2022-03-31-accounts

THE JOSHUA TRUST

and its Subsidiary Companies CHARITY REGISTRATION NUMBER 255922

TRUSTEES’ REPORT

• and -

AUDITED ACCOUNTS

FROM 1 APRIL 2021

TO 31 MARCH 2022

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

Contents	Page
Reference and Administrative Details	1
Trustees’ Annual Report	2 - 5
Independent Auditor’s Report	6 - 7
Consolidated Statement of Financial Activities	8
Consolidated and Charity Balance Sheets	9
Consolidated Cash Flow Statement	10
Notes to the Consolidated and Charity Accounts	11 - 21
Charity Only Statement of Financial Activities	22

Page 1

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

REFERENCE AND ADMINISTRATIVE DETAILS

TRUSTEES

R. Grussgott Mrs. R Grussgott S. Grussgott Mrs. K Grussgott C. Landau M. Rubin

CHARITY’S CONTACT AND PRINCIPAL ADDRESS

R. Grussgott 88 Edgware Way Edgware HA8 8JS

DETAILS OF FORMATION

The Charity was created by Declaration of Trust on 10 April 1968 and registered with the Charity Commission on 30 May 1968 under Charity Number 255922

BANKERS

The Royal Bank of Scotland PLC Barclays Bank PLC

SOLICITORS

Olswang LLP

INDEPENDENT AUDITOR

Stephen Sacks FCA Senior Statutory Auditor for Shears & Partners Limited Chartered Accountants 88 Edgware Way Edgware HA8 8JS

Page 2

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

TRUSTEES’ ANNUAL REPORT

The Trustees present their Annual Report along with the Audited Accounts of The Joshua Trust (“the Charity”) and its Subsidiary Companies (“the Accounts”) for the year ended 31 March 2022. The Accounts have been prepared in accordance with the Accounting Policies set out on Pages 11 to 13 and comply with the Declaration of Trust and applicable law.

• OBJECTIVES AND ACTIVITIES

The Trustees shall stand possessed of the Trust Fund upon trust to pay or apply the whole of the income and the capital of the Trust Fund for those purposes, both in the United Kingdom and abroad, recognised as Charitable in English Law.

Monies are raised by way of investment income from both its own and its wholly owned subsidiaries’ property assets and interest receivable from cash deposits. Investment income earned in the year amounted to £1,114k (2021: £1,034k)

Charities and Public Benefit

The Trustees have considered the Charity Commission’s general guidance on public benefit and are satisfied that the Charity complies with that guidance.

Grant Making Policy

The Charity’s policy is to act according to the Declaration of Trust which enables grants and donations to be made from both income and capital. All applications to the Charity for grants, donations or loans are considered carefully by the Trustees at regular meetings. On most occasions, if the Trustees feel that the application meets their approval in principle, they will meet applicants face to face and discuss with them the most effective way of providing assistance. The Trustees usually then have a further meeting before making a decision as to whether assistance should be granted, and if so, in what form and to what level.

The Trustees find that this is the most effective way of aiding applicants as it allows them flexibility in terms of deciding whether they will assist by way of a donation or an interest free loan and also ensures that each application is considered fairly.

•

ACHIEVEMENTS AND PERFORMANCE

The Trustees continued to support religious organisations, institutions of higher and further education, and institutions caring for the poor and sick.

The Trustees are delighted to announce that the Charity has been able to make Grants of £793.5k (2021: £741k) to good causes during the year. The recipients who received Grants that were material to the total Grants made to Institutions are detailed in Note 7 to the Accounts.

Page 3

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

TRUSTEES’ ANNUAL REPORT (Continued)

• FINANCIAL REVIEW

Review of the Charity’s Financial Position at the end of the Financial Year

The Charity and its Subsidiaries Incoming Resources amounted to £1,185k ( 2021: £1,156k ). Resources Expended amounted to £1,067k ( 2021: £929k ) and there was a loss on disposal of an Investment Property which could no longer be let and that loss amounted to £Nil k ( 2021: £1,412k) hence there was a surplus/(deficit) for the year of £116k (2021: £(1,185 ) k). The Charity and its Subsidiaries Consolidated Funds increased/(decreased) by the same amount ( 2021: increased/(decreased) by the same amount).

