## ## ## ||||Page| |---|---|---|---| |Trustees'|annual report||| |Independent
auditor's||report to the members|| |Statement|offinancial|activities|| |Statement|offinancial|position|10| |Statement|ofcash flows||11| |Notes to|the financial|statements|12| ## ## |

30June 2021.|

30June 2021.|||||| |---|---|---|---|---|---|---| |Reference and administrative||details||||| |Registered charity|name|Rachel Charitable|Trust|||| |Charity registration|number|276441||||| |Principal office||Fourth Floor||||| |||30Market Place||||| |||London||||| |||W1W 8AP||||| |The trustees||MrLNoe||||| |||Mrs SD No&||||| |||Mr S Kanter LLBHons||||| |||MrSMNod|||(Appointed|31January 2022)| |Charity secretary||Mr RChalk||||| |Auditor||Cohen Arnold||||| |||Chartered
accountants||&,statutory|auditor|| |||New Burlington|House|||| |||1075Finchley Road||||| |||London||||| |||NW11 OPU||||| |Bankers||Metro Bank||||| |||1 Southampton
Row||||| |||London||||| |||WC1BSHA||||| |Solicitors||Fladgate LLP||||| |||16Great Queen|Street|||| |||London||||| |||WC2B SDG||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||2021|2021|2020| |---|---|---|---|---|---|---| |||||Unrestricted||| |||||funds|Total funds|Total funds| ||||Note|5||| |Income and endowments||||||| |Donations
and legacies|||4|3,605,000|3,605,000|4,069,933| |Investment
income|||5|2,074,620|2,074,620|1,791,971| |Total income||||5,679,620|5,679,620|5,861,904| |Expenditure||||||| |Expenditure
on raising funds;||||||| |Investinent
management||costs|6|(1,104,773)|(1,104,773)|(1,930,809)| |Expenditure
on charitable|activities||7,8|(2,480,965)|(2,480,965)|(5,699,821)| |Total expenditure||||(3,585,738)|(3,585,738)|(7,630,630)| |Net gain on investinents|||10|1,957,974|1,957,974|(147,393)| |Net income/(expenditure)||||4,051,856|4,051,856|(1,916,119)| |Impairment
loss|||12|(2,410,373)|(2,410473)|| |Net movement
in funds||||1,641,483|1,641,483|(1,916,119)| |Reconciliation offunds||||||| |Total funds brought
forward||||18,840,601|18,840,601|20,756,720| |Total funds carried forward||||20,482,084|20,482,084|18,840,601| ## ||||Rachel Charitable
|Rachel Charitable
|Trust|| |---|---|---|---|---|---|---| ||||Statement ofFinancial||Position|| ||||30June 2021|||| |||||2021||2020| ||||Note|||| |Fixed assets||||||| |Tangible fixed assets|||13||30,000|30,000| |Investinents|||14||34,754,369|37,534,975| ||||||34,784i369|37,564,975| |Current assets||||||| |Debtors|||15|2,053,786||896,835| |Cash at bank|aud in hand|||2,183,919||985,230| |||||4,237,705||1,882,065| |Creditors: amounts||falling due||||| |within one year|||16|(4,669,500)||(15,789,748)| |Net current|liabilities||||(431,795)|(13,907,683)| |Total assets|less current liabilities||||34,352,574|23,657,292| |Creditors: amounts||falling due|after|||| |more than one year|||17||(13,870,490)|(4,816,691)| |Net assets|||||20,482,084|18,840,601| |Funds ofthe|charity|||||| |Unrestricted|funds||||20,482,084|18,840,601| |Total charity|funds||18||20,482,084|18,840,601| ## ## ||Year|ended 30June 20|21|| |---|---|---|---|---| ||||2021|2020| |Cash flows from operating|activities|||| |Net income/(expenditure)|||4,051,856|(1,916,119)| |Adjustments for:||||| |Net gains/(losses)
on investments|||(1,957,974)|147,393| |Dividends,
interest
and rents from invesnnents|||(1,644,129)|(1,115,365)| |Other interest receivable
and similar income|||(1,605)|(929)| |Accrued (income)/expenses|||(582,193)|2,343,690| |Interest payable|||683,818|1,254,644| |Changesin:||||| |Trade and other debtors|||(888,201)|173,272| |Trade and other creditors|||353,189|(78,035)| |Cash generated
from operations|||14,761|808,551| |Interest received|||1,605|929| |Net cash from operating
activities|||16466|809,480| |Cash flows from investing|activities|||| |Dividends,
interest and rents from investments|||1,513,486|1,230,987| |Purchases ofother investments|||(93,000)|(141,127)| |Proceeds from sale ofother|investments||2,421,208|200,000| |Net cash fmrn investing
