2022-03-31-accounts

COMPANY REGISTRATION NUMBER: 01317912 CHARITY REGISTRATION NUMBER: 274165

DINA PERELMAN TRUST LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS

31 MARCH 2022

COHEN ARNOLD

Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

	PAGE
Trustees' annual report (incorporating the director's report)	1
Independent auditor's report to the members	6
Statement of financial activities (including income and expenditure
account)	11
Statement of financial position	12
Statement of cash flows	13
Notes to the financial statements	14

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 31 MARCH 2022

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Dina Perelman Trust Limited Charity registration number 274165 Company registration number 01317912 Principal office and registered 30 Overlea Road office London E5 9BG The trustees Mrs S Perelman Mr A I Perelman Mr J Perelman Auditor Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU Bankers National Westminster 490 Holloway Road London N7 6JB Barclays Bank PLC 1 Churchill Place London United Kingdom E14 5HP

- 1 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Government document

The charity is constituted as a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association.

Its registered charity number is 274165 and its company registration number is 01317912.

Appointment, training and recruitment of trustees

The trustees have no beneficial interest in the company and no benefits or expenses were paid in the year.

It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment training and induction procedures.

Management of the charity

The day-to-day affairs of the Charity are administered by the Trustees.

Related parties and co-operations with other organisations

None of the trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee of the charity with a supplier company must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.

OBJECTIVES AND ACTIVITIES

The charity was established to advance religion in accordance with the Orthodox Jewish Faith and for other such purposes as are recognised by English Law as charitable and in furtherance of the aforementioned objects.

The charity's principal activity throughout the year was the provision and distribution of donations and grants to charities. The charity aims to maximise its grants and donations on an annual basis.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.

Grant making policy

The Trustees are approached for donations by a wide variety of charitable institutions operating all over England and the rest of the world. The trustees consider all requests which they receive and make donations based on level of funds available.

- 2 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 MARCH 2022

ACHIEVEMENTS AND PERFORMANCE

During the year the charity continued its philanthropic activities in support of religious, education and other charitable Institutions.

A total of £824,033 (2021: £836,728) has been distributed during the year in accordance with the objectives of the charity as shown in the attached financial statements.

The benefits that these charities provide include:

• Provision of basic necessities and financial support to the poor;

• Relief of suffering in regard to illness and disabilities;

• Jewish education and places of worship for the Jewish community.

The charity's investment in UK property realised a gross income of £770,778 (2021: £690,580).

FINANCIAL REVIEW

Risk Management

The trustees have a risk management strategy which comprises:

• an annual review of the principal risks and uncertainties that the charity face;

• the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and;

• the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due to ensure sufficient working capital by the charity. The trustees are satisfied that these systems and procedures manage any perceived risks.

Reserves Policy

The Charity has a reserve policy to ensure that it is in a position to continue its charitable activities at a level consistent to those which have been maintained in recent years or above that level and to cover contingencies.

As at 31 March 2022 the Charity held £9,609,609 (2021: £9,799,294) in unrestricted funds.

Investment Powers, Policy and Objectives

Under the Memorandum and Articles of Association, the charity has the power to make any investment, which the trustees see fit. The trustees regularly review the charity's position and needs in respect of the investment policy.

The trustees believe their experience within the UK investment property market will maximise the charity's income from its investments.

- 3 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 MARCH 2022

PLANS FOR FUTURE PERIODS

The trustees, whilst being of the opinion that sufficient funds are required to be retained within the company in order to maintain and finance its investment portfolio, and thereby its financial return, are actively considering a policy of substantially increasing the rate and quantum of donations made by the company in those areas which would justify such an approach.

The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

AUDITOR

Each of the persons who is a trustee at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

• they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

- 4 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 MARCH 2022

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 30 January 2023 and signed on behalf of the board of trustees by:

Mr A I Perelman Trustee

- 5 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DINA PERELMAN TRUST LIMITED

YEAR ENDED 31 MARCH 2022

OPINION

We have audited the financial statements of Dina Perelman Trust Limited (the 'charity') for the year ended 31 March 2022 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 financial statements section of our report. We are independent of the charity 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 charity'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.

