##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|
non-finanoial
measmm.
The must siguificantKPls
used by t|he Group are as fofiows:||
|---|---|---|
||2023|2022|
|Grants and donations
paid out
Net rental income
Dividend
income
Quoted and other invesuuents
at fair value
Investment
property
at fair value|63.8 million
11mdhon
X0.7million
826.9inillion
848 8 million|f3.2inillion
60.8 million
$06million
f34.4million
f49.9million|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|
FORTHE|YEAR|E
ED31 M|ARCH 2023|||
|---|---|---|---|---|---|
|||2023||2022||
|||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|||658||634|
|Interest Receivable and Similar||||||
|Charges
Rents and Charges Receivable|||22
2,238||1
2,131|
|Other:
Property Management
Fees Receivable|||1,280||1,304|
|Total Income|||5,448||5,320|
|Expenditure
on:||||||
|Raising Funds:
Property Outgoings
Interest Payable and Similar Charges
Investment
Management
Costs||(1,238)
(98)
(992)||(1,344)
(75)
(1,009)||
|Charitable
Activities;||||||
|Grants and Donations||(3,810)||(3,177)||
|Direct Charitable
Activities
Payments
from Special Projects Fund||(4)
(843)||(5)
(1,063)||
|Other:||||||
|Governance
Costs||(46)||(54)||
|Total Expenditure|||(7,031)||(6,727)|
|NKT INCOME / (EXPENDITURE)
BEFOREGAINS ON INVESTMENTS|||(1,583)||(1,407)|
|Net Gains / (Losses) on Investments:
Gains on Disposal of Investment
Property
Valuation ofInvestment
Property||(1,265)||984
(2,413)||
|Valuation ofOther||||||
|Investments||(7,442)||1/30||
||||(8,707)||(199)|
|NET INCOME
/ (EXPENDITURE)
BEFORETAX|||(10,290)||(1,606)|
|Taxation|||101||(311)|
|NET INCOME / (EXPENDITURE)||||||
|FORTHE YEAR AND MOVEMENT||||||
|IN FUNDS|||(10,189)||(1,917)|
|Reconciliation ofFunds:||||||
|Total Funds Brought Forward|||88,335||90,252|
|TOTAL FUNDS CARRIED FORWARD|||78,146||88,335|
|The notes on pages 14to 32form part ofthese|Financial|Statements.||||
##
##
|||||2023||2022||
|---|---|---|---|---|---|---|---|
||||Note|f'000|8000|f'000|f'000|
|FIXEDASSETS
Tangible Assets
Investments|||9
10||1,025
75,764||1,025
84,312|
||||||76,789||85,337|
|CURRENT ASSETS||||||||
|Debtors
Cash at Bank and in Hand|||11|7,812
11,115||11,801
6,637||
|||||18,927||18,438||
|CREDITORS: Amounts
one year|falling due within||12|(14,393)||(12,260)||
|NET CURRENT ASSETS|||||4,534||6,178|
|TOTAL ASSETSLESS
LIABILITIES|CURRENT||||81,323||91,515|
|CREDITORS: Amounts
at)er more than one year||falling due|13||(1,609)||(1,512)|
|PROVISIONS|||14||(1,568)||(1,668)|
|TOTAL NET ASSETS|||||78,146||88,335|
|UNRESTRICTED FUNDS
Designated
Funds
Other Charitable
Funds
Non-Charitable
Funds|||16
16
16||5,953
66,119
6,074||5496
76,751
6,288|
|TOTALUNRESTRICT|ED|FUNDS|||78,146||88,335|
##
##
##
||||2023||2022||
|---|---|---|---|---|---|---|
|||Note|f'000|f'000|0'000|F000|
|FIXEDASSETS
Tangible Assets
Investments||9
10||1,025
74,599||1,025
82,961|
|||||75,624||83,986|
|CURRENT ASSETS
Debtors|||4,236||4,316||
|Cash at Bank and in Hand|||962||2,193||
||||5,198||6,509||
|CREDITORS: Amounts|falling due within||||||
|one year||12|(1,068)||(649)||
|NET CURRENT ASSETS||||4,130||5,860|
|TOTAL ASSETSLESS|CURRENT||||||
|LIABILITIES||||79,754||89,846|
|CREDITORS: Amounts|falling due after||||||
