| 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 | 19-35 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Activity | Amount | Amount | |||
| Community | services | f2,222,500 | 23.09% | f501,000 | 5.85% |
| Education (schools and higher education) Welfare services Torah |
f5,381,169 f611,240 f1,410,483 |
55.91% 6.35% 14.65% |
f6,954,571 f289,000 f825,000 |
81.15% 3.37% 9.63% |
|
| TOTAL | f9625392 | 10000% | f8,569,571 | 100.00% |
| NALYSIS | OF OUTSTANDING AWA |
RDS &ACCR | UALS AS AT | 31 MARCH | 2022 |
|---|---|---|---|---|---|
| Year | Awardee | Award | Paid | Accrued | Total |
| accrued | |||||
| 2018/19 | Yeshiva Ketano | F300,000 | F100,000 | F200,000 | f200,000 |
| 2019/20 | NWLSPC | F2,525,540 | F1,950,989 | F574,551 | |
| Nezer Hatoroh | F200,000 | FO | F200,000 | ||
| Bnos Manchester | F135,000 | F90,000 | F45,000 | ||
| Grants &f100,000 (4) |
F144,600 | F50,000 | F94,600 | f914,151 | |
| 2020/21 | NWLSPC | F2,198,436 | F1,276,081 | F922,355 | |
| Gateshead Jewish Pnmary School |
F600,000 | FO | F600,000 | ||
| Bnos Devorah | F340,000 | F225,000 | F115,000 | ||
| Torah Umesorah Teachers Centre London |
F360,000 | F130,000 | F230,000 | ||
| Pardes House Kindergarten |
f330,000 | f0 | f330,000 | ||
| Ateres High School |
F265,000 | fO | F265,000 | ||
| Jewish Day School |
F250,000 | fO | F250,000 | ||
| Children Ahead |
F210,000 | F179,381 | F30,619 | ||
| Hasmonean High School |
F200,000 | F190,194 | F9,806 | ||
| Menorah Foundation Bais Soroh Schneirer |
F200,000 F160,000 |
fO F110,000 |
F200,000 f50,000 |
||
| Ateres Elisheva | F150,000 | fO | F150,000 | ||
| Bnos Bais Yaakov | F100,000 | fO | F100,000 | ||
| Gateshead Mikve |
F100,000 | fO | F100,000 | ||
| Sha'arai Torah | F100,000 | fO | F100,000 | ||
| Grants &f100,000 (6) |
F241,000 | F96,000 | F145,000 | f3,597,780 |
| CHIEVE | MENTS AND PERFOR |
MANC | E (continued) | |||
|---|---|---|---|---|---|---|
| Year | Awardee | Award | Paid | Accrued | Total | |
| accrued | ||||||
| 2021/22 | Tashbar Edgware | F1,250,000 | FO | F1,250,000 | ||
| Comet Chanties | f775,755 | F93,085 | F682,670 | |||
| Tashbar Manchester | f500,000 | fO | f500,000 | |||
| MGS Chantable Trust |
F509,414 | F64,150 | F445,263 | |||
| Menorah High Grammar |
||||||
| School For Girls | f400,000 | fO | f400,000 | |||
| The Wells Trust | F250,000 | fO | F250,000 | |||
| Hendon Adass | F250,000 | fO | F250,000 | |||
| Side by Side | F250,000 | fO | F250,000 | |||
| The Broughton Chantable |
||||||
| Trust | F200,000 | F100,000 | F100,000 | |||
| Toras Emcee (T.E.T.Trust) | F150,000 | FO | F150,000 | |||
| Amudim | F150,000 | FO | F150,000 | |||
| Beis Soroh Schneirer | F150,000 | FO | F150,000 | |||
| Menucha | F150,000 | F10,934 | F139,036 | |||
| Bnos Margulis Viznitz |
Girls | |||||
| Manchester | F130,000 | FO | F130,000 | |||
| Seven Shepherds Farm |
F130,000 | F78,424 | F51,575 | |||
| Yeshivas Ohr Torah |
Ltd | F100,000 | FO | F100,000 | ||
| Baer Hatora Ltd |
F100,000 | FO | F100,000 | |||
| Tiferes High School | ||||||
| Manchester | F100,000 | FO | F100,000 | |||
| Torah Voda'as | F100,000 | FO | F100,000 | |||
| Manchester Beis Yaakov |
F100,000 | FO | F100,000 | |||
| Hasmonean Grammar |
F100,000 | f30,000 | f70,000 | |||
| Grants &f100,000 (50) |
F1,704,300 | F62,973 | F1,641,327 | f7,109,872 | ||
| Total Accrual | f11,821,802 |
| Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2022 | 2022 | 2021 | ||||
| Note | E | E | ||||
| INCOME FROM: | ||||||
| Property rental and investment |
actiwties | 3 | 4,377,367 | 4,377,367 | 4,177,426 | |
| Investments | 4 | 2,107,423 | 2,107,423 | 10,918,270 | ||
| Other income | 5 | 2,150,666 | 2,150,666 | 3,714,164 | ||
| TOTAL INCOME | 8,635,456 | 8,635,456 | 18,809,860 | |||
| EXPENDITURE ON: | ||||||
| Raising funds: | ||||||
| Property rental and investment |
actiwties | 2,519,284 | 2,519,284 | 2,627,141 | ||
| Administrative and finance |
costs | 223,397 | 223,397 | 395,707 | ||
| Governance | 165,599 | 165,599 | 121,349 | |||
| Chantable activities: |
||||||
| Expenditure on chantable |
actiwties | 9,102,341 | 9,102,341 | 8,022,762 | ||
| TOTAL EXPENDITURE | 12,010,621 | 12,010,621 | 11,166,959 | |||
| NET (EXPENDITURE)/INCOME | FROM NET | |||||
| GAINS/(LOSSES) ON INVESTMENTS |
(3,375,165) | (3,375,165) | 7,642,901 | |||
| Net gains/(losses) on investments |
31,779 | 31,779 | (9,827) | |||
| NET (EXPENDITURE)/INCOME | BEFORE TAXATION | (3,343,386) | (3,343,386) | 7,633,074 | ||
| Taxation | 11 | (794,403) | (794,403) | (276,784) | ||
| NET MOVEMENTS IN FUNDS |
(4,137,789) | (4,137,789) | 7,356,290 | |||
| RECONCILIATIONS OF FUNDS: |
||||||
| Total funds brought forward |
95,626,199 | 95,626,199 | 88,269,909 | |||
| Net movement in funds |
(4,137,789) | (4,137,789) | 7,356,290 | |||
| TOTAL FUNDS CARRIED | FORWARD | 91,488,410 | 91,488,410 | 95,626,199 |
| FOR THE YEAR EN | DED 31 MARCH 20 | 22 | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| E | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net cash provided from/(used in) operating activities |
(3,413,123) | (2,012,432) | ||
| CASH FLOWS FROM INVESTING | ACTIVITIES | |||
| Proceeds from the sale oftangible | fixed assets | 2,307,431 | 378,844 | |
| Purchase oftangible fixed assets |
(2,119,010) | (1,403,797) | ||
| Proceeds from sale of investments | 297,465 | 2,165,701 | ||
| Purchase of investments | (422,712) | (7,105,882) | ||
| NET CASH USED IN INVESTING | ACTIVITIES | 63,174 | (5,965,134) | |
| CASH FLOWS FROM FINANCING | ACTIVITIES | |||
| Repayments of borrowing |
300,000 | 5,000,000 | ||
| New loans provided | (850,000) | |||
| NET CASH PRODUCED FROM FINANCING ACTIVITIES |
300,000 | 4,150,000 | ||
| CHANGE IN CASH AND CASH EQUIVALENTS |
(3,049,949) | (3,827,566) | ||
| Cash and cash equivalents at the beginning ofthe year |
25,146,060 | 28,973,626 | ||
| Cash and cash equivalents at the end ofthe year |
22,096,111 | 25, 146,060 | ||
| The notes on pages 19to 35form | part ofthese financial | statements |
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2022 | 2022 | 2021 | ||
| E | E | |||
| Rent receivable | 4,377,367 | 4,377,367 | 4,177,426 | |
| Cost ofsales | (2,519,284) | (2,519,284) | (2,627,141) | |
| Net income from property activities |
rental and investment | 1,858,083 | 1,858,083 | 1,550,285 |
| Unrestricted | Total | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2022 | 2022 | 2021 | |||
| E | E | ||||
| Bank and | other interest | receivable | 2,012,292 | 2,012,292 | 10,871,164 |
| Dividends | received - listed investments | 95,131 | 95,131 | 47,106 | |
| 2,107,423 | 2,107,423 | 10,918,270 |
| Unrestricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | |||||
| 2022 | 2022 | 2021 | |||||
