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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 01064440 (England and Wales) REGISTERED CHARITY NUMBER: 265090

ITZCHOK MEYER CYMERMAN TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS

ITZCHOK MEYER CYMERMAN TRUST LIMITED

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Report of the Independent Auditors 4 to 6
Consolidated Statement of Financial Activities 7
Company Statement of Financial Activities 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated Cash Flow Statement 11
Notes to the Consolidated Cash Flow Statement 12
Notes to the Consolidated Financial Statements 13 to 21

ITZCHOK MEYER CYMERMAN TRUST LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021

TRUSTEES: Mrs H F Bondi Mr L H Bondi Mr M D Cymerman Mrs S Cymerman Mr I Heitner Mrs S Heitner Mr B Hoffman COMPANY SECRETARY: Mrs H F Bondi REGISTERED OFFICE: 479 Holloway Road London N7 6LE REGISTERED COMPANY NUMBER: 01064440 (England and Wales) REGISTERED CHARITY NUMBER: 265090

AUDITORS: Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditors First Floor 94 Stamford Hill London N16 6XS BANKERS: Barclays Bank plc 240 Whitechapel Road London E1 1BS

Page 1

ITZCHOK MEYER CYMERMAN TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

REFERENCE AND ADMINISTRATIVE INFORMATION

Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.

OBJECTIVES AND ACTIVITIES

Objectives and activities for the public benefit

The objects of the charity are (i) the advancement of religion and education in accordance with the Orthodox Jewish faith, (ii) the relief of the sick and needy, and (iii) for such other purposes as are recognised by English Law as charitable.

The trustees have considered the Charity Commission's general guidance on public benefit and carry out the objects by grantmaking.

Grantmaking policy

In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.

FINANCIAL REVIEW

Review of activities

The main income of the charity arises from property investments. There was an increase in investment income with a reduction in management costs, and the charity has made improvements to some older properties. The charity’s subsidiary has completed the building programme and has started to generate income. During the year the charity continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion, and the relief of poverty.

Investment policy

Under the memorandum and articles of association the charity has the power to make any investment which the trustees see fit. The trustees consider that investment in property meets their criteria for income and capital growth. The return is considered satisfactory in the current financial climate.

Reserves policy

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. He charity is also in the process of purchasing a new property to give a further flow of income. Reserves at the year end stood at £18,992,109 (2020 – £18,747,913) represented by net assets.

Principal risks and uncertainties

The principal risks to which the charitable company is exposed are: defaults by tenants, impairment of properties, planning consent for redevelopment being declined, lettings and sales of properties declining due to adverse market conditions, and the unknown future due to Covid-19.

Future plans

The trustees anticipate that the charity will continue on a similar basis in the foreseeable future. The outbreak of COVID-19 during 2020 has presented risks which are beyond the control of the charity and represents uncertainty to the revenue and valuation of its assets which cannot presently be quantified. The trustees are able to control the charity’s grant making and as such believe the charity will continue as a going concern.

STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution

The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 9 August 1972.

Page 2

ITZCHOK MEYER CYMERMAN TRUST LIMITED

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

The power to appoint new trustees is vested in the board. New trustees are appointed based on personal competence, specialist skills and experience. They are inducted into the working of the charity by the current board and are given, in the view of the board, sufficient training to understand the nature of the charity and its working. They are also encouraged to read the Charity Commission's various publications on trustees.

Subsidiary

The charity has a wholly owned subsidiary, Eaglecroft Limited, a property investment company.

Risk management

The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Itzchok Meyer Cymerman Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of Trustees on 25 January 2022 and signed on its behalf by:

Mr L H Bondi - Trustee

Page 3

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ITZCHOK MEYER CYMERMAN TRUST LIMITED

Opinion

We have audited the financial statements of Itzchok Meyer Cymerman Trust Limited (the ‘charitable company') for the year ended 31 March 2021 which comprises the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, 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 financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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 trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 financial statements 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ITZCHOK MEYER CYMERMAN TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page three, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 these financial statements.