The Charity and its Subsidiaries own a portfolio of commercial investment properties registered both in its own name and in the names of its group undertakings, Addison Properties Limited and Pastbridge Limited. The Charity aims to achieve investment returns based on rental income in excess of 3.5% per annum (on market valuation) and based on capital growth of 7.5% per annum.

The policy has developed due to the Trustees’ experience of the needs of the Charity’s beneficiaries. It is felt that the beneficiaries will receive the greatest benefit from the Charity if the Charity provides regular contributions rather than one off lump sums. As such, they developed the policy to invest in commercial investment properties which yield substantial annual income which, when donated annually to the beneficiaries, allows them to meet the shortfalls in the beneficiaries’ annual budgets. The experience of the Trustees is that the beneficiaries do not struggle to raise capital for one off projects, however, their biggest difficulty is raising funding for annual shortfalls.

The Trustees discuss the ongoing position of property investments at their quarterly board meetings.

Reserves Policy

The Charity’s unrestricted funds are made up of two components:

a. General Reserve

This has arisen mainly as a result of property disposals. Historically, sales proceeds were reinvested in a portfolio of other commercial investment properties which consistently produce substantial net rental income. The Trustees do not intend selling the income producing assets in order to maintain the continuing income stream therefrom.

b. Revaluation Reserve

This arises as a result of the Charity’s compliance with Current Accounting Standards which requires the Trustees to revalue Investments to their estimated current market value at each year end. This Reserve, which at the year end amounted to £6.2m (2021: £6.2m) at the Group level and £3.1m (2021: £3.1m ) at the Charity only level, is, by its very nature non-distributable, until such time that it is realised on the disposal of the underlying assets. The Trustees have no intention of disposing of the underlying income producing assets for the foreseeable future.

Page 4

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

TRUSTEES’ ANNUAL REPORT (Continued)

• FINANCIAL REVIEW (Continued)

Risk Management

The Trustees regularly consider the risks to which the Charity is exposed at their quarterly Trustee meetings, and systems designed to mitigate those risks are considered on an ongoing basis.

There are two major risks that have been identified by the Trustees. The first is the risk of a fall in property values and rental income. The Trustees feel that the risk is mitigated by their expertise in the property market, which they feel would allow them to protect the interests of the Charity. The Trustees spend a large amount of their personal time ensuring that the property investment portfolio is run on a professional basis.

The second risk is a fall in the value of the subsidiary undertakings. Since the subsidiaries are property investment companies, the Trustees can apply their expertise in overseeing the portfolios and thereby mitigate the abovementioned risks.

Other

During the year, the majority of the Charity’s Investment Property portfolio was managed by the Trustees. This service was provided at no charge. The charge in the Accounts for Management Charges of £7k ( 2021: £5k ) relates to properties that it is not practical due to their remote geographical locations for the Trustees to manage and hence they are managed by a third party manager.

• STRUCTURE, GOVERNANCE AND MANAGEMENT

The Joshua Trust is constituted by a Declaration of Trust dated 10 April 1968 and was Registered with the Charity Commission on 30 May 1968 under Charity Number 255922.

The Trustees in office in the year were as follows:

R. Grussgott Mrs. R Grussgott S. Grussgott Mrs. K Grussgott C. Landau M. Rubin

The power of appointing Trustees lies with the existing Trustees.

There are no policies adopted by the Trustees for the recruitment, induction and training of Charity Trustees. Due to the nature of the Charity’s activities, most of the day to day work is learned through practical exposure and ultimately experience.

Page 5

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

TRUSTEES’ ANNUAL REPORT (Continued)

• STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)

Trustees’ Responsibilities in Relation to the Accounts

The Law applicable to charities in England and Wales requires the Trustees to prepare Accounts for each Financial Year, which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing the Accounts, the Trustees are required to:

• select suitable Accounting Policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Accounts, and

• prepare the Accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the Accounts comply with the Charities Act 2011 (“the 2011 Act”), the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Declaration of Trust. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In the case of each Trustee who is in office at the time when the Trustees’ Report is approved:

• so far as the Trustees are aware, there is no relevant audit information (information needed by the Auditor of the Charity in connection with preparing his report) of which the Auditor of the Charity is unaware, and

• the Trustees have taken all steps that they ought to have taken as Trustees in order to make themselves aware of any relevant information and to establish that the Auditor of the Charity is aware of that information.