|more than one year||||(1,609)||(1,512)|
|TOTAL NET ASSETS||||78,145||88,334|
|UNRESTRICTED FUNDS
Designated
Funds
Other Charitable
Funds||16
16||5,953
72,192||5496
83,038|
|TOTAL UNRESTRICTED FUNDS||||78,145||88,334|
##
##
|||2023||2022||
|---|---|---|---|---|---|
|||Unrestricted|Funds|Unrestricted|Funds|
||Note|0'000|0'000|0'000|mess|
|Cash Flows from Operating
Activities:
Net Cash used in Operating
Activities|23||3,463||(822)|
|Cash Flows from Investing
Activities||||||
|Dividends,
Interest and Rents from
Investments||1,182||905||
|Proceeds from Sale ofInvestments||||1,074||
|Purchase ofInvestments||(159)||(1,239)||
|Net Cash Provided
by Investing
Activities|||1,023||740|
|Cash Flows from Financing
Activities||||||
|Interest Paid||(8)||(9)||
|Net Cash Used in Financing
Activities|||(8)||(9)|
|CHANGE IN CASH AND CASH||||||
|EQUIVALENTS IN THE YEAR|||4,478||(91)|
|CASH AND CASH EQUIVALENTS AT
1APRIL 2022|||6,637||6,728|
|CHANGE IN CASH AND CASH||||||
|EQUIVALENTS DUE TO EXCHANGE||||||
|RATE MOVEMENTS||||||
|CASH AND CASH EQUIVALENTS AT
31MARCH 2023|24||11,115||6,637|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||2023|2022|
|---|---|---|---|---|---|
|||||4'css|s'000|
||Bank Charges and Interest
Losses on Foreign Exchange|||8
90|9
66|
|||||98|75|
|3.|GRANTS AND DONATIONS PAYABLE|||||
|||||2023|2022|
|||||s'000|s'sss|
||Grants and Donations
Paid
Non-monetary
Donations||(seeNote 21a—Provision ofFacilities)|3,410
400|2777
400|
|||||3,810|3,177|
##
##
##
##
|GRANTS AND DONATIONS|PAYA|PAYA|BLE (cont'd)||
|---|---|---|---|---|
|The composition ofmonetary|donations||is shown below.|ps00|
|BCTrust||||1,096|
|Amud Hatzdokoh
Trust||||580|
|Chasdei Aharon Ltd||||157|
|Kahal Chassidim Bobov||||143|
|Chevras Mooz Ladol||||116|
|Shaarei Orah Ltd||||92|
|North London Welfare &Educational|||Foundation|91|
|Friends ofMir||||70|
|Mercaz Hatorah Netzach Yisroel||||70|
|Sassov Beis Hamedrash||||53|
|Mifal Hachesed Vehatzedokoh||||42|
|New Rachmistrivke
Synagogue
The Friends of Yeshivas Brisk||Trust||41
40|
|Migd Tzedoko V'Chesed||||40
32|
|Slabodka Yeshiva Trust|||||
|Chevras Machzikei
Mesifta||||32|
|String ofPearls
Friends ofBobov||||31
26|
|Three Pillars Trust||||25|
|Rabinow Divrei Shir Kollel||||25|
|Achisomoch
Aid Co||||24|
|Gateshead
Talmudical
College
British Friends ofthe Chazon||Ish Institutions||21
21|
|Other Donations||||542|
|||||3,410|
##
|||2023|2022|
|---|---|---|---|
|||4'ass|Fess|
|Auditors'|Remuneration|31|26|
|Legal and|Professional Fees|15|28|
|||46|54|
##
##
##
|NET INCOME BE|FORE TAX|||
|---|---|---|---|
|This is stated after|charging:|2023|2022|
|||6'000|g'000|
|Auditors'
Remuneration:||||
|Audit Fees
Other Professional|Services|62|55
2|
##
|Majorcomponents|oftax expense|||||
|---|---|---|---|---|---|
|||||2023|2022|
|||||F000|6'000|
|Deferred taxi
Origination
and reversal oftiming differences||||(101)|311|
|Taxation||||(101)|311|
|All tax is recognised|in the Consolidated|Income and Expenditure|Account.|||
##
|corporation tax in the UKof19%|(2022: 19%)by reference|to the analysis below.||
|---|---|---|---|
|||2023|2022|
|||6'000|g'000|
|Net expenditure
before tax||(10/90)|(1,606)|
|Net expenditure
by rate oftax
Non taxable income and expenses