In performing an audit, we exercise professional judgement and maintain professional scepticism throughout the audit.

We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test bases, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

Conclude whether, in our judgement, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ITZCHOK MEYER CYMERMAN TRUST LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Emanuel Meyer (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants and Statutory Auditors First Floor 94 Stamford Hill London N16 6XS

25 January 2022

Page 6

ITZCHOK MEYER CYMERMAN TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

2021
Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
50,000
Investment income
2
1,575,541
Other income
4,064
Total
1,629,605
EXPENDITURE ON
Raising funds
3
649,508
Charitable activities
4
Charitable activities
804,000
Total
1,453,508
Net gains/(losses) on investments
68,099
NET INCOME/(EXPENDITURE)
244,196
RECONCILIATION OF FUNDS
Total funds brought forward
18,747,913
TOTAL FUNDS CARRIED FORWARD
18,992,109		 2020
Total
funds
£
-
1,421,691
36,553
1,458,244
731,626
1,043,119
1,774,745
(24,264)
(340,765)
19,088,678
18,747,913

The notes on pages 13 to 21 form part of these financial statements

Page 7

ITZCHOK MEYER CYMERMAN TRUST LIMITED

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

2021
Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
150,000
Investment income
2
1,392,500
Other income
4,064
Total
1,546,564
EXPENDITURE ON
Raising funds
3
556,914
Charitable activities
4
Charitable activities
802,336
Total
1,359,250
Net gains/(losses) on investments
68,099
NET INCOME/(EXPENDITURE)
255,413
RECONCILIATION OF FUNDS
Total funds brought forward
16,989,623
TOTAL FUNDS CARRIED FORWARD
17,245,036		 2020
Total
funds
£
-
1,350,351
36,553
1,386,904
657,711
1,041,0707
1,698,781
(24,264)
(336,141)
17,325,764
16,989,623

The notes on pages 13 to 21 form part of these financial statements

Page 8

ITZCHOK MEYER CYMERMAN TRUST LIMITED (REGISTERED NUMBER: 01064440)

CONSOLIDATED BALANCE SHEET 31 MARCH 2021

Notes
FIXED ASSETS
Investments
Investments
10
Investment property
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year
14
PROVISIONS FOR LIABILITIES
16

NET ASSETS
RESERVES
Unrestricted funds
18
Fair value reserve
18		 2021
£
£
221,820
29,485,287
29,707,107
942,985
1,796,053
2,739,038
(522,576)
2,216,462
31,923,569
(12,513,460)
(418,000)
___
18,992,109
8,278,840
10,713,269
18,992,109		 2020
£
£
153,721
29,265,700
29,419,421
1,090,889
1,576,557
2,667,446
(456,088)
2,211,358
31,630,779
(12,464,866)
(418,000)
___
18,747,913
8,102,743
10,645,170
18,747,913

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Trustees on 25 January 2022 and were signed on its behalf by:

Mr L H Bondi - Trustee

The notes on pages 13 to 21 form part of these financial statements

Page 9

ITZCHOK MEYER CYMERMAN TRUST LIMITED (REGISTERED NUMBER: 01064440)

COMPANY BALANCE SHEET 31 MARCH 2021

Notes
FIXED ASSETS
Investments
Investments
10
Investment property
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year
14
NET ASSETS
FUNDS OF THE CHARITY
Unrestricted funds
18
Fair value reserve
18		 2021
£
£
221,821
23,664,456
23,886,277
4,562,796
1,773,704
6,336,500
(464,281)
5,872,219
29,758,496
(12,513,460)
17,245,036
8,313,767
8,931,269
17,245,036		 2020
£
£
153,722
23,444,868
23,598,590
4,728,298
1,551,001
6,279,299
(423,400)
5,855,899
29,454,489
(12,464,866)
16,989,623
8,126,453
8,863,170
16,989,623

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Trustees on 25 January 2022 and were signed on its behalf by:

