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2023-09-30-accounts

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

Company No: 1393121

FINANCIAL STATEMENTS

for the year ended 30 SEPTEMBER 2023

COHEN ARNOLD CHARTERED ACCOUNTANTS REGISTERED AUDITOR LONDON NW11 0PU

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

Page

1 Reference and Administrative Details 2 - 7 Trustees’ Report 8 - 11 Auditor's Report 12 Consolidated Statement of Financial Activities 13 Consolidated Balance Sheet 14 Company Balance Sheet 15 Consolidated Cash Flow Statement 16 – 31 Notes to the Financial Statements

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NAME: The Shlomo Memorial Fund Limited
STATUS: Incorporated: 9th October 1978
Registered Charity Number: 278973
Company Registration Number: 1393121
CHARITY TRUSTEES: Mr E Kleinerman
Mrs C Lopian
Mr A Toporowitz
Mr H Toporowitz
Mr C Y Kaufman
Mr M Y Sulam
Mrs E Hoffner
SECRETARY: Mrs C Lopian
PRINCIPAL OFFICE: 11 Bury New Road
Manchester
M25 9JZ
REGISTERED OFFICE: New Burlington House
1075 Finchley Road
LONDON NW11 0PU
AUDITOR: Cohen Arnold
New Burlington House
1075 Finchley Road
LONDON NW11 0PU
PRINCIPAL BANKERS: NatWest Bank Plc
Stockton On Tees
Leeds Customer Service Centre
1 Victoria Place
Holbeck
LS11 5AN

1

THE SHLOMO MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

The Trustees, who are also directors for the purposes of Company Law, have pleasure in presenting their Report, including a Strategic Report, together with the Consolidated Financial Statements of the Parent Charitable Company (‘the Company’) and its Subsidiary Undertakings for the year ended 30 September 2023.

The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and Administrative details of the Company are shown on page 1 of the Financial Statements which forms part of this report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Shlomo Memorial Fund Limited is a Company limited by guarantee and its governing documents are its Memorandum and Articles of Association. It is a registered charity with the Charity Commission.

Organisation

The Company is administered by the Trustees. The Articles of Association of the Company do not require the Trustees to retire by rotation.

The day to day affairs of the Company are administered by the Trustees, the Chairman of which is Mr A Toporowitz.

All Trustees give of their time voluntarily and no benefits or expenses were paid to them in the year.

Appointment of Trustees

New Trustees are appointed based on personal competence, specialist skills, availability and knowledge of and contact with institutions professing and teaching the principles of traditional Judaism and the advancement of religion in accordance with the Jewish faith. New Trustees are inducted into the workings of the Charity by the existing Trustees.

Group Structure and Relationships

The Company has the following wholly owned non-charitable subsidiary undertakings:

Company
Hartons Limited
Neranen Limited
Olnato Limited
Weymer Limited		 Nature of Business
Property Investment
Property Investment
Property Investment
Investment Company

2

THE SHLOMO MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

Group Structure and Relationships (Continued)

Olnato Limited has the following wholly owned subsidiaries:

Company Nature of Business Cloudpress Limited Property Investment Smart Mortgage Finance Limited Provision of Finance Talten Business Park Limited Property Investment Viewplus Limited Property Investment

Viewplus Limited has the following wholly owned subsidiaries:

Company Nature of Business Paramount Care (Gateshead) Limited Provision of Care Home facilities Paramount Care Services (Gateshead) Limited Dormant The More Centre (Gateshead) Limited Provision of Day Care facilities

The Trustees of this Company include directors of the above companies.

Related Party Transactions

The Company has taken advantage of the exemption of FRS 102 - Related Party Disclosures in order to dispense with the requirement to disclose transactions with members of The Shlomo Memorial Fund Limited Group of Companies.

OBJECTIVES AND ACTIVITIES FOR THE BENEFIT OF THE PUBLIC

The Company is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law and in furtherance of the aforementioned objects, the Company receives income from its investment properties, cash deposits and subsidiary undertakings which it utilises in the provision and distribution of grants and donations for charitable purposes to organisations that fall within the objectives of the Company. It has concentrated its activities in promoting charitable activities of institutions teaching the principles of traditional Judaism, and the giving of philanthropic aid to the needy.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Company’s aims and objectives and in planning future activities and setting the grant making policies for the year.