Timing differences
on unrealised
Timing difference on gilt aid
Impact ofchange in tax rate
Other differences|gains|(1,955)
1,920
(24)
(42)|(305)
250
(28)
(24)
429
(11)|
|Taxation||(101)|311|
##
##
##
##
##
##
##
##
|INVESTMENTS|||||||
|---|---|---|---|---|---|---|
|||Long|||||
||Freehold|Leasehold|Listed|Other|||
|Group|Properties
0'000|Properties
0'000|Investments
0'000|Investments
0'000|Total
g'000||
|FAIR VALUE
At 1 April 2022
Additions|37,448
159|12,483|46|34,335|84,312
159||
|Disposals|||||||
|Transfers|34|(34)|||||
|Revaluation|(92)|(1,173)||(7,445)|(8,707)||
|At 31March 2023|37,549|11,276||26,890|75|764|
||Freehold|Long
Leasehold|Listed|Investments
in Subsidiary|Other||
|---|---|---|---|---|---|---|
|Company|Properties
0'000|Properties
0'000|Investments
0'000|Undertakings
0'000|Investments
0'000|Total
0'000|
|FAIR VALUE
At 1April 2022
Additions|37,448
159|4,844||6,288|34,335|82,961
159|
|Disposals|||||||
|Transfers
Revaluation|34
(92)|(34)
(773)||(214)|(7,445)|(8,521)|
|At 31March 2023|37,549|4,037|49|6,074|26,890|74,599|
##
##
##
##
##
##
|||||Company|
|---|---|---|---|---|
|||||Number|
|Directl
Held Subsidiaries|||||
|Freshwater
Gladville|Property
Limited|Management|Limited|00891786
02454653|
|Haysgrans
Propeity Co.Limited
Metropolitan
Properties Co.(Overseas) Limited||||00662308
00863934|
|Indirectl|Held Sub|'
'es|||
|he aggregate
amoun
oBows:|t o|fa|ssets, lia|bilities
and f|unds ofthe s|ubsidiary
under|takings
a|re a|
|---|---|---|---|---|---|---|---|---|
||||||||Capital|&|
||||||Assets|Liabilities|Reserves||
||||||0'000|0'000|0'000||
|Freshwater
Property Management||||Limited|17,082|(13,973)|3,109||
|Gladville
Limited|||||||||
|Haysgrans
Properly Co. Limited
lvletropolitan
Properties Co.(Overseas) Limited|||||7,376
418|(4,829)|2,547
418||
|summary ofturnover,||expenditure||and profit or loss forthe||year is shown|below for||
|ach operational
subsidiary|||undertaking.||||||
|Turnover|||||||Metropolitan||
|||||Freshwater|||Properties||
|||||Property||Hsysgrsns|Ce.||
|||||Management||Property|(Overseas)||
||||||Limited|Co Limited|Limited||
||||||g'000|g'000|g'000||
||||||1,280|308|||
|Cost ofsales||||||(164)|||
|Administrative
expenses|||||(976)|(16)|||
|Net valuation
gains|on|investment|||||||
|propelty
Interest receivable|and|similar income|||20|(400)|||
|Interest payable and similar charges
Profit before tax|||||5
319|(232
(504)|||
|Taxation|||||20|119|||
|Profit for financial|year||||299|385|||
##
##
##
##
|DEBTORS||||||
|---|---|---|---|---|---|
|||Group
2023|2022|Company
2023|2022|
||Note|0'000|0'000|S'000|0'000|
|Amount
owed by subsidiary
undertakings|1la|||2,903|2,903|
|Amounts
due fiom connected||||||
|undertakings
Loan debtors (charitable purposes)
Rental debtors
Other debtors|lib|6,274
641
583
314|10,161
617
543
480|6
641
578
108|17
617
538
241|
|||7,812|11,801|4,236|4,316|
##
##
##
|which are interest free and effectively|repayable
on dem|and.|||
|---|---|---|---|---|
||Group
2023|2022|Company
2023|2022|
||0'000|f.'000|0'000|0'000|
|Cherry Orchard Properties
Limited||I|||
|Newprop
Company
Limited
LKBInvestments
Limited|45|8
50|||
|Bastion Products Limited||15|||
|Freshwater
Family Retirement
Benefits Scheme|749|439|||