Mr L H Bondi - Trustee

The notes on pages 13 to 21 form part of these financial statements

Page 10

ITZCHOK MEYER CYMERMAN TRUST LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash used in operating activities
Cash flows from investing activities
Purchase of investment property
Interest received
Dividends received
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2021
£
728,650
(298,863)
429,787
(219,587)
1,955
7,341
(210,291)
219,496
1,576,557
1,796,053		 2020
£
(220,118)
(366,891)
(587,009)
(367,534)
7,052
3,416
(357,066)
(944,075)
2,520,632
1,576,557

Page 11

ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
(Gains)/losses on investments
Interest received
Interest paid
Dividends received
Loans received
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities		 2021
£
244,196
(68,099)
(1,955)
298,863
(7,341)
48,594
147,904
66,488
728,650		 2020
£
(340,765)
24,264
(7,052)
366,891
(3,416)
61,936
(283,088)
(38,888)
(220,118)

2. ANALYSIS OF CHANGES IN NET DEBT

Net cash
Cash at bank and in hand
Debt
Debts falling due after 1 year
Total		 At 1.4.20
£
1,576,557
1,576,557
(12,464,866)
(12,464,866)
(10,888,309)		 Cash flow
£
219,496
219,496
(48,594)
(48,594)
170,902		 At 31.3.21
£
1,796,053
1,796,053
(12,513,460)
(12,513,460)
(10,717,407)

Page 12

ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Basis of consolidation

The group financial statements include the accounts of Itzchok Meyer Cymerman Trust Limited, the accounts of its subsidiary and any material transactions between the balance sheet date of the subsidiary and the balance sheet date of Itzchok Meyer Cymerman Trust Limited.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations

Income received by way of donations is accounted for when received.

Investment income

Income from investments included in the year in which it is receivable

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred and includes irrecoverable VAT, which is reported as part of the expenditure to which it relates.

Raising funds comprise investment management costs relating to the investment properties.

Support costs are those incurred to assist the work of the charity but are not direct charitable activities.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Investment management costs

Investment management costs include costs relating to the investment properties on an accrual basis.

Page 13

ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES - continued

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date any changes are transferred to the Statement of Financial Activities. No depreciation is provided in respect of investment properties applying the fair value.

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same or similar location.

Acquisitions and disposals of properties

Acquisitions and disposals of properties are considered to take place at the date of legal completion and are included in the Financial Statements accordingly.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.

Going Concern

The outbreak of COVID-19 during 2020 has presented risks which are beyond the control of the charity and represents uncertainty to the revenue and valuation of its assets which cannot presently be quantified. The trustees are able to control the charity’s grant making and as such believe the charity will continue as a going concern. The trustees believe it appropriate to prepare current financial statements on a going concern basis.

2. INVESTMENT INCOME

Rental income
Other fixed asset investment income
Deposit account interest
Interest received		 Group
Company
2021
2020
2021
2020
£
£
£
£
1,566,245
1,411,223
1,215,868
1,186,173
7,341
3,416
7,341
3,416
1,955
7,052
1,955
7,052
-
-
167,336
153,710
1,575,541
1,421,691
1,392,500
1,350,351

Page 14

ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

3 . RAISING FUNDS Investment Management costs

AISING FUNDS
nvestment Management costs
Rent and rates
Repairs and maintenance
Service charges & ground rent
Management and letting fees
Light and heat
Insurance
Professional fees
Office expenses
Interest payable and similar charges
Telephone
Bad debts		 Group
2021
2020
£
£
24,593
52,132
144,566
134,112
65,626
25,803
12,826
30,434
1,467
9,579
54,116
45,096
33,307
63,410
1,578
3,636
298,863
366,891
551
533
12,015
-
649,508
731,626		 Company
2021
2020
£
£
13,228
43,412
113,722
112,868
41,546
18,776
-
-
668
3,622
54,116
45,096
33,193
63,410
1,578
3,636
298,863
366,891
-
-
-
-
556,914
657,711
657,711