Grant Making Policy

Grants are made to charitable institutions and organisations which accord with the objects of the Charity. The Trustees are approached for donations by a wide variety of charitable institutions operating in the United Kingdom and abroad. The Trustees consider all requests which they receive and make donations based on the level of funds available.

In making Grants and Donations, the Trustees use their personal knowledge of the relevant Institutions, their representatives, operational efficiency and reputation. The Trustees monitor the application of the Grants and Donations by meeting with representatives of the Institutions and obtaining information as to the utilisation of funds.

3

THE SHLOMO MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

FIXED ASSETS

The movements in Fixed Assets are fully reflected in Notes 15 to 17 to the Financial Statements.

STRATEGIC REPORT

Strategy and Business Model

The Company invests in investment properties, cash deposits and investments in Subsidiary Undertakings to generate income with which it makes grants and donations to Charitable Organisations and Institutions that fall within the objectives of the Company.

Achievements and Performance

During the year the Company has continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion and the giving of philanthropic aid. The reserves remain available to organisations engaging in activities compatible with the aims and objectives of the Company. The Trustees expect such demands to increase in future years.

The financial results of the Company and its Subsidiary Undertakings for the year ended 30 September 2023 are fully reflected in the attached Financial Statements together with the Notes thereon.

Grants and donations in the year totalled £3,164,280 (2022: £2,805,360).

Financial Review

Financial Position

The financial position of the Company and its subsidiary undertakings is satisfactory.

The Company’s Consolidated Statement of Financial Activities shows a Net Loss for the year of £5,706,324 (2022: Net Income £2,962,360) and total reserves of £68,944,060 (2022: £74,650,384).

Reserves Policy

The reserves of the Company are represented by the unrestricted funds arising from past net operating surpluses and include a reserve arising from the unrealised movement in the value of the Company’s investment in subsidiary undertakings and its investment properties. By its very nature the element of unrestricted reserves represented by the revaluation surplus of fixed asset investments is not readily available for distribution. The Trustees have adopted a policy that tries to ensure the continuing ability of the Company to meet its objectives. A proportion of reserves are to be invested to generate income at a level, such that the ever-increasing calls on the Company can be met by self-generated income. The level of reserves is under continuous strategic review.

Principal Funding Sources

The Company’s principal funding sources in the year were its investment portfolio, together with donations received from subsidiary undertakings.

4

THE SHLOMO MEMORIAL FUND LIMITED

(LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

Financial Review (Continued)

Investment Policy

Under the Memorandum and Articles of Association, the Company has the power to make investments which the Trustees consider appropriate. The Trustees effect investments which, over a medium period of years are anticipated to generate a dependable flow of income coupled with capital growth. The Company’s investments are represented by its investment properties and its wholly owned subsidiary undertakings.

Key Performance Indicators

The Trustees monitor the group’s performance against the strategic objectives on a regular basis. Performance is assessed against the strategy and expectations using financial and non-financial indicators. The key financial performance indicators used by the group are as follows:

2023 2022
£ £
Grants and donations paid 3,164,280 2,805,360
Net investment income 1,731,494 3,704,790
Net (losses)/gains on investments (4,014,227) 2,284,698
Net movement in funds – (deficit)/surplus (5,706,324) 2,962,360
Total Funds 68,944,060 74,650,384

Plans For The Future

The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.

Principal Risks and Uncertainties

The Trustees have identified and reviewed the major risks to which the group is exposed, in particular those related to the operations and finance of the group, and are satisfied that systems are in place to manage those risks.