• REFERENCE AND ADMINISTRATIVE DETAILS

Reference and Administrative Details are set out on Page 1 and form part of this report.

The Trustees declare that they have approved the Trustees’ Report above.

S. GRUSSGOTT

Trustee

Date: 31 January 2023

Page 6

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

Opinion

We have Audited the Accounts of The Joshua Trust (“the Charity”) and its subsidiaries (‘the Group’) for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and the Charity’s Balance Sheet, the Consolidated Cash Flow Statement, and the Notes to the Audited Accounts, including a summary of significant Accounting Policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice). In our opinion, the Accounts:

• give a true and fair view of the state of the Group’s and of the Charity’s affairs as at 31 March 2022 and of the Group’s incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”).

Basis for opinion

We conducted our Audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the Audit of the Accounts section of our report. We are independent of the Group and the Charity in accordance with the ethical requirements that are relevant to our Audit of the Accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in Note 16 to the Accounts, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the Accounts, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the Accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the Accounts are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report, other than the Accounts and our Auditor’s Report thereon. The Trustees are responsible for the other information. Our opinion on the Accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our Audit of the Accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the Accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the Report of the Trustees is inconsistent in any material respect with the Accounts; or

• sufficient accounting records have not been kept; or

• the Accounts are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our Audit.

Auditor's responsibilities for the Audit of the Accounts

We have been appointed as Auditors under Section 151 of the 2011 Act and report in accordance with the 2011 Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the Accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach was as follows:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity and determined that the most significant are those that relate to:

• which laws and regulations are significant to the Charity and why.

• which financial reporting framework is significant to the Charity.

• whether there were any complex taxation issues which are significant to the Charity and which might impact risks of material misstatement or elevate risks of non-compliance with laws and regulations.

• whether there were any other significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the Accounts.

The key laws and regulations we have considered in this context included the 2011 Act and tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the Accounts but compliance with which may be fundamental to the Charity's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We assessed the risks of material misstatement in respect of fraud as follows:

• We made fraud enquiries of the Trustees both before and during the audit.

• Analytical procedures used to identify any unusual or unexpected relationships.

Page 7

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

(Continued)

• The audit team discussed and identified particular areas that were susceptible to misstatement as part of their fraud discussion.

• The audit team identified any fraud risk factors in its discussion of related party relationships and transactions.

• Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. - We discussed with the Trustees our approach to understanding the Charity’s policies and procedures for compliance with those laws and regulations. - We discussed with the Trustees and consequently gained an understanding of how instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented.

• We discussed with the Trustees and made relevant enquiries of them before and during the audit?

• We corroborated our enquiries through:

• We corroborated our enquiries as follows:

  • review of Board minutes, where relevant;

  • review of correspondence with HMRC or Charity Commission, where relevant;

  • review of correspondence with other regulatory bodies, where relevant;

• There was no contradictory evidence.

• We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. - We tested year-end journals only, or journal entries throughout the year. We used data analytics to identify journal entries demonstrating certain risk factors.

• We considered the influence of performance targets on management to be a risk, and if so, procedures were designed to address this risk. - There were no transactions outside the normal course of business identified, and we corroborated that they were made for valid Charitable rationale.

• Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including:

• We considered and designed audit procedures to address, for example:

  • the possibility of fraudulent or corrupt payments made through third parties.

  • the risk of bribery and corruption, including whether the Charity operates overseas, or makes grants overseas.

  • where segregation of duties is limited or not in place at all.

• We evaluated whether the selection and application of accounting policies by the Charity, particularly those related to subjective measurements and complex transactions, may be indicative of fraudulent financial reporting resulting from management’s effort to manage earnings.

• We incorporated an element of unpredictability in the selection of the nature, timing and extent of audit procedures.