| E | E | ||||||
| Net | profit | on disposal | of investment | properties | 204,098 | 204,098 | 263,396 |
| Fair | value | movement | on investments | 1,946,568 | 1,946,568 | 3,450,768 | |
| 2,150,666 | 2,150,666 | 3,714,164 |
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2022 | 2022 | 2021 | ||
| E | E | |||
| Administrative | expenses | 223,397 | 223,397 | 395,707 |
| Unrestricted | Total | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | ||||||||
| 2022 | 2022 | 2021 | ||||||||
| E | E | |||||||||
| Auditors' remuneration |
(Chanty) | 14,520 | 14,520 | 12,960 | ||||||
| Legal and professional | fees | 88,035 | 88,035 | 45,105 | ||||||
| Staff salanes | 50,000 | 50,000 | 50,000 | |||||||
| National Insurance |
7,065 | 7,065 | 5,584 | |||||||
| Insurance | 5,403 | 5,403 | 3,814 | |||||||
| Other costs | 576 | 576 | 3,886 | |||||||
| 165,599 | 165,599 | 121,349 | ||||||||
| 8. | ANALYSIS OF | GRANTS | ||||||||
| Grants to | Total | Total | ||||||||
| Institutions | funds | funds | ||||||||
| 2022 | 2022 | 2021 | ||||||||
| E | E | |||||||||
| Grants awarded | to other chanties | 9,102,341 | 9,102,341 | 8,022,762 | ||||||
| 9. | AUDITORS' | REMUNERATION | ||||||||
| 2022 | 2021 | |||||||||
| E | ||||||||||
| Fees payable | to the Group's | auditor for the audit ofthe Group's | annual | |||||||
| accounts | 13,416 | 12,960 | ||||||||
| Fees payable | to the Company's | auditor and its associates | in respect of: | |||||||
| The auditing | of | accounts of | associates ofthe Company | 38,688 | 37,380 |
| Group | Group | Company | Company | ||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||
| E | E | ||||||
| Wages and | salanes | 130,500 | 120,000 | 50,000 | 50,000 | ||
| Social secunty costs | 12,635 | 10,032 | 7,065 | 5,584 | |||
| Contnbution | to defined | contnbution | pension | ||||
| schemes | 1 321 | 1,312 | |||||
| 144,456 | 131,344 | 57,065 | 55,584 |
| Group | Group | |
|---|---|---|
| 2022 | 2021 | |
| No. | No. | |
| Trustees | ||
| Directors |
| 2022 | 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| E | ||||||||||
| CORPORATION TAX |
||||||||||
| UK corporation tax charge |
on surplus | for | the year | 1,394 | 909 | |||||
| TOTAL CORPORATION | TAX | 1,394 | 909 | |||||||
| DEFERRED TAX | ||||||||||
| Ongination and reversal |
of timing differences | 793,009 | 275,875 | |||||||
| TOTAL DEFERRED TAX | 793,009 | 275,875 | ||||||||
| TAX ON SURPLUS ON | ORDINARY | ACTIVITIES | 794,403 | 276,784 | ||||||
| The tax assessed for the |
year is higher | than (2021 | - lower than) the | standard | rate of corporation tax in |
|||||
| the UK of19%(2021 - 19%).The differences are explained | below: | |||||||||
| 2022 | 2021 | |||||||||
| E | ||||||||||
| Net (expenditure)hncome | before tax | (3,343,386) | 7,633,074 | |||||||
| Net (expenditure)hncome | multiplied | by the standard | rate of | corporation | tax | |||||
| in the UK of19(2021 - 19%). | (636,243) | 1,450,284 | ||||||||
| EFFECTS OF: | ||||||||||
| Expenses not deductible |
for tax purposes | 36,338 | 84,792 | |||||||
| Profit on sale offixed assets | (38,779) | (50,045) | ||||||||
| Capital gains | 402,293 | 16,065 | ||||||||
| Non-taxable income |
(1,309,189) | (1,705,901) | ||||||||
| Utilisation oftax losses |
(588) | |||||||||
| Spreading following transition to FRS |
102 | 206,302 | 206,302 | |||||||