The principal risks to which the group is exposed are:

The group seeks to manage or mitigate such risks wherever possible through measures including insurance, tenant screening and monitoring, rigorous reviews of acquisition and investment opportunities, external expert advice, monitoring cash and regular monitoring of the economic outlook. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

5

THE SHLOMO MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees (who are also the Directors of The Shlomo Memorial Fund Limited for the purposes of Company Law) are responsible for preparing the Trustees Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Company and of the incoming resources and application of resources, including the income and expenditure, of the Charity Group for that period. Under company law the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and the income and expenditure of the Group for that period. In preparing these Financial Statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the Financial Statements comply with the Companies Act 2006 and Charity Legislation. The Trustees are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE TO AUDITORS

In so far as the Trustees are aware at the time of approving the Trustees’ Report:

6

THE SHLOMO MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

AUDITORS

The auditors, Cohen Arnold, are deemed to be reappointed under Section 487(2) of the Companies Act 2006.

Approved by the Trustees on 30 July 2024, including, in their capacity as Company Directors, the Strategic Report contained therein.

By Order of the Trustees

…………………………

MR C Y KAUFMAN – TRUSTEE

7

THE SHLOMO MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE SHLOMO MEMORIAL FUND LIMITED

(LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

OPINION

We have audited the financial statements of The Shlomo Memorial Fund Limited (the 'parent charitable company') and its subsidiaries (‘the group’) for the year ended 30 September 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and parent charitable company Balance Sheets, the Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt about the group’s or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

8

THE SHLOMO MEMORIAL FUND LIMITED

(LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE SHLOMO MEMORIAL FUND LIMITED ( Continued )

(LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report or the Strategic Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ responsibilities statement, the Trustees who are also the Directors of the parent charitable company for the purposes of company law are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

9

THE SHLOMO MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE SHLOMO MEMORIAL FUND LIMITED ( Continued ) (LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS ( Continued )

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

10

THE SHLOMO MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE SHLOMO MEMORIAL FUND LIMITED ( Continued )

(LIMITED BY GUARANTEE)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS ( Continued )

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

USE OF OUR REPORT

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

JOSHUA NEUMANN (Senior Statutory Auditor) For and on behalf of COHEN ARNOLD New Burlington House Chartered Accountants 1075 Finchley Road & Statutory Auditor LONDON NW11 0PU

Our audit was completed on 30 July 2024 and our opinion was expressed at that date.

Cohen Arnold is eligible to act as an Auditor in terms of Section 1212 of the Companies Act 2006.

11

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Unrestricted Funds Unrestricted Funds
Notes £ £
Income and endowments from:
Donations and legacies - 450
Investments 4 8,938,300 8,430,984
Other Trading Activity 5 - 1,156,802
____ ____
Total Income 8,938,300 9,588,236
____ ____
Expenditure on:
Investment Management Costs 6 7,206,806 4,726,194
Other Trading Expenditure 7 24,414 980,259
Charitable Activities 8 3,235,533 2,877,273
____ ____
Total Expenditure 10,466,753 8,583,726
____ ____
Gains and Losses on Investments
Loss on Sale of Investment Properties 12 (453,967) (19,166)
(Deficit)/Surplus on Revaluation of
Investment Properties (3,560,260) 2,303,864
____ ____
Net (Loss)/Gains on Investments (4,014,227) 2,284,698
____ ____
Net (Expenditure)/Income before Tax (5,542,680) 3,289,208
Taxation – charge 13 (163,644) (326,848)
____ ____
Net (Expenditure)/Income for the Year and
Net Movement in Funds 14 (5,706,324) 2,962,360
Reconciliation of Funds:
Total Funds Brought Forward 74,650,384 71,688,024
____ ____
Total Funds Carried Forward 23 £68,944,060
____		 £74,650,384
____

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 16 to 31 form part of these Financial Statements.

12

THE SHLOMO MEMORIAL FUND LIMITED AND SUBSIDIARY UNDERTAKINGS

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2023

FIXED ASSETS
Tangible Assets
Investment Properties
CURRENT ASSETS
Debtors
Cash at Bank and on Deposit
CREDITORS:Amounts falling
due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS:Amounts falling
due after more than one year
Provisions for Liabilities & Charges
NET ASSETS
The funds of the charitable
Group:
Unrestricted Funds		 Notes
£
15
16
18
5,925,298
4,086,700
_
10,011,998
19
(7,398,157)
_
20
22
23		 2023
£
£
36,178
132,720,893
_
132,757,071
7,362,062
6,027,451
_
13,389,513
(4,221,910)
_
2,613,841
_
135,370,912
(64,734,695)
(1,692,157)
_
£68,944,060
_
68,944,060
____
£68,944,060
 2022
£
156,359
126,189,000
_
126,345,359
9,167,603
_
135,512,962
(59,334,065)
(1,528,513)
_
£74,650,384
_
74,650,384
____
£74,650,384

The Trustees have prepared Group Financial Statements in accordance with Section 399 of the Companies Act 2006. These Financial Statements constitute the annual accounts required by the Companies Act 2006 and are for circulation to the members of the company.

