2020-09-30-accounts - Shlomo Memorial Fund Limited

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The key financi	al perfonttance indicators u	sed by the group are as follow	s:
		2020	2019
Grants and donations paid		2,790,600	1,908,816
Net investment	income	2,244,771	2,622,966
Net gains on investments		1,647,555	2,504,650
Net movement	in funds —surplus	2, 154,621	3,654,073
Total Funds		69,022,837	66,868,216

				2020	2019
				Unrestricted Funds	Unrestricted Funds
			Notes
Income and endowments		from:
Donations and legacies				18,000	18,000
Investments				6,904,975	7,355,870
Other Income				5,190
Other Trading Activity				3,159,912	2,596,694
Total Income				10,088,077	9,970,564
Expenditure on:
Investment Management	Costs			4,660,204	4,732,904
Other Trading Expenditure				2,024,477	1,728,367
Charitable Activities				2,854,946	1,972,058
Total Expenditure				9,539,627	8,433,329
Gains and Losses on Investments
Profit on Sale ofinvestment		Properties	12	31,055	166,577
Surplus on Revaluation of
Investment Properties				1,616,500	2,338,073
Net Gains on Investments				1,647,555	2,504,650
Net Income before Tax				2,196,005	4,041,885
Taxation —charge			13	(41,384)	(387,812)
Net Income for the Year		and
Net Movement in Funds			14	7,154,621	3,654,073
Reconciliation ofFunds:
Total Funds Brought Forward				66,868,216	63,214,143
Total Funds Carried Forward			23	f69,022,837	666,868,216

				2020		2019
		Notes
FIXEDASSETS
Tangible Assets		15		199,132		190,353
Investment Properties		16		121,850,500		114,605,500
				122,049,632		114,795,853
CURRENT ASSETS
Debtors		18	5,924,430		6,275,795
Cash at Bank and on Deposit			3,184,065		1 760214
			9,108,495		8,036,009
CREDITORS: Amounts	falling
due within one year		19	(3,477,606)		(4,255,685)
NET CURRENT ASSETS				5,630,889		3,780,324
TOTAL ASSETSLESS
CURRENT LIABILITIES				127,680,521		118,576,177
CREDITORS: Amounts	falling
due after more than one year		20		(57,938,560)		(51,026,321)
Provisions for LiabiTities	&Charges	22		(719,124)		(681,640)
NET ASSETS				669,022,837		666,868,216
The funds ofthe charitable
Group:
Unrestricted Funds		23		69,022,837		66,868,216
				669,022,837		666,868,216

				2020		2019
		Notes	g	g
FIXEDASSETS
Tangible Assets		15		15,448		20,597
Investment Properties		16		73,550,000		68,025,000
Investments		17		31,660,000		31,590,000
				105,225,448		99,635,597
CURRENT ASSETS
Debtors		18	1,225,648		2,277,376
Cash at Bank and on Deposit			959,139		936,869
			2,184,787		3,214,245
CREDITORS: Amounts	falling
due within one year		19	(3,674,542)		(5,230,619)
NKT CURRENT LIABILITIES				(1,489,755)		(2,016,374)
TOTAL ASSETSLESS
CURRENT LIABILITIES				103,735,693		97,619,223
CREDITORS: Amounts	falling
due after more than one year		20		(34,734,950)		(30,730,556)
NET ASSETS				669,000,743		f66,888,667
The funds ofthe charitable
Company:
Unrestricted Funds		23		69,000,743		66,888,667
				669,000,743		f66,888,667

					2020	2019
				Notes
Cash flows from operating	activities:
Net cash (used in)/ provided	by operating		activities	25	(1,874,134)	808,626
Cash flows from investing	activities:
Interest received					190,334	462,295
Net rental income received					5,077,222	5,331,774
Purchase oftangible fixed assets					(34,301)	(16,378)
Purchase ofinvestment properties					(5,777,500)	(13,803,272)
Proceeds from sale ofinvestment properties					180,055	1,180,422
Net cash used in investing	activities				(364,190)	(6,845,159)
Cash flows from financing	activities:
Interest paid					(2,472,511)	(2,272,618)
Increase in bank borrowings					7,157,046	6,538,817
(Decrease)/increase in other	loan creditors				(202,186)	25,113
(Increase)/decrease in other	loan debtors				(599,846)	720,753
Net cash provided by financing activities					3,882,503	5,012,065
Change in cash and cash equivalents		in	the year		1,644,179	(1,024,468)
Cash and cash equivalent at	the beginning		ofthe year		1,496,935	2,521,403
Cash and cash equivalent	at the end	of	the year	25	83,141,114	81,496,935