• Where we identified transactions displaying identified risk criteria: - Further work was carried out where appropriate;

• Additional testing to source information was carried out;

• We had discussions with specialists on areas of the Accounts particularly susceptible to fraud.

• • As part of our audit of our audit of the Accounts which have been Consolidated, we communicated with component accountants/auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the Accounts of the group.

• • The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

• • We considered the extent to which the audit was considered capable of detecting irregularities: - We considered how the audit would be affected by the likelihood of detection.

• This included inter-alia discussion of:

  • the inherent difficulty in detecting irregularities;

  • the effectiveness of the entity’s internal controls; and

  • the nature, timing and extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the Accounts, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the Audit of the Accounts is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities . This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the Trustees of the Charity, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Trustees of the Charity as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Sacks (Senior Statutory Auditor) 31 January 2023 Shears & Partners Limited 88 Edgware Way Chartered Accountants Edgware Statutory Auditor HA8 8JS

Shears & Partners Limited is eligible for appointment as Auditor of the Charity by virtue of its eligibility for appointment as Auditor of a company under of Section 1212 of the Companies Act 2006.

Page 8

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

	Note	2022	2021
		£	£
INCOMING RESOURCES
Income and Endowments from:
Donations and Legacies	(4)	21,144	81,174
Investments	(5)	1,114,168	1,033,764
		1,135,312	1,114,938
Other Incoming Resources		49,193	41,059
Total Incoming Resources	(13)	1,184,505	1,155,997
		____	____
RESOURCES EXPENDED
EXPENDITURE ON:
RAISING FUNDS	(6)	(252,562)	(167,277)
CHARITABLE ACTIVITIES	(7)	(793,500)	(741,000)
OTHER EXPENDITURE	(8)	(21,000)	(20,620)
Total Resources Expended	(13)	(1,067,062)	(928,897)
		____	____
NET INCOMING/(OUTGOING) RESOURCES	(14)	117,443	227,100
OTHER RECOGNISED GAINS/(LOSSES)
Gains/(Losses) on Revaluation of Investments	(14)	(1,641)	(1,412,122)
Other Gains/(Losses)		-	-
Net Movement in Funds	(14)	115,802	(1,185,022)
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FORWARD	(13)/(14)	11,740,390	12,925,412
TOTAL FUNDS CARRIED FORWARD	(13)/(14)	£11,856,192	£11,740,390
		========	=======

The Notes on Pages 11 to 21 form part of the Audited Accounts.

Page 9

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

CONSOLIDATED AND CHARITY BALANCE SHEETS

AS AT 31 MARCH 2022

	Note	Consolidated	Consolidated	Charity	Charity
		_____		_____
		31.3.2022	31.3.2021	31.3.2022	31.3.2021
		£	£	£	£
FIXED ASSETS
Tangible Assets	(9)	2,001	301	2,000	300
Investments	(10)	10,295,000	10,295,000	11,110,439	11,112,080
		10,297,001	10,295,301	11,112,439	11,112,380
		___	_____	___	_____
CURRENT ASSETS
Debtors	(11)	691,452	588,148	759,682	629,213
Cash at Bank and in Hand		1,228,955	1,224,251	63,760	66,477
		1,920,407	1,812,399	823,442	695,690
CREDITORS:Amounts
falling due within one year	(12)	(359,574)	(367,310)	(78,047)	(67,680)
NET CURRENT
ASSETS/(LIABILITIES)		1,560,833	1,445,089	745,395	628,010
		___	_____	___	_____
NET ASSETS		£11,857,834	£11,740,390	£11,857,834	£11,740,390
		========	=======	========	=======
FUNDS OF THE
GROUP/CHARITY
Unrestricted Funds	(13)	5,626,854	5,507,769	5,626,854	5,507,769
Revaluation Reserve	(13)	6,230,980	6,232,621	6,230,980	6,232,621
TOTAL FUNDS	(13)	£11,857,834	£11,740,390	£11,857,834	£11,740,390
		========	=======	========	=======

The Accounts were approved on 31 January 2023 and signed on behalf of all of the Trustees.

---

R. GRUSSGOTT

The Notes on Pages 11 to 21 form part of the Audited Accounts.