activities|||3,841,694|1,289,860| |Cash flows from financing|activities|||| |Proceeds froin borrowings|||265,000|4,389,000| |Repayments
ofborrowings
Interest paid|||(1,969,553)
(954Jtl8)|(4,350,233)
(1,289,230)| |Net cash used in financing|activities||(2,659471)|(1,250,463)| |Net increase in cash and cash equivalents|||1)198,689|848,877| |Cash and sash equivalents|at beginning|ofyear|985%0|136,353| |Cash and cash equivalents|at end ofyear||2,183,919|985,230| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |4.|Donations a|nd|legac|ies|||||| |---|---|---|---|---|---|---|---|---|---| |||||||Unrestricted|Total Funds|Unrestricted|Total Funds| |||||||Funds|2021|Funds|2020| ||Donations||||||||| ||General Donations|||||3,605,000|3,605,000|4,069,933|4,069,933| ||Donations received in the year include|||||f.154,000 (2020:581,118)from one ofthe trustees ofthe|||| ||charity.||||||||| |5.|Investment|income|||||||| |||||||Unrestricted|Total Funds|Unrestricted|Total Funds| |||||||Funds|2021|Funds|2020| ||||||||6||| ||Rental Income|||||2,073,015|2,073,015|1,791,042|1,791,042| ||Bank Interest|Receivable||||1,605|1,605|929|929| |||||||2,074,620|2,074,620|1,791,971|1,791,971| |6.|Investment|management|||costs||||| |||||||Unrestricted|Total Fttnds|Unrestricted|Total Funds| |||||||Funds|2021|Funds|2020| ||Management|costs||||88,266|88/66|55,636|55,636| ||Property
repairs||and|maintenance|||||| ||charges|||||42,628|42,628|230,023|230,023| ||Rates and insurance|||||42,037|42,037|37,263|37,263| ||Legal &professional
fees
Other portfolio
management||||costs|225,637
22,387|225,637
22487|183,447
169,308|183,447
169,308| ||Interest payable||and bank charges|||683,818|683,818|1,255,132|1,255,132| |||||||1,104,773|1,104,773|1,930,809|1,930,809| |7.|Expenditure|on charitable|||activities|by fund type|||| |||||||Unrestricted|Total Funds|Unrestricted|Total Funds| |||||||Funds|2021|Punds|2020| ||Donations
made|||||2,436,535|2,436,535|5,656,080|5,656,080| ||Support costs|||||44,430|44,430|43,741|43,741| |||||||2,480,965|2,480,965|5,699,821|5,699,821| ## ## ## |nditure
o|n charitable
a|ctivities by activity type|||| |---|---|---|---|---|---| |||Grant funding||Total funds|Total fund| |||of activities
f|Support costs
f|2021|2020| |Donations|made|2436535|44 430|2&480i965|5,699,821| |||2021| |---|---|---| |||I| |The Kemach Foundation||698,612| |The Rosin Sadagora Trust||230,000| |Other donations|less than 6200,000|1,507t)23| |||2,436/35| |9.|Analysis ofsupport|costs||||| |---|---|---|---|---|---|---| |||||Governance||| ||||Audit fees|costs|Total 2021|Total 2020| ||||f|f||6| ||Support costs||11,094|33,336|44,430|43,741| |10.|Net gain on investments|||||| ||||Unrestricted|Total Funds|Unrestricted|Total Funds| ||||Funds|2021|Funds|2020| |||||I|6|| ||Gain on investments||1,957,974|1,957874|(147,393)|(147,393)| ## ## ## ## ## ## ## |ofthe view that this may not be a permanent
position and tha
in the longer term.
Tangible fixed assets|t value in the investment
may return| |---|---| ||Land and| ||buildings| |Cost|| |At 1July 2020and 30June 2021|30,000| |Depreciation|| |At 1July 2020and 30June 2021|| |Carrying amount
At 30June 2021|30,000| |At 30June 2020|30,000| ## |be reliably measurable
on a goi
Investments|ng concern basis.|||| |---|---|---|---|---| ||Listed|Investment|Other|| ||investments|properties|investments|Total| |||||s| |Cost or valuation||||| |At 1 July 2020
Additions|14,601|31,650,000
93,000|5,870,374|37,534,975
93,000| |Disposals||(75,000)||(75,000)| |Fair value movements|4,767|(93,000)||(88,233)| |Other movements|||(300,000)|(300,000)| |At 30June 2021|19,368|31,575,000|5,570,374|37,164,742| |Impairment||||| |At 1 July 2020||||| |Disposals
Iinpairment
losses|||(2,410,373)|(2,410873)| |At 30June 2021|||(2.410.3733|(24100733| |Carrying
amount
At 30June 2021|19,368|31,575,000|3,160,001|34,754869| |At 30June 2020|14,601|31,650,000|5,870,374|37,534,975| ## ## ## ## ## ## ## |The listed share investments
are valued
at fair
value
based
June 2021.
