direct Charitable
Activities|(5)||(5)||
|Payments
from Special Projects Fund|(1,063)||(222)||
|Other:|||||
|Governance
Costs|(54)||(47)||
|Total Expenditure||(5,563)||(3,959)|
|NKT INCOME
/ (EXPENDITURE)|||||
|BEFOREGAINS ON INVESTMENTS||(1,587)||438|
|Net Gains! (Losses) on Investments:|||||
|Gain on sale ofInvestment
Property|984||4,135||
|Valuation ofInvestment
Property|(1,941)||1,010||
|Valuation ofListed and Other|||||
|Investments|617||2,346||
|||(340)||7,491|
|NET INCOME / (EXPENDITURE) FOR|||||
|THE YEAR AND MOVEMENT IN FUNDS||(1,927)||7,929|
|Reconciliation
ofFunds:|||||
|Total Funds Brought Forward||90,261||82,332|
|TOTAL FUNDS CARRIED FORWARD||88,334||90,261|
##
##
##
|||2022||2021||
|---|---|---|---|---|---|
|||Unrestricted|Funds|Unrestricted|Funds|
|||0'000|0'000|0'000|0'000|
|Rents and Other Charges Receivable|||1,794||1,446|
|Less: Property
Outgoings||||||
|General and Water Rates||225||62||
|Insurance||66||34||
|Repairs and Maintenance||293||198||
|Lighting and Heating||113||87||
|Porterage
and Cleaning||219||91||
|Legal and Professional|Charges|170||100||
|Service Charges||18||12||
|Letting Commission||91||37||
||||(1,195)||(621)|
|NET PROPERTY REVENUE|||599||825|