Page 10

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

CONSOLIDATED CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2022

Cash Cash Equivalents Overdrafts Loans within 1 Year Loans After more than 1 Year Finance Lease Obligations Cash Cash Equivalents Overdrafts Loans within 1 Year Loans After more than 1 Year Finance Lease Obligations		Start of The Year 1,224,251 (14,813) 1,209,438 Start of The Year 390,200 - (51,385) - - - 338,815	Cash In/(Out) Flows 4,704 4,704 Cash In/(Out) Flows 834,051 - 36,572 - - - 870,623		Acq'n/Disp New Finance Fair Value Subsidiaries Leases Movements - - - FOR THE YEAR ENDED 31 MARCH 2021 Acq'n/Disp New Finance Fair Value Subsidiaries Leases Movements - - - - - - - - - - - - - - - - - - - - -		Foreign Exch Movement - Foreign Exch Movement - - - - - - -		Other Non- Cash Changes - Other Non- Cash Changes - - - - - - -		End of The year
											1,228,955
											(14,813)
		1,209,438									1,214,142
											End of The year
											1,224,251
											-
											(14,813)
											-
											-
											-
		338,815	870,623		-		-		-		1,209,438

Page 11

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022

1. STATUTORY INFORMATION

The Joshua Trust is a Charitable Trust, Registered in England and Wales, Charity Registration Number 255922. The Charity’s Contact and Address are Mr Robert Grussgott, 88 Edgware Way, Edgware, HA8 8JS.

2. COMPLIANCE WITH ACCOUNTING STANDARDS

The Audited Accounts (“the Accounts”) have been prepared in accordance with the provisions of FRS 102 (the Financial Reporting Standard applicable in the UK), the Charities FRS 102 SORP and the Charities SORP Update Bulletin 2.

There were no material departures from the above Accounting Standards.

3. ACCOUNTING POLICIES

a. Basis of Accounting

The Accounts have been prepared in accordance with the historical cost convention as modified by the Revaluation of Investments and in accordance with:

• The Charities Act 2011 (“the 2011 Act”)

• The Financial Reporting Standard applicable in the UK FRS 102 (“FRS 102”)

• • The Statement of Recommended Practice: Accounting and Reporting by Charities preparing their Accounts in accordance with the Financial Reporting Standard applicable in the UK (“FRS 102”) issued on 16 July 2014 the FRS 102 SORP (“the SORP”).

• The Charities SORP (FRS 102) Update Bulletin 2 issued on 5 October 2018 (“the Charities SORP FRS 102”).

The Charity is a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

The most significant areas of adjustment and key assumptions that affect items in the Accounts are to do with the risk of a fall in property values and rental income in the Charity or its subsidiaries (see Note 10 for more information). With respect to the next reporting period, 2022-23, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment returns and the performance of investment markets (see the Investment Policy and performance and risk management sections of the Trustees’ Annual Report for more information).

b. Consolidated Accounts

The Accounts consolidate the results of the Charity and its Subsidiary Undertakings on a line by line basis. They also include separate details of the Balance Sheet of the Charity.

Page 12

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

3. ACCOUNTING POLICIES (Continued)

c. Voluntary Income

Voluntary Income comprises donations that are accounted for in the Consolidated Statement of Financial Activities (“SoFA”) when the Charity becomes entitled to the donation and any conditions for receipt are met and the monetary value can be measured with sufficient reliability.

d. Investment Income

Investment Income comprises rents and interest receivable, on an accruals basis.

e. Raising Funds

Investment Management Costs comprise Investment Property expenses including property costs payable, on an accruals basis.

f. Charitable Activities

Charitable Activities comprise Grants and Donations made which are charged in the year in which the payment of funds is effected.

• g. Fixed Assets

Tangible Assets – Depreciation

Depreciation is provided at the following Annual Rate in order to write the cost of each asset down to its estimated residual value over its useful economic life:

% On Written Down Value

Computer Equipment 33

h. Investment Property

Investment properties are valued by the Trustees on a fair yield basis and are included in the Accounts at fair value. Gains/(Losses) are recognised in the Statement of Financial Activities. Deferred Taxation is not provided on these Gains/(Losses) because the Charity is exempt from Capital Gains Tax given its Registered Charitable status.

i. Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity or its subsidiaries to the expenditure.