- 6 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DINA PERELMAN

TRUST LIMITED (continued)

YEAR ENDED 31 MARCH 2022

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

• the information given in the trustees' report including the strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

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:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

- 7 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DINA PERELMAN

TRUST LIMITED (continued)

YEAR ENDED 31 MARCH 2022

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S 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 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 these financial statements.

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:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity through discussion with the trustees and identified financial reporting legislation and charity legislation as being most significant to these financial statements.

• We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with the laws and regulations.

• We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.

• We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation phases stages of our audit. The susceptibility to such material misstatement was determined to be low.

• Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items.

- 8 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DINA PERELMAN

TRUST LIMITED (continued)

YEAR ENDED 31 MARCH 2022

As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 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 the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

- 9 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DINA PERELMAN

TRUST LIMITED (continued)

YEAR ENDED 31 MARCH 2022

Cohen Arnold is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

USE OF OUR REPORT

This report is made solely to the charity'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 charity's members those matters we are required to state to them in an auditor's 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 charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Goldberg FCA (Senior Statutory Auditor)

For and on behalf of Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

Our audit was completed on 30 January 2023 and our opinion was expressed at that date.

- 10 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2022

		2022	2022	2021
		Unrestricted
		funds	Total funds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	5	331,875	331,875	409,187
Investment income	6	770,921	770,921	691,421
		─────────────	─────────────	─────────────
Total income		1,102,796	1,102,796	1,100,608
		═════════════	═════════════	═════════════
Expenditure
Expenditure on raising funds:
Investment management costs	7	(344,722)	(344,722)	(319,401)
Expenditure on charitable activities	8,9	(835,687)	(835,687)	(849,375)
		─────────────	─────────────	─────────────
Total expenditure		(1,180,409)	(1,180,409)	(1,168,776)
		═════════════	═════════════	═════════════
Net (losses)/gains on investments	12	(112,072)	(112,072)	190,266
		─────────────	─────────────	─────────────
Net (expenditure)/income and net movement in funds		(189,685)	(189,685)	122,098
		═════════════	═════════════	═════════════
Reconciliation of funds
Total funds brought forward		9,799,294	9,799,294	9,677,196
		─────────────	─────────────	─────────────
Total funds carried forward		9,609,609	9,609,609	9,799,294
		═════════════	═════════════	═════════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 23 form part of these financial statements.

- 11 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

	31 MARCH	31 MARCH	2022
			2022		2021
	Note	£	£	£	£
FIXED ASSETS
Investments	16		15,867,868		15,880,419
CURRENT ASSETS
Debtors	17	127,229		162,548
Cash at bank and in hand		38,725		92,378
		──────────		──────────
		165,954		254,926
CREDITORS: amounts falling due
within one year	19	(3,152,217)		(2,889,759)
		─────────────		─────────────
NET CURRENT LIABILITIES			(2,986,263)		(2,634,833)
			───────────────		───────────────
TOTAL ASSETS LESS CURRENT
LIABILITIES			12,881,605		13,245,586
CREDITORS: amounts falling due
after more than one year	20		(3,271,996)		(3,446,292)
			───────────────		───────────────
NET ASSETS			9,609,609		9,799,294
			═══════════════		═══════════════
FUNDS OF THE CHARITY
Unrestricted funds			9,609,609		9,799,294
			─────────────		─────────────
Total charity funds	21		9,609,609		9,799,294
			═════════════		═════════════

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 30 January 2023, and are signed on behalf of the board by:

Mr A I Perelman Trustee

Mr J Perelman Trustee

The notes on pages 14 to 23 form part of these financial statements.

- 12 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2022

		2022	2021
	Note	£	£
CASH FLOWS FROM OPERATING ACTIVITIES
Net (expenditure)/income		(189,685)	122,098
Adjustments for:
Net (losses)/gains on investments		112,072	(190,266)
Dividends, interest and rents from investments		(770,778)	(690,580)
Other interest receivable and similar income		(143)	(841)
Interest payable and similar charges		785	743
Accrued expenses/(income)		103,917	(103,917)
Changes in:
Trade and other debtors		(68,598)	(7,214)
Trade and other creditors		209,891	325,953
		──────────	──────────
Cash generated from operations		(602,539)	(544,024)
Interest paid		(785)	(743)
Interest received		143	841
		──────────	──────────
Net cash used in operating activities		(603,181)	(543,926)
		══════════	══════════
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments		770,778	690,580
Purchases of other investments		(122,977)	(127,057)
Proceeds from sale of other investments		23,456	27,577
		──────────	──────────
Net cash from investing activities		671,257	591,100
		══════════	══════════
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings		(118,796)	(24,743)
		──────────	──────────
Net cash used in financing activities		(118,796)	(24,743)
		══════════	══════════
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS		(50,720)	22,431
CASH AND CASH EQUIVALENTS AT BEGINNING OF	YEAR	79,905	57,474
		─────────	─────────
CASH AND CASH EQUIVALENTS AT END OF YEAR	18	29,185	79,905
		═════════	═════════

