##
##
##
##
|||||Page|
|---|---|---|---|---|
|Reference and Administrative||Details ofthe Company,|its Trustees and Advisers||
|Trustees'
Report||||2- 10|
|Independent|Auditors'
Report|on the Financial Statements||11 - 14|
|Consolidated|Statement of Financial Activities|||15|
|Consolidated|Balance Sheet|||16|
|Company
Balance Sheet||||17|
|Consolidated|Statement ofCash Flows|||18|
|Notes to the|Financial Statements|||19-34|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Year|Awardee|||Award|Paid|Accrued|Total|
|---|---|---|---|---|---|---|---|
||||||||accrued|
|2018/19|Yeshivo Ketano
Gateshead|||E300,000|EO|E300,000||
||Side-by-Side|||E150,000|EO|E150,000||
||Heichal
Haotoroh|||E100,000|E65,000|E65,000||
||Grants
&E100,000|(2)||E115,000|E50,000|E65,000|E550,000|
|2019/20|NWLSPC|||E2,525,540|E1,394,799|E1,130,741||
||Nezer Hatoroh|||E200,000|EO|E200,000||
||BnosManchester|||E135,000|EO|E135,000||
||Hatzola Edgware|||E132,000|E35,000|E97,000||
||BaisHatalmud|||E100,000|EO|E100,000||
||Grants
&E100,000|(12)||E484,600|E60,600|E424,000|E2,086,741|
|2020/21|NWLSPC|||E2,198,436|E774,337|E1,424,099||
||Gateshead
Jewish
Primary
School|||E600,000|EO|E600,000||
||Bnos Devorah|||E430,000|EO|E430,000||
||Torah Umesorah
Teachers Centre London|||E360,000|EO|E360,000||
||Pardes House Primary
Kindegarten||re|E330,000|EO|E330,000||
||Ateres High School|||E265,000|EO|E265,000||
||Yesodai Hatorah
School
Jewish
Day Manchester|||E250,000|EO|E250,000||
||Me'or High School|||E225,000|E75,000|E150,000||
||ChildrenAhead|||E210,000|E45,000|E165,000||
||Hasmonean
High School
(Boys)|||E200,000|E120,000|E80,000||
||Menorah
Foundation|||E200,000|EO|E200,000||
||Bais Soroh Schnirer|NWL||E160,000|E60,000|E100,000||
||Ateres Elisheva|||E150,000|EO|E150,000||
||Yeshivas Ohr Chodosh|||E125,000|EO|E125,000||
||Bnos Bais Yaakov
Kinsbury|||E100,000|EO|E100,000||
||Gateshead
Mikve|||E100,000|EO|E100,000||
||Sha'arai
Torah|||E100,000|EO|E100,000||
||Grants
&E100,000|(13)||E558,500|E89,325|E469,174|E5,398,273|
||||||Total Accrual||E8,035,014|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Th|e following
sub-committees
are in place:|e following
sub-committees
are in place:||||
|---|---|---|---|---|---|
|1.|Regulation
& compliance||R Kaufman,|D|Goldberg|
|2.|Finance||D Goldberg,|R|Kaufman|
|3.|Awards/Education||A C Becker,|D|Goldberg|
|4.|Awards/Community|Service|R Kaufman,|M|I Frenkel|
|5.|Awards/Torah||R Kaufman,|M|I Frenkel|
|6.|Awards/Manchester||C Kahn|||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||||funds|funds|funds|
|||||2021|2021|2020|
||||Note|E|E||
|INCOME FROM:|||||||
|Property
rental and investment||actiwties|3|4,177,426|4,177,426|4,580,264|
|Investment
income|||4|10,918,270|10,918,270|8,636,519|
|Exceptional
items||||3,714,164|3,714,164|2,626,886|
|TOTAL INCOME||||18,809,860|18,809,860|15,843,669|
|EXPENDITURE ON:|||||||
|Raising funds:|||||||
|Property
rental and investment||actiwties||2,627,141|2,627,141|2,045,842|
|Administrative
and finance|costs|||395,707|395,707|245,259|
|Governance||||121,349|121,349|206,007|
|Chantable
activities:|||||||
|Expenditure
on chantable|actiwties|||8,022,762|8,022,762|7,765,299|
|TOTAL EXPENDITURE||||11,166,959|11,166,959|10,262,407|
|NET INCOME BEFORE NET LOSSES ON
INVESTMENTS||||7,642,901|7,642,901|5,581,262|
|Net losses on investments||||(9,827)|(9,827)||
|NET INCOME BEFORE TAXATION||||7,633,074|7,633,074|5,581,262|
|Taxation|||11|(276 784)|(276 784)|190749|
|||||7,356,290|7,356,290|5,772,011|
|NET MOVEMENT
IN FUNDS|||||||
|RECONCILIATION
OF FUNDS:|||||||
|Total funds brought