| Deferred tax | 793,009 | 275,875 | ||||||||
| Chanty net expenditure |
not deductible | for | tax purposes | 1,339,672 | ||||||
| TOTAL TAX CHARGE | FOR THE YEAR | 794,403 | 276,784 |
| Long term | ||||
|---|---|---|---|---|
| Freehold | leasehold | |||
| investment | investment | |||
| properties | properties | Total | ||
| E | E | E | ||
| COST OR VALUATION | ||||
| At 1 Apnl 2021 | 50,312,176 | 3,451,123 | 53,763,299 | |
| Additions | 1,529,478 | 1,529,478 | ||
| Disposals | (110,868) | (110,868) | ||
| Revaluation | on disposals | (1,992,465) | (1,992,465) | |
| Revaluations | 1,369,833 | 20,000 | 1,389,833 | |
| At 31 March | 2022 | 51,108,154 | 3,471,123 | 54,579,277 |
| NET BOOK | VALUE | |||
| At 31 March | 2022 | 51,108,154 | 3,471,123 | 54,579,277 |
| At 31March | 2021 | 50,312,176 | 3,451,123 | 53,763,299 |
| Unsecured | |||
|---|---|---|---|
| Listed | subordinated | ||
| investments | loan notes | Total | |
| GROUP | E | E | E |
| COST OR VALUATION | |||
| At 1 Apnl 2021 | 6,627,926 | 20,000,000 | 26,627,926 |
| Additions | 422,712 | 422,712 | |
| Disposals | (265,686) | (265,686) | |
| Revaluations | 556,735 | 556,735 | |
| At 31 March 2022 | 7,341,687 | 20,000,000 | 27,341,687 |
| NET BOOK VALUE | |||
| At 31 March 2022 | 7,341,687 | 20,000,000 | 27,341,687 |
| At 31March 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 2021 | 202 | 5,258,027 | 5,258,229 |
| Additions | 422,712 | 422,712 | |
| Disposals | (265,686) | (265,686) | |
| Revaluations | 314,229 | 314,229 | |
| At 31 March 2022 | 202 | 5,729,282 | 5,729,484 |
| NET BOOK VALUE | |||
| At 31 March 2022 | 202 | 5,729,282 | 5,729,484 |
| At 31March 2021 | 202 | 5,258,027 | 5,258,229 |
| Names | Company | Registered | office | or principal | Principal | Principal | activity | Holding | Included | in | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| number | place of business | consolidation | ||||||||||||||
| Twinsectra | Limited | 01226586 | 28 The Ridgeway, | London, | Property | investment | 100% | Yes | ||||||||
| NW118TB | ||||||||||||||||
| Haysport | Properties | Limited | 01360843 | 28 The Ridgeway, | London, | Property | investment | 100% | Yes | |||||||
| NW118TB | ||||||||||||||||
| Borehamwood | Property | Limited | 12230858 | 28 The Ridgeway, | London, | Property | investment | 100% | Yes | |||||||
| NW118TB | ||||||||||||||||
| The financial | results | ofthe subsidianes | for the year were: | |||||||||||||
| Names | Income | Expenditure | Profit for the | Net | assetsl | |||||||||||
| E | E | year | (liabilities) | |||||||||||||
| E | E | |||||||||||||||
| Twinsectra | Limited | 3,481,790 | (2,627,221) | 854,569 | 22,013,619 | |||||||||||
| Haysport | Properties | Limited | 4,740,227 | (2,686,904) | 2,053,323 | 44,399,195 | ||||||||||
| Borehamwood | Property | Limited | 19,779 | (14,556) | 5,223 | (2,796) |
| Programme | ||
|---|---|---|
| related | ||
| investments | ||
| E | ||
| COST OR VALUATION | ||
| At 1 Apnl 2021 | ||
| Additions | 589,532 | |
| At 31 March 2022 | 589,532 | |
| Social investments | compnse: | |
| Programme related investments |
| Property | Total |
|---|---|
| 2022 | 2022 |
| E | E |
| 589,532 | 589,532 |
| Group | Group | Company | Company | |||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||
| E | E | |||||
| DUE AFTER | MORE THAN ONE YEAR | |||||