				2020	2019
				Unrestricted	Funds
					0
Income from	Invesnnent	Properties		6,688,328	7,025,921
Interest Receivable				216,647	329,949
				6,904,975	7,355,870
All investment	income is derived		from UK investments.
OTHER TRADING ACTIVITY
				2020	2019
				Unrestricted	Funds
Other Trading	Income			3,159,912	2,596,694

			2020	20]9
			Unrestricted	Funds
Investment	Property	Outgoings	1,611,106	1,694, 147
Management	and Administration		614,250	732,821
Interest Payable			2,434,848	2,305,936
			4,660,204	4,732,904
OTHER TRADING		EXPENDITURE
			2020	2019
			Unrestricted	Funds
				g
Other Trading Expenditure			2,024,477	1,728,367

EXPENDIT	U	RE ON CHARITABLE ACTIV	ITIES
			2020	2019
			Unrestricted	Funds
Grant funding		activities (Note 9)	2,790,600	1,908,816
Governance	costs (Note 10)		64,346	63,242
			2,854,946	1,972,058

Recipients ofInstitutional Grants
Layesharim Tehilla		192,000
Ziv Haketulla		184,000
Yad Tomechet LeNizkak Batzafon		181,000
Matan Bseser		150,000
Yissochor Beholecho		145,000
Beer Ha'olam		114,500
Kupat Tzdaka Leman Aniyei Ramat	Bet Shemesh	76,000
Chaim Vuchesed Organisation		75,000
	20

10.	ANALSYIS OF GOVERNANCE COSTS	ANALSYIS OF GOVERNANCE COSTS	ANALSYIS OF GOVERNANCE COSTS	ANALSYIS OF GOVERNANCE COSTS
				2020	2019
	Auditor's remuneration			49,000	49,000
	Bookkeeping fees			3,307	3,787
	Bank charges			700	857
	Legal and professional	fees		6,163	7,703
	General expenses			5,176	1,895
				64,346	63,242
11.	STAFF COSTS AND	EMOLUMENTS
				2020	2019
				Unrestricted	Funds
	The aggregate payroll	costs for the Group were:
	Wages and salaries			1,827,402	1,694,365
	Social security			123,719	109,594
				1,951,121	1,803,959
	The average number ofstaff employed			by the Group during the financial year amounted	to:
				2020	2019
	Number ofnursing staff			80	81
	Number ofadministrative		staff	10	7
	Number ofmanagement		staff	6	5
				96	93
12.	PROFIT ON SALE OF INVESTMENT PROPERTIES
				2020	2019
				Unrestricted	Funds
	Net sale proceeds			180,055	1,180,422
	Book value ofproperties		sold	(149,000)	(1,013,845)
				31,055	166,577

TAXATION
Major components	oftax expense
		2020	2019
		Unrestricted	Funds
Current tax:
Current year		3,900
Deferred tax:
Origination and reversal oftiming differences		37,484	387,812
Tax charge		41,384	387,812

The tax assessed on the net inco of 19'/s (2019 19'/0)	me for the year is low	er than the standard rate ofcorp	oration tax in
		2020	2019
		Unrestricted	Funds
Net income before tax		2,196,005	4,041,885
Net income by rate oftax		417,240	767,957
Income and gains exempt from	tax	25,826	(126,793)
Expenses not deductible for tax			31
Effect ofcapital allowance and	depreciation	(1,090)	660
Impact ofchange in tax rate			42,450
Timing difference on unrealised	gains	(61,139)	63,371
Unused tax losses carried forward			32,882
Timing difference on gift aid		(332,633)	(345,186)
Effect ofindexation on sale ofinvestments		(3,620)	(53239)
Other differences		(3,200)	5,679
Taxation charge		41,384	387,812