Debtors|on stock exchange
va|lue
as at 30| |---|---|---| ||2021|2020| |Trade debtors|1,323,138|679321| |Prepayrnents
and accrued income
Other debtors|402,832
327,816|134,082
83,232| ||2,053,786|896,835| |Creditors: amounts
falling due within one year||| ||2021|2020| |Bank loans and overdralts|529,701|11,572,053| |Trade creditors|315,486|| |Accruals and deferred income|72468|211,978| |Social security and other taxes|133g57|96,254| |Trustee's loan account|1,550,000|1,285,000| |Other creditors|2,067,788|2,624,463| ||4,669400|15,789,748| ## ## ## ## ## |Credi|tors: amounts
falling due after more tha|n one year|| |---|---|---|---| |||2021|2020| |Bank|loans and overdrafts|13433,240|4,260,441| |Other|creditors|537450|556,250| |||13,870,490|4,816,691| ## ## |nalysis ofcha|nalysis ofcha|ritabl|ritabl|e|funds|||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted||funds||||||||| |||||||At|||Gains and|At| ||||||1 July 2020||Income|Expenditure|losses 30June 2021|| |||||||f||f|f|| |General|funds||||18,840,601||3,269,247|(3,585,738)|1,957,974|20,482,084| |||||||At|||Gains and|At| ||||||1 July 2019||Income
f.|Expenditure
f|losses 30June 2020
f.|| |General|funds||||20,756,720||5,861,904|(7,630,630)|(147,393)|18,840,601| |Analysis|ofnet assets||||between|funds||||| ||||||||||Unrestricted|Total Funds| ||||||||||Funds|2021| ||||||||||1|| |Tangible
Current|fixed
assets||assets||||||34,784,369
4,237,705|34,784@69
4,237,705| |Creditors|less|than||1 year|||||(4,669,500)|(4,669,500)| |Creditors|greater than||||1 year||||(13,870,490)|(13,870,490)| |Net assets|||||||||20,482,084|20,482,084| ||||||||||Unrestricted|Total Funds| ||||||||||Funds|2020| |Tangible
Current|fixed
assets||assets||||||37,564,975
1,882,065|37,564,975
1,882,065| |Creditors
Creditors|less than
1 year
greater than
1 year||||||||(15,789,748)
(4,816,691)|(15,789,748)
(4,816,691)| |Net assets|||||||||18,840,601|18,840,601| ## ## ## ## ## |20.
Financial instruments|Year ended 30Ju|Year ended 30Ju|Year ended 30Ju|ne 2021|ne 2021|| |---|---|---|---|---|---|---| |The carrying amount foreach|category of financial|||instruinent
is as follows:||| ||||||2021|2020| |Financial assets measured at fair value through||||income and expenditure||| |Financial assets measured
at fair value through|||income and|||| |expenditure|||||34,784,369|37,564,975| |Financial assets that are debt instruments||measured at amortised|||cost|| |Financial assets that are debt instruments
measured||||at ainoitised||| |cost|||||4,237,705|1,882065| |Financial liabilities measured|at amortised||cost|||| |Financial liabilities
measured|at amortised cost||||18,539,990|20,606,439| |21.Analysis ofchanges in net debt||||||| |||||||At| |||||At 1 Jul 2020|Cash flows|30Jun 2021| |Cash at bank and in hand||||985,230|1,198,689|2,183@19| |Debt due within one year
Debt due after one year||||(11,572,053)
(4,260,441)|11,042,352
(9,072,799)|(529,701)
(13,333/40)| |||||(14,847,264)|3,168,242|(11,679,022)| ## ## |As lessor|As lessor|||||| |---|---|---|---|---|---|---| |The total future||minimum|lease payments|receivable|under non-cancellable
operating|leases are| |as follows:||||||| ||||||2021|2020| |||||||f| |Not later than
1 year
Later than
1 year and not
Later than 5years|||later than 5years||1,706,444
3,909,494
1,415/22|1,700,712
4,191,003
1,436,169| ||||||7,031860|7,327,884| ## ## ## ## |their servic|es at a discoun|ted
charitable
rate. The det|ails are as follows:|| |---|---|---|---|---| ||||2021|2020| |Investment|Management|Costs|191,290|85,050| |Property sale|||1,250|| |Capitalised|Finance Costs||110,000|41,500| ||||302440|126,550| |common
with Rachel Charitable
Trust. In addition,
these charities in relation to their ongoing projects.
The relevant
details are as follows:|at the year end there were co|mmitments
to| |---|---|---| ||Charitable|Charitable| ||expendituret|commitments| |The Kemach Foundation|677,032|362,148| |Kemach Kidum Miktzoee Chareidi|259,608|| |Kisharon|63/50|60,000| ||999tt90|422,148|