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|||||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|
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|||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|
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|||||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|
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||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|||
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|||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|
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||||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|
##
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##
|||||||||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|
##
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##
|||||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|||
##
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##
||||||||||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|
##
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##
||||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|
##
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##
##
||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)|
##
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##
|||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|
##