This is	stated	after chargin	g the Group:
				2020	2019
				Unrestricted	Funds
Auditor'	Remuneration
Audit	fees	—Charity		649,000	f49,000
Audit	fees	—Subsidiary	undertakings	668,800	672,000
Other	fees
Depreciation				625,522	637,799

TANGIBLE FIXEDASSETS
THE GROUP	Plant &	Furniture	Motor
	Machineri	~&F1ttin	Vehicles	Total
			8
Cost
At 1 October 2019	432,571	40,490	19,251	492,312
Additions	749	2,381	31,171	34,301
At 30 September 2020	433,320	42,871	50,422	526,613
Depreciation
At 1 October 2019	268,408	19,893	13,658	301,959
Charge for the Year	18,419	5,236	1,867	25,522
At 30 September 2020	286,827	25,129	15,525	327,481
Net Book Value
At 30 September 2020	146,493	17,742	34,897	199,132
At 30 September 2019	164,163	20,597	5,593	190,353
THE COMPANY				Fixtures &
				F~ittin s
Cost
At 1 October 2019				40,490
Additions
At 30 September 2020				40,490
Depreciation
Al 1 October 2019				19,893
Charge for the Year				5,149
At 30 September 2020				25,042
Net BookValue
At 30 September 2020				15,448
At 30 September 2019				20,597

INVESTMENT PROPERTIES
THE GROUP	Freehold	Leasehold
	Investment	Investment
	~Pro erties	~Pro erdes	Total
Fair value
At 1 October 2019	102,387,500	12,218,000	114,605,500
Additions	5,775,876	1,624	5,777,500
Disposals	(149,000)		(149,000)
Revaluation	908,124	708,376	1,616,500
At 30 September 2020	108,922,500	12,928,000	121,850,500

should be attached to the valuations	than would normally be th	c case.
THE COMPANY	Freehold	Leasehold
	Investment	Investment
	~Pro erties	~Pru erties	Total
Fair value
At I October 2019	59,420,000	8,605,000	68,025,000
Additions	4,425,944	1,624	4,427,568
Revaluation	474,056	623,376	1,097,432
At 30 September 2020	64,320,000	9,230,000	73,550,000

Directly Owned:
~Com an			Com an	Re 'stratlon	Number
Hartons Limited			04572804
Neranen Limited			09667377
Olnato Limited			01446600
Weymer Limited			04572794
Indirectly Owned:
~Com an
Cloudpress Limited			04592197
Paramount Care (Gateshead)	Limited		07959750
Paramount Care Services (Gateshead)		Limited	07959737
Smart Mortgage Finance Limited			05628260
Talten Business Park Limited			02942606
The More Centre (Gateshead)	Limited		08302096
Viewplus Limited			08276273

A summary ofturnover and pro	fit or loss fo	r the year is show	n below for each	subsidiary un	dertaking.
			Net Profit/
			(Loss)		Net Profit/
	Year		(excluding		(Loss)
~Com an	Ended	Turnover	~Gift Aid	Gift Aid	~for ear
			8
Cloudpress Ltd	31.12.20	59,568	57,278	(200,000)	(142,722)
Hartons Ltd	30.09.20	171,950	47,302		47,302
Neianen Ltd	30.09.20	1,304,041	532,261	(750,000)	(217,739)
Olnato Ltd	30.09.20	969,876	984,783	(663,000)	321,783
Paramount Care (Gateshead) Ltd	30.09.20	3,159,912	21,497		21,497
Paramount Care Services
(Gateshead) Ltd	30.09.20
Smart Mortgage Finance Ltd	30.09.20	167,215	(282)		(282)
Talten Business Park Ltd	31.12,20		(2,241)		(2,241)
The More Centre (Gateshead) Ltd	30.09.20		(32,317)		(32,317)
Viewplus Ltd	30.09.20	850,000	654,264	(565,000)	89,264
Weymer Ltd	30.09.20