forward||||88,269,909|88,269,909|82,497,898|
|Net movement
in funds||||7,356,290|7,356,290|5,772,011|
|||||95,626,199|95,626,199|88,269,909|
|TOTAL FUNDS CARRIED|FORWARD||||||
|The notes on pages 19to 34 form part ofthese financial|||statements.||||
##
##
|||CONSOLIDATED|CONSOLIDATED|BALANCE SHEET|||
|---|---|---|---|---|---|---|
|||AS AT|31|MARCH 2021|||
|||||2021||2020|
|||Note||6|||
|FIXEDASSETS|||||||
|Investment
properties||12||63,763,299||50,108,643|
|Investments||13||26,627,826||'11,889,950|
|||||80,391,225||61,998,593|
|CURRENT ASSETS|||||||
|Debtors: amounts|falling due after more||||||
|than one year||14||550,000|5,000,000||
|Debtors: amounts|falling due within|one|||||
|year||14||2,637,928|2,285,536||
|Cash at bank and|in hand||25,146,060||28,973,626||
||||28,333,988||36,259,162||
|Creditors: amounts|falling due within one||||||
|year||15||(9,416,759)|(6,581,466)||
|NET CURRENT ASSETS||||18,917,229||29,677,596|
|TOTAL ASSETS|LESSCURRENT||||||
|LIABILITIES||||99,308,454||91,676,289|
|Deferred tax||||(3,682,255)||(3,406,380)|
|NET ASSETS||||95,626,189||88,269,909|
|Total funds||17||95,626,199||88,269,909|
|TOTAL FUNDS||||95,626,199||88,269,909|
##
##
##
##
##
##
##
||FOR THE YEA|R END|ED 31 MARCH|2021|||
|---|---|---|---|---|---|---|
||||||2021|2020|
|||||Note|E||
|CASH FLOWS FROM OPERATING ACTIVITIES|||||||
|Net cash (used in)/provided
by operating
activities||||18|(2,012,432)|8,859,996|
|CASH FLOWS FROM INVESTING|ACTIVITIES||||||
|Proceeds from the sale oftangible|fixed assets||||378,844|2,284,582|
|Purchase
oftangible
fixed assets|||||(1,403,797)|(156,688)|
|Proceeds from sale of investments|||||2,165,701||
|Purchase of investments|||||(7,105,882)||
|NET CASH (USED IN)/PROVIDED|BYINVESTING ACTIVITIES||||(5,965,134)|2,127,894|
|CASH FLOWS FROM FINANCING|ACTIVITIES||||||
|Repayments
of borrowing
received|||||5,000,000||
|New loans provided|||||(850,000)||
|NET CASH PROVIDED BYFINANCING
ACTIVITIES|||||4,150,000||
|CHANGE
IN CASH AND CASH EQUIVALENTS||IN THE|YEAR||(3,827,566)|10,987,890|
|Cash and cash equivalents
at the beginning
ofthe year|||||28,973,626|17,985,736|
|CASH AND CASH EQUIVALENTS|AT THE END|OF THE YEAR||19|25,146,060|28,973,626|
|The notes on pages 19to 34 form|part ofthese financial||statements||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2020|
|||E|E||
|Rent receivable||4,177,426|4,177,426|4,580,264|
|Cost ofsales||(2,627,141)|(2,627,141)|(2,045,842)|
|Net income from property
activities|rental and investment|1,550,285|1,550,285|2,534,422|
##
##
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2021|2021|2020|
||||E|E||
|Bank and|other interest|receivable|10,871,164|10,871,164|8,624,668|
|Dividends|received - listed investments||47,106|47,106|11,851|
||||10,918,270|10,918,270|8,636,519|
##
||||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|
||||||2021|2021|2020|
||||||E|E||
|Net|profit|on disposal|of investment|properties|263,396|263,396|1,706,388|
|Fair|value|movement|on investments||3,450,768|3,450,768|920,498|
||||||3,714,164|3,714,164|2,626,886|
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2020|
|||E|E||
|Administrative|expenses|395,707|395,707|245,259|
##
##
##
##
|||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||||funds|funds|funds|
|||||2021|2021|2020|
|||||E|E||
|Auditors'|remuneration||(Chanty)|12,960|12,960|13,080|
|Legal and professional|||fees|45,105|45,105|117,234|
|Intenm|Managers'|fees|and expenses|||901|
|Staff salanes||||50,000|50,000|40,000|
|National|Insurance|||5,584|5,584|26,914|
|Insurance||||3,814|3,814|3,814|
|Other costs||||3,886|3,886|4,064|