|The Raphael Freshwater|||||
|Memorial Association|||||
|Limited|2|17||17|
|Highdom
Co.Limited|5,102|8,841|||
|The Bampton Property Group
Limited|61|51|||
|Bampton (BdtB) Limited
Bampton (Redbridge)
Limited|7
11|6
12|||
|Brickiield Properties
Limited|69|285|||
|City and Country Properties
Limited|148|253|||
|City and Country Properties
(Midlands)
Limited|24|50|||
|The Halliard
Property Co.|||||
|Limited|36|112|||
|Other Freshwater
Gmup|||||
|Companies|20|21|||
||6,274|||17|
##
##
##
##
|CREDITORS: AMOUNTS FAL|LING DUE|WITHIN ONE|YEAR|||
|---|---|---|---|---|---|
|||Group
2023|2022|Company
2023|2022|
||Note|f'000|f'000|f'000|f'000|
|Amounts
owed to subsidiary
undertakings||||325||
|Amounts
owed to connected||||||
|undertakings
Taxation and social security
Rent in advance
Other creditors and accruals|12a|13,134
16
259
984|11,167
317
776|163
16
240
324|82
289
278|
|||14,393|12,260|1,068|649|
|account, are intere|st free and effecti|vely repayable
on d|emand.|||
|---|---|---|---|---|---|
|||Group||Company||
|||2023|2022|2023|2022|
|||f'000|f'000|f'000|f'000|
|Bastion Products|Limited|1,260|1,260|||
|Highdom Co.Limited||1,123|1,060|163|82|
|Metropolitan
Properties Co||||||
|(Cloisters) Limited
LKBInvestments
Limited||1,066
9,626|893
7,893|||
|Other Freshwater
Companies|Group|59|61|||
|||13,134|11,167|163|82|
##
##
|Group|and Company|||
|---|---|---|---|
|||2023|2022|
|||8'000|8'000|
|Other &editors||1,609|1,512|
|||1,609|1,512|
|Amounts|are payable as follows:|||
|In more|than one year but not more than two years||1,512|
|In more than two years but not more than five years
In five years ormore||1,609||
|||1,609|1,512|
##
##
|Group —Investment|Property|g'000|
|---|---|---|
|At 1April 2022||1,668|
|Movements
during the|year|(100)|
|At 31March 2023||1,568|
##
##
|The total f
follows:|uture
minimum
lease payments
receivable
under n|on-cancellable
operating
lease|s are as|
|---|---|---|---|
|||2023|2022|
|||0'000|0'000|
|Not later than
1 year
Later than
1year and not later than 5 years
Later than 5years||816
1,503
481|927
1,691
1,286|
|||2,800|3,904|
##
|UNRESTRICTED INCOM|E FUNDS|||||
|---|---|---|---|---|---|
||||Other|Non||
|||Designated|Charitable|Charitable||
|Group||Funds
0'000|Funds
0'000|Funds
0'000|Total Funds
0'000|
|Balance at 1April 2022
Net income/(expenditure)|for the year|5396
657|76,751
(10,632)|6288
(214)|88,335
(10,189)|
|Balance at 31March 2023||5,953|66,119|6,074|78,146|
|||||Other||
||||Designated|Charitable||
|Company|||Funds
0'000|Funds
0'000|Total Funds
0'000|
|Balance at 1April 2022
Net expenditure
for the year|||5,296
657|83,038
(10,846)|88,334
(10,189)|
|Balance at 31March 2023|||5,953|72,192|78,145|
##
##
|ANALYSIS|OFNET ASSETSBE|TWEEN FUNDS||||
|---|---|---|---|---|---|
||||Net Current|Long Term||
|Group||Fixed Assets
K'000|Assets
K'000|Liabilities
g'000|Total
g'000|
|Unrestricted|Income Funds|76,789|4,534|(3,177)|78,146|
|Total Funds||76,789|4,534|(3,177)|78,146|
||||Net Current|Long Term||
|Company||Fixed Assets
g'000|Assets
g'000|Liabilities
g'000|Total
K'000|
|Unrestricted|Income Funds|75,624|4,130|(1,609)|78,145|
|Total Funds||75,624|4,130|(1,609)|78,145|
##
##
##
##
||||Group||Company||
|---|---|---|---|---|---|---|