The Financial Statements were approved by the Trustees on 30 July 2024 and signed on their behalf by:

……………………

MR C Y KAUFMAN – TRUSTEE

The notes on pages 16 to 31 form part of these Financial Statements.

13

THE SHLOMO MEMORIAL FUND LIMITED (LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 30 SEPTEMBER 2023

FIXED ASSETS
Tangible Assets
Investment Properties
Investments
CURRENT ASSETS
Debtors
Cash at Bank and on Deposit
CREDITORS:Amounts falling
due within one year
NET CURRENT
(LIABILITIES)/ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS:Amounts falling
due after more than one year
NET ASSETS
The funds of the charitable
Company:
Unrestricted Funds		 Notes
£
15
16
17
18
2,273,674
777,828
_
3,051,502
19
(3,172,682)
_
20
23		 2023
£
£
6,517
81,444,893
32,060,000
_
113,511,410
3,417,321
2,390,129
_
5,807,450
(1,661,730)
_
(121,180)
_
113,390,230
(44,584,453)
_
£68,805,777
_
68,805,777
____
£68,805,777
 2022
£
8,689
75,773,500
31,680,000
_
107,462,189
4,145,720
_
111,607,909
(36,941,662)
_
£74,666,247
_
74,666,247
____
£74,666,247

The Financial Statements were approved by the Trustees and authorised for issue on 30 July 2024 and signed on their behalf by:

……………………

MR C Y KAUFMAN – TRUSTEE

Company Registration No: 1393121

The notes on pages 16 to 31 form part of these Financial Statements.

14

THE SHLOMO MEMORIAL FUND LIMITED

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Cash flows from operating activities:
Net cash used in operating activities
Cash flows from investing activities:
Interest received
Net rental income received
Purchase of tangible fixed assets
Purchase of investment properties
Proceeds from sale of investment properties
Net cash (used in)/provided by investing activities
Cash flows from financing activities:
Interest paid
Increase in bank borrowings
Increase in other loan creditors
Increase in finance leases
Decrease/(Increase) in other loan debtors
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalent at the beginning of the year
Cash and cash equivalent at the end of the year		 Notes
25
25		 2023
£
(4,301,443)
_
673,730
6,528,063
-
(16,330,823)
5,784,703
_
(3,344,327)
_
(4,272,318)
3,912,077
400,465
4,109,393
1,555,402
_
5,705,019
_
(1,940,751)
6,027,451
_
£4,086,700
 2022
£
(2,368,430)
_
244,850
6,350,215
(1,175)
(4,932,025)
3,171,223
_
4,833,088
_
(2,071,836)
2,085,848
12,882
-
(766,153)
_
(739,259)
_
1,725,399
4,302,052
_
£6,027,451

The notes on pages 16 to 31 form part of these Financial Statements.

15

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. GENERAL INFORMATION

The Shlomo Memorial Fund Limited (‘the Company’) is a charitable company limited by guarantee and is incorporated in England and Wales. The Company’s registered office is New Burlington House, 1075 Finchley Road, London NW11 0PU. The presentation currency of these Financial Statements is sterling.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) and the Companies Act 2006.

The Company meets the definition of a public benefit entity under FRS 102.

3. ACCOUNTING POLICIES

Basis of Preparation

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

The UK economy continues to face challenges due to macroeconomic and political uncertainty, including the potential for a prolonged period of higher interest rates and geopolitical risks. Therefore, the directors of The Shlomo Memorial Fund Limited group ("the group") have placed a particular focus on the group's going concern assessment and have considered the principal risks to the group including tenant defaults and increases in the cost of borrowing. This assessment has considered the various probable outcomes of these factors on the group's operations and its future financial performance over the next 12 months. The directors have also considered the likelihood of the group's loan covenants being breached in the coming 12 months and remedy packages if these covenants are breached. These risks are beyond the control of the group and represent uncertainty to the revenue and cash flow of the group for the foreseeable future.