The notes on pages 14 to 23 form part of these financial statements.

- 13 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

1. GENERAL INFORMATION

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 30 Overlea Road, London, E5 9BG.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. ACCOUNTING POLICIES

(i) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The charity meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.

(ii) Going concern

The financial statements have been prepared in accordance with accounting principles appropriate to a going concern, notwithstanding the company's net current liabilities. The director's consider this to be appropriate given the sufficient value in its investment properties to repay its loans in full if required. As such, the directors believe it is appropriate to prepare the financial statements on a going concern basis because the company is in a position to meet all its obligations in the foreseeable future.

(iii) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 26.

(iv) Income tax

The charity is not liable to direct taxation on its income or gains, whether realised or not, as it falls within the various exemptions liable to registered charities. Accordingly, the charity does not recognise any deferred tax liability on property revaluations as no tax would be due in the event of a disposal as the charity would benefit from the relevant exemptions, as it will apply all funds for qualifying charitable purposes.

- 14 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES (continued)

(v) Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.

(vi) Fund accounting

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

(vii) Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• Income from investments are recognised on a receivable basis.

(viii) Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• Governance costs include costs of the preparation and audit of financial statements, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.

• Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

(ix) Investment property

Investment properties are initially recognised at cost, being the fair value of consideration given, including transaction costs associated with the investment property.

After initial recognition, investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the income and expenditure account in the year that they arise.

No depreciation is provided in respect of investment properties applying the fair value model.

- 15 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES (continued)

(x) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade and other debtors

Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Trade and other creditors

Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the discounted amount of the cash or other consideration expected to be paid.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at bank.

4. LIMITED BY GUARANTEE

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

5. DONATIONS AND LEGACIES

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
DONATIONS
Donations	331,875	331,875	409,187	409,187
	══════════	══════════	══════════	══════════

6. INVESTMENT INCOME

INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Income from UK investment properties	770,778	770,778	690,580	690,580
Bank interest receivable	79	79	598	598
Other interest receivable	64	64	243	243
	──────────	──────────	──────────	──────────
	770,921	770,921	691,421	691,421
	══════════	══════════	══════════	══════════

- 16 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

7. INVESTMENT MANAGEMENT COSTS

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
General rates	15,236	15,236	16,797	16,797
Insurance	15,095	15,095	13,895	13,895
Repairs and maintenance	200,894	200,894	169,873	169,873
Management fees	28,366	28,366	20,729	20,729
Ground rent	31,608	31,608	42,671	42,671
Loan interest	47,941	47,941	49,970	49,970
Light & Heat	5,110	5,110	4,990	4,990
Telephone & Internet	472	472	476	476
	──────────	──────────	──────────	──────────
	344,722	344,722	319,401	319,401
	══════════	══════════	══════════	══════════

8. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Grants and donations	824,033	824,033	836,728	836,728
Support costs	11,654	11,654	12,647	12,647
	──────────	──────────	──────────	──────────
	835,687	835,687	849,375	849,375
	══════════	══════════	══════════	══════════

- 17 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

	Grant funding		Total funds	Total fund
	of activities	Support costs	2022	2021
	£	£	£	£
Grants and donations	824,033	–	824,033	836,728
Governance costs	–	11,654	11,654	12,647
	──────────	─────────	──────────	──────────
	824,033	11,654	835,687	849,375
	══════════	═════════	══════════	══════════

The following grant payments were made during the year ended 31 March 2022:

	£
Ahavat Yisroel UK	40,435
Amud Hatzdokoh Trust	12,751
British Friends of Mishan L'choleh	50,000
Chevras Mo'oz Ladol	18,110
Friends Of Beis Chinuch Lebonos Trust	11,000
Friends of Beis Soroh Schneirer	10,000
One Heart - Lev Echod	13,500
Sundry Donations < £10,000	170,587
The Friends of Alexander Institutions Trust	497,650
	──────────
Total Grants Payable	824,033
	══════════

10. ANALYSIS OF SUPPORT COSTS

ANALYSIS OF SUPPORT COSTS
	Support costs	Total 2022	Total 2021
	£	£	£
Finance costs	785	785	743
Audit fees	10,800	10,800	10,800
Legal fees	95	95	230
Foreign Exchange differences	(26)	(26)	874
	─────────	─────────	─────────
	11,654	11,654	12,647
	═════════	═════════	═════════

- 18 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

11. ANALYSIS OF GRANTS

ANALYSIS OF GRANTS
	2022	2021
	£	£
GRANTS TO INSTITUTIONS
Advancement of health and saving lives	85,407	50,715
Advancement of education	606,847	627,334
Prevention or relief of poverty	94,780	39,211
Advancement of religion	10,855	102,483
Advancement of community development	9,204	13,902
Grants to other grant making charity	16,940	3,083
	──────────	──────────
Total grants	824,033	836,728
	══════════	══════════

12.	NET (LOSSES)/GAINS ON INVESTMENTS	NET (LOSSES)/GAINS ON INVESTMENTS
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Unrealised gains on investments	(112,072)	(112,072)	190,266	190,266
		══════════	══════════	══════════	══════════
13.	NET (EXPENDITURE)/INCOME
	Net (expenditure)/income is stated after	charging/(crediting):
				2022	2021
				£	£
	Foreign exchange differences			(26)	874
	Fees payable for the audit of the financial statements			10,800	10,800
				═════════	═════════

14. STAFF COSTS

No salaries or wages have been paid to employees during the year.

15. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

- 19 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

16. INVESTMENTS

INVESTMENTS
		Shares in
	Investment	group	Other
	properties	undertakings	investments	Total
	£	£	£	£
Cost or valuation
At 1 April 2021	15,685,000	19	195,400	15,880,419
Additions	122,977	–	–	122,977
Disposals	–	–	(23,456)	(23,456)
Fair value movements	(122,977)	–	10,905	(112,072)
	───────────────	────	──────────	───────────────
At 31 March 2022	15,685,000	19	182,849	15,867,868
	═══════════════	════	══════════	═══════════════
Impairment
At 1 April 2021 and 31 March 2022		–	–	–
		════	══════════	═══════════════
Carrying amount
At 31 March 2022	15,685,000	19	182,849	15,867,868
	═══════════════	════	══════════	═══════════════
At 31 March 2021	15,685,000	19	195,400	15,880,419
	═══════════════	════	══════════	═══════════════

All investments shown above are held at valuation.

Investment properties

No depreciation has been provided in respect of investment properties, applying the fair value model.

The charity carries its investment properties at fair value, with changes in fair value being recognised in income and expenditure account. The trustees revalued the charity's investment properties as at 31 March 2022 using techniques detailed below together with their knowledge of the UK property market.

The charity's investment properties were valued by the trustees based on their experience in the property market and having regard to many factors including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions.

The other investments were valued by the trustees at the transaction price. The trustees believe that since the transaction date there has been no change in the value of the investment.

17. DEBTORS

	2022	2021
	£	£
Trade debtors	49,629	56,031
Prepayments and accrued income	2,500	106,517
Other debtors	75,100	–
	──────────	──────────
	127,229	162,548
	══════════	══════════

- 20 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

18. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise the following:

Cash and cash equivalents comprise the following:
	2022	2021
	£	£
Cash at bank and in hand	38,725	92,378
Bank overdrafts	(9,540)	(12,473)
	─────────	─────────
	29,185	79,905
	═════════	═════════
CREDITORS: amounts falling due within one year
	2022	2021
	£	£
Bank loans and overdrafts	130,040	77,473
Payments received on account	96,883	48,223
Accruals and deferred income	10,800	10,800
Social security and other taxes	34,565	33,750
Other creditors	2,879,929	2,719,513
	─────────────	─────────────
	3,152,217	2,889,759
	═════════════	═════════════
CREDITORS: amounts falling due after more than one year
	2022	2021
	£	£
Bank loans and overdrafts	3,271,996	3,446,292
	═════════════	═════════════

19. CREDITORS: amounts falling due within one year

20. CREDITORS: amounts falling due after more than one year

Included in bank loans and overdrafts is a mortgage facility provided by Skipton Building Society of £2,687,514, which includes £1,785,000 borrowed on interest only. The loan bears interest of 0.9% above the Bank of England base rate and is repayable by October 2032. The Directors have provided an unconditional guarantee to Skipton Building Society for all liabilities of the Charity in respect of this bank loan, up to £1.1 million.