||||2023|2022|2023|2022|
||||s'aso|4'soo|s'000|s'000|
|Financial|assets measured
at fair value||||||
|through
income and expenditure:
Listed and other investments
(see Note||10)|26,939|34,381|26,939|34,381|
|Investment
Note 10)|in subsidiary
undertakings|(see|||6074|6288|
|Financial assets measured at amortised
cost (seeNote 11)|||7,812|11,801|4,236|4,316|
|Financial
amortised|liabilities measured
at
cost (seeNote 12& 13)||16,002|13,772|2,677|2,161|
##
##
##
##
|
donated to charitable
companies,
the trustees ofwhich are Tru|stees ofthe Company.||
|---|---|---|
||2023|2022|
||4'000|4'ees|
|Sassov Beis Hamedrash|53|26|
|Beth Jacob Grammar
School for Girls Limited:
Donations||1,150|
|Provision offacilities|400|400|
##
##
##
##
##
##
##
##
##
##
##
|RECONCILIATION
OFNET INCOME TO NET CASH USE|D IN OPERATING AC|TIVITIES|
|---|---|---|
||2023|2022|
||s'000|s'see|
|Net expenditure
forthe year|(10,189)|(1,917)|
|Adjustments
for:
Losses/(gains)
on investments
Interest paid
Dividends,
interest and rents trom investments
Notional rent received
Increase/(decrease)
in charitable
loan provisions
Net charitable
loans (advanced)/repaid
(Increase)/decrease
in debtors
Increase/(decrease)
in creditors
Increase/(decrease)
in provisions
for liabilities|8,707
98
(1,680)
400
(24)
4,053
2,198
(100)|199
75
(1,422)
400
334
(41)
2,258
(1,018)
310|
|Net cash used in operating
activities|3,463|(822)|
|ANALYSIS OF CASH AND CASH EQUIVALENTS|||
||2023|2022|
||4'sss|s'oee|
|Cash atBank and in Hand|11,115|6,637|
|Total cash and cash equivalents|11,115|6,637|
##
##
##
||2023||2022||
|---|---|---|---|---|
||f'000|f'000|f'000|f'000|
|Income and Endowments
from:
Donations
and Grants Received||1,380||1,250|
|Investments:
Income fiom Fixed Asset Investments||658||634|
|Interest Receivable and Similar
Charges
Rents and Charges Receivable||234
1,930||298
1,794|
|Total Income||4/02||3,976|
|Expenditure
on:|||||
|Raising Funds:
Property
Outgoings
Interest Payable and Similar Charges|(1,074)
(93)||(1,195)
(69)||
|Charitable
Activities:|||||
|Grants and Donations|(3,810)||(3,177)||
|Direct Charitable
Activities|(4)||(5)||
|Payments
from Special Projects Fund|(843)||(1,063)||
|Other:|||||
|Governance
Costs|(46)||(54)||
|Total Expenditure||(5,870)||(5,563)|
|NET INCOME
/ (EXPENDITURE)
BEFOREGAINS ON INVESTMENTS||(1,668)||(1,587)|
|Net Gains / (Losses) on Investments:
Gain on sale ofInvestment
Property
Valuation ofInvestment
Property|(865)||984
(1,941)||
|Valuation ofListed and Other|||||
|Investments|(7,656)||617||
|||(8,521)||(340)|
|NET INCOME
/ (EXPENDITURE) FOR
THE YEAR AND MOVEMENT IN FUNDS||(10,189)||(1,927)|
|Reconciliation ofFunds:
Total Funds Brought Forward||88,334||90,261|
|TOTAL FUNDS CARRIED FORWARD||78,145||88,334|
##
##
##
||2023||2022||
|---|---|---|---|---|
||Unrestricted|Funds|Unrestricted|Funds|
||0'000|0'000|0'000|0'000|
|Rents and Other Charges Receivable||1,930||1,794|
|Less:Property
Outgoings|||||
|General snd Water Rates
Insurance
Repairs and Maintenance
Lighting snd Heating
Porterage and Cleaning
Legal and Professional
Charges
Service Charges
Letting Commission|387
69
282
125
154
29
22
6||225
66
293
113
219
170
18
91||
|||(1,074)||(1,195)|
|NET PROPERTY REVENUE||856||599|