Page 13

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

3. ACCOUNTING POLICIES (Continued)

• j. Fund Accounting

The Charity’s funds are all Unrestricted and are made up as follows:

General Reserve

This represents funds that can be used in accordance with the objects of the Charity at the discretion of the Trustees.

Revaluation Reserve:

This Reserve can only be used by the Charity upon transfer to the General Reserve when the revaluation is realised on the disposal of the underlying Investments.

ANALYSIS OF INCOME AND ENDOWMENTS FROM:

4. DONATIONS AND LEGACIES

4.	DONATIONS AND LEGACIES
		2022	2021
		£	£
	Corporate Charity Donors including a Related Party –
	Terrace Limited - (see Note 15)	21,144	81,174
	Individual Donors	-	-
		£21,144	£81,174
		=====	====
5.	INVESTMENTS
	Rent Receivable	1,114,076	1,033,692
	Interest Receivable	92	72
		£1,114,168	£1,033,764
		=======	======

Page 14

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

ANALYSIS OF EXPENDITURE ON:

6. RAISING FUNDS

RAISING FUNDS
	2022	2021
	£	£
Agent’s Rent Collection Fees	2,600	7,237
Bad Debts	47,922	739
Bank Charges	691	563
Depreciation	1,050	200
General Expenses	26	26
Hire of Equipment	3,816	896
Insurance	19,147	16,150
Interest	-	-
Legal and Professional Fees	4,810	20,919
Letting Expenses	4,704	4,863
Light and Heat	11,574	5,898
Management Charges	6,535	5,000
Postage and Stationery	264	122
Rates and Water (Overpayment recovered)	(582)	8,761
Repairs and Maintenance	114,249	74,189
Salaries	34,284	19,410
Service Charges	1,472	262
Telephone	-	2,042
	£252,562	£167,277
	======	=====
Salaries and Wages comprised the following:
Gross Salaries	34,284	19,410
Social Security Costs	-	-
	£34,284	£19,410
	=====	====

The average number of employees including unpaid Trustees in the year was 8 (2021:6).

Page 15

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

7. CHARITABLE ACTIVITIES

Analysis of Grants/Donations

Year Ended 31 March 2022

	Grants to	Grants to
	Individuals	Institutions
		£
Education	-	273,500
General Charitable	-	16,000
Relief of Poverty	-	260,000
Religious Organisations	-	150,000
Welfare	-	94,000
Total Grants/Donations Paid	£ -	£793,500
	==	======

Grants to particular Institutions that are material in the context of Grants to Institutions were made to the following Institutions for the following purposes:

		Total	Total
		Number of	Amount of
Name of Institution	Purpose	Grants Paid	Grants Paid
			£
Beis Aharon Trust Limited	Education	3	60,000
Friends of Mercaz Hatorah Belz
Macnivka	Relief of Poverty	4	60,000
	Religious
Kehal Yisroel D’Chasidei Gur	Organisation	4	85,000
Sub total		11	205,000
Grants immaterial to total grants made to Institutions		68	588,500
		79	£793,500
		==	======

Page 16

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

7. CHARITABLE ACTIVITIES (Continued)

Analysis of Grants/Donations

Year Ended 31 March 2021

	Grants to	Grants to
	Individuals	Institutions
		£
Education	-	232,000
General Charitable	-	85,000
Relief of Poverty	-	269,500
Religious Institutions	-	5,000
Welfare	-	149,500
Total Grants/Donations Paid	£ -	£741,000
	==	=====

Grants to particular Institutions that are material in the context of Grants to Institutions were made to the following Institutions for the following purposes:

		Total	Total
		Number of	Amount of
Name of Institution	Purpose	Grants	Grants
		Paid	Paid
			£
Beis Aharon Trust Limited	Education	4	80,000
Friends of Mercaz Hatorah Belz
Macnivka	Welfare	5	85,000
Sub total		9	165,000
Grants immaterial to total grants made to Institutions		63	576,000
		72	£741,000
		==	=====

Page 17

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

8. OTHER EXPENDITURE

OTHER EXPENDITURE
	2022	2021
	£	£
Accountancy Fees (including VAT)	10,500	10,120
Auditor’s Remuneration (including VAT)	10,500	10,500
Others	-	-
	£21,000	£20,620
	=====	====

The Auditors charged £4,810 (2021: £3,470 ) in respect of non-audit work carried out during the year principally for processing monthly payroll and other administrative assignments.