Notwithstanding these uncertainties, the directors have concluded that it is appropriate for the financial statements to be prepared in accordance with the accounting principles appropriate to a going concern and that there is no material uncertainty to this position, as the directors have a reasonable expectation that the group and the company have adequate resources under all plausible circumstances to continue in operational existence for the foreseeable future by meeting their liabilities and commitments as they fall due.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Group Financial Statements

These Financial Statements consolidate the results of the Company and its subsidiaries on a line-by-line basis. A separate statement of financial activities or income and expenditure account dealing with the results of the Company only has not been presented in accordance with Section 408 of the Companies Act 2006.

Judgements and Key Sources of Estimation Uncertainty

Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below:

16

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES (Continued)

Income

All donations are recognised in the Statement of Financial Activities (SOFA) of the Company when it has unconditional entitlement to the resources. Donations represent voluntary amounts received during the year.

All other income is recognised on a receivable basis. This includes income from investments and deposits, rentals from property assets, income from the provision of care home facilities and grants and donations received by the Group.

Investment Management Costs

Investment management costs include costs relating to the investment properties on an accruals basis.

Governance Costs

Governance costs include costs of the preparation and audit of financial statements and the costs of any legal advice to Trustees on governance or constitutional matters and is recognised on an accruals basis.

Taxation

The Company is not liable to direct taxation on its income and gains as they fall within the various exemptions available to registered charities. The subsidiary undertakings are subject to Corporation Tax but it is expected that their taxable profits will be gifted for charitable purposes and therefore no tax liability should arise.

Notwithstanding the above, deferred tax is recognised in respect of all timing differences present in the noncharitable subsidiary undertakings. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Liability Recognition

Liabilities are recognised as soon as there is a present obligation committing the entity to pay out resources, it is probable that a transfer of economic benefits will be required in settlement and the amount can be measured or estimated reliably.

Fund Accounting

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

Restricted funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds as at the Balance Sheet date.

Designated funds are funds, which have been set-aside at the discretion of the Trustees for specific purposes. There are no designated funds as at the Balance Sheet date.

Fixed Assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery -25% reducing balance Furniture & Fittings -25% reducing balance Motor Vehicles -25% reducing balance

17

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES (Continued)

Properties Held for Investment

Properties classified as investments are included in the Balance Sheet at fair value. Any gains or losses arising from changes in the fair value are recognised in the Statement of Financial Activities. In accordance with FRS 102, no depreciation or amortisation is provided in respect of freehold or long-leasehold investment properties.

Investment property fair value is based on a valuation by an external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and class of property being valued.

The group's interests in some of its investment properties are in the form of long and short leases as opposed to freehold ownership. The group recognises as liabilities amounts payable under head leases and a corresponding leased asset, which is included in investment property. These leased investment properties are initially recorded at the present value of the remaining lease payments and are then subsequently carried at fair value. In calculating the present value of lease payments, the group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.

Acquisitions and Disposals of Properties

Acquisitions and Disposals of properties are considered to take place at the date of legal completion and are included in the Financial Statements accordingly.

Investment in Subsidiary Undertakings

Shareholdings acquired are included in the Financial Statements at fair value; any surplus or deficit on revaluation is taken to the SOFA.

Financial Instruments

Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of the liabilities.

Basic Financial Instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Trade and other debtors

Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.

Trade and other creditors

Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.

Related Party Transactions

The Company has taken advantage of the exemption of FRS 102 - Related Party Disclosures in order to dispense with the requirement to disclose transactions with members of The Shlomo Memorial Fund Limited Group of Companies.