The assets, liabilities, capital a	nd reserves	ofthe subsidiary	undertakings are a	s follows:
	Balance			Capital /k
	Sheet			Reserves/
~Com an	Date	Assets	Liabilities	~Defie(t
				8
Cloudpiess Ltd	31.12.20	2,312,780	(1,799,790)	512,990
Hartons Ltd	30.09.20	2,512,668	(1,726,528)	786,140
Neranen Ltd	30.09.20	16,555,979	(14,498,095)	2,057,884
Olnato Ltd	30.09.20	36,019,602	(10,404,767)	25,614,835
Paramount Care (Gateshead) Ltd	30.09.20	795,896	(788,555)	7,341
Paramount Care Services
(Gateshead) Ltd	30.09.20		(316)	(316)
Smart Mortgage Finance Ltd	30.09.20	2,524,758	(2,518,199)	6,559
Talten Business Park Ltd	31.12.20	1,486,017	(7,392)	1,478,625
The More Centre (Gateshead) Ltd	30.09.20	14,411	(235,646)	(221,235)
Viewplus Ltd	30.09.20	8,192,033	(5,607,491)	2,584,542
Weymer Ltd	30.09.20	158,002	(174,126)	(16,124)

CREDITORS: AMOUNTS FAL	LING DUE W	ITHI	N ONE YEAR
		T~h		T~TC
	2020		2019	2020	2019
Bank Loans and Overdrafts	402,538		580,245	33,999	263,279
Amounts owed to
Group Undertakings				1,928,222	3,265,178
Rent and Service Charges
in Advance	471,607		633,931	239,713	462,458
Taxation and Social Security	243,990		309,721
Other Creditors
and Accruals	2,359,471		2,731,788	1,472,608	1,239,704
	3,477,606		4,255,685	3,674,542	5,230,619

					G	~TG
				2020	2019	2020	2019
Bank	Loans			57,695,305	50,580,880	34,734,950	30,730,556
Loan	Creditor	(see	below)	243,255	445,441
				57,938,560	51,026,321	34,734,950	30,730,556

Bank Loan	s, in	cl	uded in	Creditors fallin	g due after more	than one year, ar	e an	alysed as fol	lows:
					~Th	G		T~hc
					2020	2019		2020	2019
					g
Repayable	within		5 years		51,909,021	48,101,573	34,734,950		30,730,556
Repayable	after 5 years				6,145,871	2,796,273
					58,054,892	50,897,846	34,734,950		30,730,556
Less Amounts		Repayable		within 1 year	(359,587)	(316,966)
					57,695,305	50,580,880	34,734,950		30,730,556
Details of	loans	repayable		after 5 years	are as follows:
						T~bG		~Th	C
					2020	2019		2020	2019
Loans								g
~T			Interest Rate
2027			2.75%above Unity
			Bank	Base Rate	1,066,145	1,182,237
2028			2.75%above Unity
			Bank	Base Rate	1,580,384	1,614,036
2030			3.00%above Bank
			Base	Rate (subject	to a
			Minimum of3%)		3,499,342
					6,145,871	2,796,273

PROVISION FORLIABILTHES &CHARGES
	2020	2019
	g
Balance at the beginning ofthe year	681,640	293,828
Charge for the year	37,484	387,812
Balance at the end ofthe year	719,124	681,640

UNRESTRICTED FUNDS
The Group
Balance at 1 October 2019	66,868,216
Total Income for the year	10,088,077
Total Expendihire for the year	(9,539,627)
Net Gains on Investments	1,647,555
Taxation —charge	(41,384)
Balance at 30September 2020	69,022,837
The Company
Balance at 1 October 2019	66,888,667
Total Income for the year	6,411,028
Total Expenditure for the year	(5,466,384)
Net Gains on Investments	1,167,432
Balance at 30September 2020	69,000,743