4. CHARITABLE ACTIVITIES COSTS

Group

Group
Grant
funding of
activities
Direct
(see note
Costs
5)
£
£
Charitable activities
230,000
559,672
Company
Grant
funding of
activities
Direct
(see note
Costs
5)
£
£
Charitable activities
230,000
559,672
5.
GRANTS PAYABLE
Charitable activities
The total grants paid to institutions during the year was as follows:
Relief of poverty
Education
Advancement of religion
Medical
General purpose		 Support
costs (see
note 6)
Totals
£
£
14,328
804,000
Support
costs (see
note 6)
Totals
£
£
12,664
802,336
Group
2021
2020
£
£
559,672
799,450
2021
2020
£
£
144,250
215,800
272,400
288,750
119,472
255,900
8,750
39,000
14,800
-
559,672
799,450
799,450

Page 15

ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

5. GRANTS PAYABLE - continued

Russian Immigrant Aid Fund Ltd
M D & S Charitable Trust
Ichud Mosdos Gur Ltd
Dencommon Ltd
CMZ Ltd
Gur Foundation
Others under £30,000
Total		 110,000
85,000
75,000
35,000
35,000
30,000
189,672
559,672

Grants were made to the following charities in which the trustees have a connection: Colel Polen Kupath Ramban Ltd, Dencommon Ltd, MD & S Charitable Trust and Russian Immigrant Aid Fund Ltd.

6. SUPPORT COSTS

Group Company Company
Governance costs Governance costs
2021 2020 2021 2020
£ £ £ £
Charitable activities 14,328 13,669 12,664 11,620

Support costs, included in the above, are as follows:

Auditors' remuneration
Auditors' remuneration for non audit work
General expenses		 Group
2021
2020
£
£
4,680
4,680
8,440
8,440
1,208
549
14,328
13,669		 Company
2021
2020
£
£
4,680
4,680
6,840
6,840
1,144
100
12,664
11,620		 Company
2021
2020
£
£
4,680
4,680
6,840
6,840
1,144
100
12,664
11,620
11,620

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Auditors' remuneration for non audit work
Other operating leases		 2021
£
4,680
8,440
230,000		 2020
£
4,680
8,440
230,000

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ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

8. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

9. AVERAGE STAFF NUMBERS

The average number of staff in the year was Nil (2020 – Nil).

10 . FIXED ASSET INVESTMENTS

Group

Listed
investments
£
COST OR VALUATION
At 1 April 2020 153,721
Revaluations 68,099
At 31 March 2021 221,820
NET BOOK VALUE
At 31 March 2021 221,820
At 31 March 2020 153,721

Company

Shares in
group
Listed
undertakings investments
£
£
COST OR VALUATION
At 1 April 2020
1
153,721
Revaluations
-
68,099
At 31 March 2021
1
221,820
NET BOOK VALUE
At 31 March 2021
1
221,820
At 31 March 2020
1
153,721		 Totals
£
153,722
68,099
221,821
221,821
153,722

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ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

10 . FIXED ASSET INVESTMENTS - continued

Listed investments
UK
Non UK		 2021
518
221,302
221,820		 2020
2,174
151,547
153,721

Listed investments have been valued at the stock market price at the Balance Sheet date.

Itzchok Meyer Cymerman Trust Limited owns 100% of the equity share capital of Eaglecroft Limited, a property investment company registered in England and Wales, No. 10781045.

Eaglecroft Limited information for the year ended 31 March 2021: Eaglecroft Limited information for the year ended 31 March 2021:
Income 350,377
Expenditure (361,594)
Loss (11,217)

Eaglecroft Limited assets were £5,858,451 and liabilities £4,111,377, capital and reserves were £1,747,074 in surplus.