9. TANGIBLE ASSETS

TANGIBLE ASSETS
	Computer	Equipment
	Group	Charity
	£	£
Cost
At 1 April 2021	2,149	760
Additions	2,750	2,750
At 31 March 2022	4,899	3,510
	____	___
Depreciation
At 1 April 2021	(1,848)	(460)
Charge for the Year	(1,050)	(1,050)
31 March 2022	(2,898)	(1,510)
	_____	____
Net Book Value
At 31 March 2022	£2,001	£2,000
	====	====
At 31 March 2021	£301	£300
	===	===

Page 18

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

10. INVESTMENTS

					Freehold Land
Group					& Buildings
					£
Valuation and Net Book Value
At 1 April 2021					10,295,000
Additions/(Disposals)					-
Revaluation					-
At 31 March 2022					£10,295,000
					========
Cost					7,150,121
Revaluation					3,144,879
					£10,295,000
					========
	Long Leasehold
Charity	Land &	Freehold Land	Subsidiary
	Buildings	& Buildings	Undertakings		Total
	£	£	£		£
Valuation and Net Book Value
At 1 April 2021	300,000	7,040,000	3,772,080		11,112,080
Additions/(Disposals)	-	-		-	-
Revaluation	-	-	(1,641)		(1,641)
At 31 March 2021	£300,000	£7,040,000	£3,770,439		£11,110,439
	======	=======	=======		========
Cost	64,347	4,814,303		4	4,878,654
Revaluation	235,653	2,225,697	3,770,435		6,231,785
	£300,000	£7,040,000	£3,770,439		£11,110,439
	======	=======	=======		========

Subsidiary Undertakings

The Charity’s investment in Subsidiary Undertakings comprises the following:

		Profit/(Loss) After Taxation for the	Profit/(Loss) After Taxation for the	Profit/(Loss) After Taxation for the
	Holding	Financial Year			Valuation of Holding
		31 March	31	March	31 March	31 March
		2022	2021		2022	2021
		£		£	£	£
Addison Properties
Limited – 01153532	100%	(1,641)		(787)	3,257,117	3,258,758
Pastbridge Limited –
06834596	100%	-		-	513,322	513,322
					£3,770,439	£3,772,080
					=======	======

Page 19

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

11. DEBTORS

DEBTORS
	Consolidated		Charity
	31 March	31 March	31 March	31 March
	2022	2021	2022	2021
	£	£	£	£
Trade Debtors	278,135	263,695	47,252	12,759
Other Debtors	252,920	173,149	6,628	6,628
Amounts Owed by Group
Undertakings	-	-	631,963	531,282
Charitable Loan Debtors	122,250	120,500	67,500	67,500
Prepayments and Accrued
Income	38,147	30,804	6,339	11,044
	£691,452	£588,148	£759,682	£629,213
	======	=====	======	=====

1. CREDITORS: Amounts falling due within one year

	Consolidated	Consolidated	Charity	Charity
	31 March	31 March	31 March	31 March
	2022	2021	2022	2021
	£	£	£	£
Bank Overdraft	14,813	14,813	-	-
Trade Creditors	12,739	13,879	3,842	12,979
Amount Owed to Group
Undertaking	-	-	-	-
Other Creditors	130,606	140,778	63,705	43,705
Taxation and Social
Security	50,819	63,934	-	-
Accruals and Deferred
Income	150,597	133,905	10,500	10,996
	£359,574	£367,310	£78,047	£67,680
	======	=====	=====	====