24.	FINANCIAL INSTRUME	NT	S
						~Th 6 T~IC
				2020			2019 2020	2019
					g		8 8	8
	Financial assets measured	atfair value
	through income and expenditure: Unlisted investment (Note 17)						31,660,000	31,590,000
	Financial assets measured	at
	amortised costi
	Debtors (Note 18)			5,924,430			6,275,795 1,225,648	2,277,376
	Financial tiabi7ittes measured		at
	amortised cost:
	Creditors (Notes 19&20)			61,416,166			55,282,006 38,409,492	35,961,175
25.	NOTES TO THE CONSOLIDATED STATEMENT					OF CASH FLOWS
	ReconciTiation ofnet income		to net cash	0ow from	o	cretin	activities
							2020	2019
	Net income for the year						2,154,62]	3,654,073
	Adjustment for:
	Depreciation						25,522	37,799
	Loss on sale offixed assets							164
	Interest receivable						(216,647)	(329,949)
	Net rental income receivable						(5,077,222)	(5,331,774)
	Interest payable						2,434,848	2,305,936
	Taxation						41,384	387,812
	Gains on investment assets						(1,647,555)	(2,504,650)
	Decrease in debtors						977,524	1,742,262
	(Decrease)/increase in creditors						(566,609)	846,953
							(1,874,134)	808,626
	Tax paid
	Net cash (used in)/provided		by operating	activities			6(1,874,134)	6808,626

Anal	is ofcash a	nd cash e uivalents
				2020	2019
					8
Cash	at bank aud in hand			3,184,065	1,760,214
Bank	overdrafts			(42,951)	(263,279)
Total	cash and cash equivalents			3,141,114	1,496,935
Anal	sis ofchan	s in net debt
			At 1		At 30
			October	Cash	September
			2019	Flows	2020
Cash	and cash equivalents		1,496,935	1,644,179	3,141,114
Bank	borrowings		(50,897,846)	(7,157,046)	(58,054,892)
Loan	debtors		2,705,823	599,846	3,305,669
Loan	creditors		(445,441)	202,186	(243,255)
			(47,140,529)	(4,710,835)	(51851 364)

	2020	2019
Within one year	382,308	356,358
ln two to five years	1,529,231	1,425,43]
More than five years	39,966,585	38,121,095
	41,878,124	39,902,884

At the Balance Sheet date, future minimum operating leases were as follows;	lease payments payable to the group u	nder non-cancegab
	2020	2019I
Within one year	3,888,762	4,071,134
In two to five years	11,158,099	11,526,929
More than five years	15,655,549	17,305,045
	30,702,410	32,903,108

			2020	2019
			Unrestricted Funds	Unrestricted Funds
Income and endowments	from:
Donations and legacies			2,196,000	1,584,000
Invesnnents			4,215,028	4,578,830
Total Income			6,411,028	6,162,830
Expenditure on:
Investment Management Costs			2,611,438	2,588,351
Charitable Activities
Grants and Donations			2,790,600	1,908,816
Governance Costs			64,346	63,242
Total Expenditure			5,466,384	4,560,409
Gains and Losses on Investments
Profit on Sale ofInvestment	Properties			8,060
Surplus on Revaluation of	Investment	Properties	1,097,432	622,851
Surplus on Revaluation of	Subsidiary	Undertakings	70,000	1,440,000
Net Gain on Investments			1,167,432	2,070,9 11
Net Income for the Year	and
Net Movements ofFunds			2,112,076	3,673,332
Total Funds Brought Forward			66,888,667	63,215,335
Total Funds Carried Forward			69,000,743	66,888,667

						2020		2019
Rents and	Charges		Receivable			4,214,673		4,563,539
Deduct: Property			outgoings
Rents					279,686		243,350
Rates					64,088		93,365
Repairs					87,389		120,812
Light and	Heat				271,308		278,606
Porterage	and	Cleaning			54,028		79,849
Insurance					120,891		98,101
Service Charges					24,167		20,580
Security					68,350		68,091
Legal and	Professional			Charges	34,885		54,300
Management		Commission			276,498		283,375
Letting Fees					9,029		3,900
Depreciation		—Funuture		&Equipment	5,149		6,866
						(1,295,468)		(1,351,195)
						2,919,205		3,212,344