11 . INVESTMENT PROPERTY Group

FAIR VALUE
At 1 April 2020
Additions
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020
Company
FAIR VALUE
At 1 April 2020
Additions
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020		 Total
£
29,265,700
219,587
29,485,287
29,485,287
29,265,700
Total
£
23,444,868
219,587
23,664,456
23,664,456
23,444,868

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the charity’s trustees who have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

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ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

12 . DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts owed by group undertakings
Other debtors
Amounts due from connected companies
Prepayments and accrued income		 Group
2021
2020
£
£
-
-
796,318
942,248
141,494
140,283
5,173
8,358
942,985
1,090,889		 Company
2021
2020
£
£
3,635,079
3,637,744
781,048
941,913
141,494
140,283
5,175
8,358
4,562,796
4,728,298		 Company
2021
2020
£
£
3,635,079
3,637,744
781,048
941,913
141,494
140,283
5,175
8,358
4,562,796
4,728,298
4,728,298

13 . CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
Amounts due to connected companies
Accruals and deferred income		 Group
2021
2020
£
£
430,679
378,319
52,103
57,493
39,794
20,276
522,576
456,088		 Company
2021
2020
£
£
376,606
348,027
52,103
57,493
35,572
17,880
464,281
423,400		 Company
2021
2020
£
£
376,606
348,027
52,103
57,493
35,572
17,880
464,281
423,400
423,400

14 . CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans (see note 15)
Other loans (see note 15)		 Group
2021
2020
£
£
10,800,000
10,800,000
1,713,460
1,664,866
12,513,460
12,464,866		 Company
2021
2020
£
£
10,800,000
10,800,000
1,713,460
1,664,866
12,513,460
12,464,866		 Company
2021
2020
£
£
10,800,000
10,800,000
1,713,460
1,664,866
12,513,460
12,464,866
12,464,866

The bank loans are secured on the charity’s investment properties.

15. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due between two and five years:
Bank loans - 2-5 years
Other loans - 2-5 years		 Group
2021
2020
£
£
10,800,000
10,800,000
1,713,460
1,664,866
12,513,459
12,464,866

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ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
In more than five years		 Group
2021
2020
£
£
230,000
230,000
920,000
920,000
690,000
920,000
1,840,000
2,070,000		 Company
2021
2020
£
£
230,000
230,000
920,000
920,000
690,000
920,000
1,840,000
2,070,000		 Company
2021
2020
£
£
230,000
230,000
920,000
920,000
690,000
920,000
1,840,000
2,070,000
2,070,000

The charity has entered into a lease of a building used for educational purposes.

17. PROVISIONS

Deferred taxation
MOVEMENT IN FUNDS
Group

Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS
Company

Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 Group
Company
2021
2020
2021
2020
£
£
£
£
418,000
418,000
-
-
418,000
418,000
-
-
At 1.4.20
Incoming
resources
Resources
expended
Gains and
losses
At 31.3.21
£
£
£
£
£
8,102,743
1,629,605
(1,453,508)
-
8,278,840
10,645,170
-
-
68,099
10,713,269
18,747,913
1,629,605
(1,453,508)
68,099
18,992,109
At 1.4.20
Incoming
resources
Resources
expended
Gains and
losses
At 31.3.21
£
£
£
£
£
8,126,453
1,546,564
(1,359,250)
-
8,313,767
8,863,170
-
-
68,099
8,931,269
16,989,623
1,546,564
(1,359,250)
68,099
1 17,245,036

18. MOVEMENT IN FUNDS Group

Page 20

ITZCHOK MEYER CYMERMAN TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

19. RELATED PARTY DISCLOSURES

Amounts due from and to companies in which the trustees have a connection are shown in notes 12 and 13, also see note 5.

The Gitter Foundation received rent of £230,000 and owes £652,000 (2020 - £802,000).

Adenfirst Ltd is a related party as both charities are under control of the same trustees. Adenfirst Ltd provided finance and received interest of £49,613 (2020 - £62,016). The balance due to Adenfirst Ltd at 31 March 2021 was £1,713,460 (2020 - £1,664,866).

Works to certain properties were carried out by a company the directors of which are connected to the trustees of the charity.

Page 21