|||||121,349|121,349|206,007|
##
|||||Grants to|Total|Total|
|---|---|---|---|---|---|---|
|||||Institutions|funds|funds|
|||||2021|2021|2020|
|||||E|E||
|Grants awarded||to other chanties||8,022,762|8,022,762|7,765,299|
|AUDITORS'|REMUNERATION||||||
|||||||As restated|
||||||2021|2020|
||||||E||
|Fees payable|to|the Group's|auditor for the audit ofthe Group's|annual|||
|accounts|||||12,960|13,080|
##
##
##
##
##
|||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|---|
|||||2021|2020|2021|2020|
|||||E||E||
|Wages and|salanes|||120,000|96,316|50,000|40,000|
|Social secunty costs||||10,032|15,816|5,584|19,821|
|Contnbution|to defined|contnbution|pension|||||
|schemes||||1 312|438|||
|||||131,344|112,570|55,584|59,821|
||Group|Group|
|---|---|---|
||2021|2020|
|Trustees|||
|Directors|||
||8|7|
##
##
|||||2021|2020|
|---|---|---|---|---|---|
|||||E||
|CORPORATION
TAX||||||
|UK corporation
tax charge||on surplus|for the year|909||
|TOTAL CORPORATION||TAX||909||
|DEFERRED TAX||||||
|Ongination
and reversal|of timing differences (see note 16)|||275,875|(190,749)|
|TOTAL DEFERRED TAX||||275,875|(190,749)|
|TAX ON SURPLUS ON|ORDINARY||ACTIVITIES|276,784|(190,749)|
|FACTORS AFFECTING|TAX CHARGE FOR THE YEAR|||||
|UK of19%(2020- 19|%|).Th|e differen|ces are explained
|below:|||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|||||||E||
|Net income before tax||||||7,633,074|5,581,262|
|Net income multiplied|by the||standard|rate ofcorporation|tax in the UK of19|||
|(2020 - 19%).||||||1,450,284|1,060,440|
|EFFECTS OF:||||||||
|Expenses
not deductible||for|tax purposes|||84,792|59,955|
|Profit on sale offixed assets|||not taxable|||(50,045)|(324,214)|
|Capital gains||||||16,065|429,274|
|Non-taxable
income||||||(1,705,901)|(1,432,345)|
|Creation oftax losses|||||||588|
|Utilisation
oftax losses||||||(588)||
|Spreading
following
transition|||to FRS|102||206,302|206,302|
|Deferred tax||||||275,875|(190,749)|
|TOTAL TAX CHARGE|FOR||THE YEAR|||276,784|(190,749)|
##
##
##
##
##
##
||||Long term||
|---|---|---|---|---|
|||Freehold|leasehold||
|||investment|investment||
|||properties|properties|Total|
|||E|E|E|
|COST OR VALUATION|||||
|At 1 Apnl 2020||46,657,520|3,451,123|50,108,643|
|Additions||1,403,797||1,403,797|
|Disposals||(251,103)||(251,103)|
|Revaluation|on disposals|135,655||135,655|
|Revaluations||2,366,307||2,366,307|
|At 31 March|2021|50,312,176|3,451,123|53,763,299|
|NET BOOK|VALUE||||
|At 31 March|2021|50,312,176|3,451,123|53,763,299|
|At 31March|2020|46,657,520|3,451,123|50,108,643|
##
##
||||Unsecured||
|---|---|---|---|---|
|||Listed|subordinated||
|||investments|loan notes|Total|
|GROUP||E|E|E|
|COST OR VALUATION|||||
|At 1 Apnl 2020||613,111|11,276,839|11,889,950|
|Net present|value movement||9,723,161|9,723,161|
|Net receipts|in the year||(1,000,000)|(1,000,000)|
|Revaluations||1,084,461||1,084,461|
|Disposals||(2,175,528)||(2,175,528)|
|Additions||7,105,882||7,105,882|
|At 31 March|2021|6,627,926|20,000,000|26,627,926|
##
||Shares|in|||
|---|---|---|---|---|
||group||Listed||
||undertaking||investments|Total|
|COMPANY||E|E|E|
|COST|||||
|At 1 Apnl 2020|202|||202|
|Revaluations|||327,673|327,673|
|Disposals|||(2,175,528)|(2,175,528)|
|Additions|||7,105,882|7,105,882|
|At 31 March 2021|202||5,258,027|5,258,229|
##
##
##
##
|Names|||||Company|Registered
office|or principal|or principal|Principal|activity|Holding|Included|in|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||number|place of business||||||consolidation||
|Twinsectra|Limited||||01226586|28 The Ridgeway,|London,|NW11|Property|investment|100%|Yes||
|||||||8TB||||||||