| Other debtors | 300,000 | 550,000 | 300,000 | 550,000 | ||
| DUE WITHIN | ONE YEAR | |||||
| Trade debtors | 537,766 | 536,777 | ||||
| Amounts owed by group |
undertakings | 1 | 11,066,473 | 11,399,454 | ||
| Other debtors | 2,455,783 | 851,341 | 250,000 | 300,000 | ||
| Prepayments | and accrued income | 1,223,008 | 1,249,810 | 383,469 | 383,469 | |
| 4,516,558 | 3,187,928 | 11,999,942 | 12,632,923 |
| Group | Group | Company | Company | |||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||
| E | E | |||||||
| Trade creditors | 147,097 | 201,360 | ||||||
| Corporation tax |
2,303 | 909 | ||||||
| Other creditors | 282,296 | 289,629 | 100 | 100 | ||||
| Accruals | and deferred | income | 905,993 | 889,246 | 13,440 | 12,960 | ||
| Accruals | for grants awarded | 11,821,802 | 8,035,615 | 11,821,802 | 8,035,615 | |||
| 13,159,491 | 9,416,759 | 11,835,342 | 8,048,675 | |||||
| 17. | DEFERRED TAXATION | |||||||
| GROUP | ||||||||
| 2022 | 2021 | |||||||
| E | ||||||||
| At the beginning | ofthe year | (3,682,255) | (3,406,380) | |||||
| Charged | to profit | and | loss | (793,009) | (275,875) | |||
| (4,475,264) | (3,682,255) |
| Group | Group | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| E | |||||
| Revaluation | of investment | properties | (3,535,389) | (2,856,869) | |
| Spreading | oftax on FRS | 102transitional | adjustment | (939,875) | (825,386) |
| (4,475,264) | (3,682,255) |
| SUMMARY OF FUNDS - CURRE | NT YEAR | |||||
|---|---|---|---|---|---|---|
| Balance at 1 | Gains/ | Balance at 31 | ||||
| April 2021 | Income | Expenditure | Taxation | (Losses) | March 2022 | |
| E | E | E | E | E | E | |
| Total funds 95,626,199 |
8,635,456 | (12,010,621) | (794,403) | 31,779 | 91,488,410 | |
| SUMMARY OF FUNDS - PRIOR | YEAR | |||||
| Balance at | ||||||
| Balance at | Gainsr | 31March | ||||
| 1 April 2020 | Income | Expenditure | Taxation | (Losses) | 2021 | |
| L | L | L | L | L | L | |
| Total funds 88,269,909 |
18,809,860 | (11,166,959) | (276,784) | (9,827) | 95,626,199 |
| Group | Group | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||||||||
| E | L | |||||||||||||
| Net income/expenditure |
for | the | year | (as | per | Statement | of | Financial | ||||||
| Activities) | (4,137,789) | 7,356,290 | ||||||||||||
| ADJUSTMENTS | FOR: | |||||||||||||
| Decrease/(increase) | in debtors | (1,628,629) | (52,393) | |||||||||||
| Increase in |
creditors | 4,535,741 | 3,111,168 | |||||||||||
| Profit on disposal | of | fixed | asset | investments | (235,877) | (253,569) | ||||||||
| Revaluation/ | net | present | value | movement | on | investment | properties | and | ||||||
| investments | (1,946,568) | (12,173,928) | ||||||||||||
| NET CASH | PROVIDED | BYI(USED IN) OPERATING ACTIVITIES | (3,413,122) | (2,012,432) |
| Group | Group |
|---|---|
| 2022 | 2021 |
| E | L |
| 22,096,111 | 25, 146,060 |
| Awardee | Trustee(s) | |
|---|---|---|
| Bais Chinuch | Edgware | D Goldberg |
| Bikkur Cholim | D Goldberg | |
| Hatzola NL |
D Goldberg | |
| Hendon Adass |
D Goldberg | |
| Interlink | D Goldberg | |
| Menorah Foundation |
D Goldberg | |
| Mesila UK | C Kahn | |
| North London |
Bikur Cholim | D Goldberg |
| SEED | D Goldberg | |
| Side by Side | D Goldberg | |
| Step by Step | D Goldberg | |
| Sunbeams | D Goldberg | |
| Tashbar Edgware | D Goldberg | |
| Torah Vodaas | D Goldberg |