Also included in bank loans and overdrafts is a mortgage facility provided by Barclays Bank Plc of £658,989 and bears interest of 3% above the Bank of England base rate and is repayable by June 2039.

Additionally, included in bank loans and overdrafts is a NatWest Plc loan of £45,993 and bears interest of 2.5% and is repayable by October 2026.

- 21 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

21. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

Unrestricted funds
		At			Gains and	At 31 March
	1	April 2021	Income	Expenditure	losses		2022
		£	£	£	£		£
General funds		9,799,294	1,102,796	(1,180,409)	(112,072)		9,609,609
		═════════════	═════════════	═════════════	══════════		═════════════
		At			Gains and		At 31 March
	1	April 2020	Income	Expenditure	losses		2021
		£	£	£	£		£
General funds		9,677,196	1,100,608	(1,168,776)	190,266		9,799,294
		═════════════	═════════════	═════════════	══════════		═════════════

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
	Unrestricted	Total Funds
	Funds	2022
	£	£
Investments	15,867,868	15,867,868
Current assets	165,954	165,954
Creditors less than 1 year	(3,152,217)	(3,152,217)
Creditors greater than 1 year	(3,271,996)	(3,271,996)
	───────────────	───────────────
Net assets	9,609,609	9,609,609
	═══════════════	═══════════════
	Unrestricted	Total Funds
	Funds	2021
	£	£
Investments	15,880,419	15,880,419
Current assets	254,926	254,926
Creditors less than 1 year	(2,889,759)	(2,889,759)
Creditors greater than 1 year	(3,446,292)	(3,446,292)
	───────────────	───────────────
Net assets	9,799,294	9,799,294
	═══════════════	═══════════════
FINANCIAL INSTRUMENTS
The carrying amount for each category of financial instrument is as	follows:
	2022	2021
	£	£
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised
cost	346,303	446,270
	══════════	══════════
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost	6,292,765	6,254,078
	═════════════	═════════════

23. FINANCIAL INSTRUMENTS

- 22 -

DINA PERELMAN TRUST LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

24. ANALYSIS OF CHANGES IN NET DEBT

			At
	At 1 Apr 2021	Cash flows	31 Mar 2022
	£	£	£
Cash at bank and in hand	92,378	(53,653)	38,725
Bank overdrafts	(12,473)	2,933	(9,540)
Debt due within one year	(65,000)	(55,500)	(120,500)
Debt due after one year	(3,446,292)	174,296	(3,271,996)
	─────────────	──────────	─────────────
	(3,431,387)	68,076	(3,363,311)
	═════════════	══════════	═════════════

25. RELATED PARTIES

During the year donations received from related parties totalled £255,250 (2021: £314,500).

During the year, donations totalling £497,650 (2021: £464,548) was paid to the Friends of Alexander Institutions Trust, a charity with a common trustee.

Other debtors include £75,100 (2021: Nil) due from The Friends of Alexander Institutions Trust, a charity with a common trustee.

Included in other creditors is £1,928,493 (2021: £1,786,713) due to companies in which the trustees of the charity are also directors.

Also included in other creditors is £381,000 (2021: £364,000) due to the trustees of the charity.

26. ACCOUNTING ESTIMATES AND JUDGEMENTS

Trade Debtors

Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.

Revaluation of investment properties

The Company carries its investment properties at fair value, with changes in fair value being recognised in the income and expenditure account. The directors revalued the Company's investment properties as at 31 March 2022 using techniques detailed below together with their knowledge of the UK property market.

Valuation techniques and key inputs

The company's investment properties were valued by the directors based on their experience in the property market and having regard to many factors including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions.

- 23 -