|Haysport|Properties||Limited||01360843|28 The Ridgeway,|London,|NW11|Property|investment|100%|Yes||
|||||||8TB||||||||
|Borehamwood||Property||Limited|12230858|28 The Ridgeway,|London,|NW11|Property|investment|100%|Yes||
|||||||BTB||||||||
##
|Twinsectra|Limited|||
|---|---|---|---|
|Haysport|Properties|Limited||
|Borehamwood
Property|||Limited|
|Income|Expenditure|Profit for|Net assetsl|
|---|---|---|---|
|E|E|the year|(liabilities)|
|||E|E|
|9,242,105|(2,354,596)|6,887,509|26,934,816|
|9,141,305|(2,727,133)|6,414,172|48,355,335|
|18,550|(11,584)|6,966|(7,919)|
##
##
##
##
||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|
||||2021|2020|2021|2020|
||||E||E||
|DUE AFTER|MORE THAN ONE YEAR||||||
|Other debtors|||550,000|5,000,000|550,000||
||||Group|Group|Company|Company|
||||2021|2020|2021|2020|
||||E||E||
|DUE WITHIN|ONE YEAR||||||
|Trade debtors|||536,777|401,473|||
|Amounts
owed by group||undertakings|||11,399,454|11,361,803|
|Other debtors|||851,341|784,006|300,000||
|Prepayments|and accrued income||1,249,810|1,100,057|383,469|559,931|
||||2,637,928|2,285,536|12,082,923|11,921,734|
##
||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|
||||2021|2020|2021|2020|
||||E||E||
|Trade creditors|||201,360|81,931|||
|Corporation|tax||909||||
|Other creditors|||289,629|233,577|100|100|
|Accruals and|deferred|income|889,246|906,690|12,960|12,540|
|Accruals for|grants awarded||8,035,615|5,359,268|8,035,615|5,359,268|
||||9,416,759|6,581,466|8,048,675|5,371,908|
##
##
|GROUP||||
|---|---|---|---|
|||2021|2020|
|||E||
|At the beginning|ofthe year|3,406,380|3,597,129|
|Charged/(credited)|to profit and loss|275,875|(190,749)|
|||3,682,255|3,406,380|
##
##
|The provision|The provision|for deferred|taxation|is made|is made|up as follows:|||
|---|---|---|---|---|---|---|---|---|
||||||||Group|Group|
||||||||2021|2020|
||||||||E||
|Revaluation||of investment|properties||||2,856,869|2,374,872|
|Spreading|oftax on FRS||102transitional||adjustment||825,386|1,031,508|
||||||||(3,682,255)|(3,406,380)|
##
##
|||||||||Balance at|
|---|---|---|---|---|---|---|---|---|
|||Balance at 1|||||Gains/|31 March|
|||April 2020|Income|Expenditure||Taxation|(Losses)|2021|
|||E|E||E|E|E|E|
|Total|funds|88,269,909|18,809,860|(11,166,959)||(276,784)|(9,827)|95,626,199|
##
##
||||Balance at|
|---|---|---|---|
|Balance at|||31 March|
|1 April 2019|Income|Expenditure|2020|
|82,497,898|15,843,669|(10,071,658)|88,269,909|
##
##
##
|||||||||||||Group|Group|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||2021|2020|
|||||||||||||E||
||Net
(expenditure)hncome|||for the|year|(as|per|Statement||of|Financial|||
||Actiwties)|||||||||||7,356,290|5,772,011|
||ADJUSTMENTS FOR:|||||||||||||
||(Increase)/decrease||in debtors|||||||||(52,393)|4,080|
||Increase
in creditors|||||||||||3,111,168|1,474,470|
||Profit on disposal|of|fixed|asset investments||||||||(253,569)|(920,498)|
||Revaluation
/ net present|||value movement||on|investment||properties||and|||
||investments|||||||||||(12,173,928)|2,529,933|
||NET CASH (USED||IN)/PROVIDED||BYOPERATING ACTIVITIES|||||||(2,012,432)|8,859,996|
|19.|ANALYSIS OF CASH AND CASH||||EQUIVALENTS|||||||||
|||||||||||||Group|Group|
|||||||||||||2021|2020|
|||||||||||||E||
||Cash
in hand|||||||||||25,146,060|28,973,626|
|Group||Group|
|---|---|---|
|2021||2020|
|E|||
|25,146,060|28,|973,626|
|||||||At 1 April||At 31 March|
|---|---|---|---|---|---|---|---|---|
|||||||2020|Cash flows|2021|
||||||||E|E|
|||||||E|||
|Cash|at|bank|and|in|hand|28,973,626|(3,827,566)|25,146,060|
|||||||28,973,626|(3,827,566)|25,146,060|
##
##