Page 20

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

13. FUNDS OF THE GROUP/CHARITY

Group Funds
		Unrestricted
	Revaluation	General
	Reserve	Reserve	Total
	£	£	£
Group Assets owned at 1 April 2021	6,232,621	5,507,769	11,740,390
Incoming Resources	-	1,184,505	1,184,505
Outgoing Resources	-	(1,067,062)	(1,067,062)
Gains/(Losses) on disposal of Revalued
Investments	(1,641)	-	(1,641)
Other Gains/(Losses)	-	-	-
Group Assets owned at 31 March 2022	£6,230,980	£5,625,212	£11,856,192
	=======	=======	========
Charity Funds
		Unrestricted
	Revaluation	General
	Reserve	Reserve	Total
	£	£	£
At 1 April 2021	6,232,621	5,507,769	11,740,390
Net Incoming/(Outgoing) Resources	-	117,443	117,443
Gains/(Losses) on Disposal of Revalued
Investments	(1,641)	-	(1,641)
Other Gains/(Losses)	-	-	-
At 31 March 2022	£6,230,980	£5,625,212	£11,856,192
	=======	=======	========
RECONCILIATION OF NET GROUP MOVEMENT
		Unrestricted
	Revaluation	General
	Reserve	Reserve	Total
	£	£	£
Group Assets at 1 April 2021	6,232,621	5,507,769	11,740,390
Net Incoming/(Outgoing) Resources	(1,641)	117,443	115,802
Other Movement in year in Consolidated SoFA	-	-	-
Other Gains/(Losses)	-	-	-
Group Assets at 31 March 2022	£6,230,980	£5,625,212	£11,856,192
	=======	=======	========

14. RECONCILIATION OF NET GROUP MOVEMENT

Page 21

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

NOTES TO THE CONSOLIDATED AND CHARITY ACCOUNTS – 31 MARCH 2022 (Continued)

15. RELATED PARTY TRANSACTIONS

During the year, the majority of the Charity’s Investment Property portfolio was managed by the Trustees. This service was provided at no charge. The expense in the Accounts for Management Charges of £7k (2021: £5k) relates to properties that it is not practical due to their remote geographical locations for the Trustees to manage and hence they are managed by independent third-party managers.

The Charity received Donations from the following Related Parties:

	31 March	31 March	31 March
	2022		2021
	£		£
High Park Investments Limited		-	17,000
Nyfil Estates Limited		-	2,000
	£	-	£19,000
	==		====

Two of the Trustees have material interests in and are Directors of the above named Companies.

During the year, the Charity gave Donations to the following Related Parties:

	31 March	31 March
	2022	2021
	£	£
The Eliezer Foundation – 1126142	£13,000	£20,000
	=====	====
The Charity is run by the sister-in-law of two of the Charity’s Trustees and her son.
	31 March	31 March
	2022	2021
	£	£
Terrace Limited – 1068555	£20,000	£60,000
	=====	====

One of the Trustees of Terrace Limited is also a Trustee of The Joshua Trust.

16. PROVISION OF NON-AUDIT SERVICES BY OUR AUDITORS

In common with many other entities of our size and nature we use our Auditors to prepare and submit returns to the tax authorities and assist with the preparation of our Accounts.

Page 22

THE JOSHUA TRUST

and its Subsidiary Companies

Charity Registration Number 255922

CHARITY ONLY STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

	2022	2021
	£	£
INCOMING RESOURCES
Incoming Resources from Generated Funds
Voluntary Income	371,770	495,561
Investment Income	715,624	600,871
Other Incoming Resources	-	-
Total Incoming Resources	1,087,394	1,096,432
	____	____
RESOURCES EXPENDED
Raising Funds	(164,309)	(117,045)
Charitable Expenditure	(793,500)	(741,000)
Other Expenditure	(10,500)	(10,500)
Total Resources Expended	(968,309)	(868,545)
	___	____
Gains/(Losses) on Disposal of Revalued Investments	-	(1,234,034)
	___	____
NET INCOMING/(OUTGOING) RESOURCES	119,085	(1,006,147)
Gains/(Losses) on Revaluation of Investments	(1,641)	-
Other Gains/(Losses)	-	(178,875)
Net Movement in Funds	117,444	(1,185,022)
TOTAL FUNDS BROUGHT FORWARD	11,740,390	12,925,412
TOTAL FUNDS CARRIED FORWARD	£11,857,834	£11,740,390
	========	=======