18

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. INVESTMENT INCOME
2023 2022
Unrestricted Funds
£ £
Income from Investment Properties 8,445,667 8,053,593
Interest Receivable 492,633 377,391
____ ____
8,938,300 8,430,984
____ ____
All investment income is derived from UK investments.
5. OTHER TRADING ACTIVITY
2023 2022
Unrestricted Funds
£ £
Other Trading Income - 1,156,802
____ ____
Other Trading Income relates to the provision of care home facilities operated by the Group.
6. INVESTMENT MANAGEMENT COSTS
2023 2022
Unrestricted Funds
£ £
Investment Property Outgoings 1,917,604 1,703,378
Management and Administration 598,990 668,725
Interest Payable 4,690,212 2,354,091
____ ____
7,206,806 4,726,194
____ ____
7. OTHER TRADING EXPENDITURE
2023 2022
Unrestricted Funds
£ £
Other Trading Expenditure 24,414 980,259
____ ____
Other Trading Expenditure relates to the cost of providing care home facilities operated by the Group.
8. EXPENDITURE ON CHARITABLE ACTIVITIES
2023 2022
Unrestricted Funds
£ £
Grant funding activities (Note 9) 3,164,280 2,805,360
Governance costs (Note 10) 71,253 71,913
____ ____
3,235,533
____		 2,877,273
____

19

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. GRANTS AND DONATIONS

All Grants and Donations were paid to charitable institutions for the advancement of religion and education or for the relief of poverty.

The following donations were made during the year ended 30 September 2023:

Recipients of Institutional Grants £
Ziv Hakehilla 368,000
Layesharim Tehilla 198,500
Chaim Vuchesed Organisation 117,000
Beer Ha'olam 111,650
Matan Bseser 104,500
Igud Hakollelim 84,000
Kupat Tzdaka Leman Aniyei Ramat Bet Shemesh 78,000
Dorshi Tzion Elit 71,000
Yad Tomechet LeNizkak Batzafon 67,250
Arucha Chama Bechol Yom 65,000
Yachad Leman Kol Echod Vechod 65,000
Kollel Marsham 63,000
Lehava Shel Torah 60,300
Izkor 58,500
Meor HaTorah 58,500
Ohr Chana 53,000
Bereshit 52,000
Keren Zichron Shlomo Eretz Yisroel 52,000
Mimamakim Chesed uMarpeh 52,000
Shaarei Tehilla 52,000
Tehillas Shlomo 47,800
Bnei Banim Mosdot Torah Vechinuch 46,800
Kollel Avreichim Mercaz Torani 45,000
Nachlat Haleviim 45,000
Keren Professor Enrico Venachama Batya Levi 42,000
Ateret Avot 39,000
Beer Yosef Zvi 39,000
Beis Medrash Menorat Hatalmud 39,000
Beit Vaad Lelimud Vedaat Chaim 39,000
Bircas Elimelech 39,000
Birkat Horai 39,000
Bnei Hayeshivot 39,000
HaMercaz leTikun Chatzos 39,000
Hashutfim Lomdei veTomchei Torah 39,000
Hitachdut Shem Olam Bet Shemesh 39,000
Kollel Yeshivas Yosef Chaim 39,000
Mateh Aharon 39,000
Mosdot Tora Vadaat Jerusalem and Bet Shemesh 39,000
Oholim Shel Torah 39,000
Peer Avot 39,000
Pnei Yitzchak 39,000
Pninei Torah 39,000
Shaarei Limud 39,000

20

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. GRANTS AND DONATIONS (Continued)
Recipients of Institutional Grants (Continued) £
Yerushalaim Shel Malo 39,000
Tiferes Yerushalaim 36,000
Minchat Yehuda 33,000
Meorot Zvi 32,500
____
2,900,300
Other donations (below £30,000) 263,980
____
3,164,280
____
10. ANALSYIS OF GOVERNANCE COSTS
2023 2022
£ £
Auditor’s remuneration 50,000 50,000
Bookkeeping fees 6,932 3,491
Bank charges 2,749 7,094
Legal and professional fees 10,168 10,624
General expenses 1,404 704
____ ____
71,253 71,913
____ ____
11. STAFF COSTS AND EMOLUMENTS
2023 2022
Unrestricted Funds
The aggregate payroll costs for the Group were: £ £
Wages and salaries 268,583 947,791
Social security 18,688 63,041
____ ____
287,271 1,010,832
____ ____
The average number of staff employed by the Group during the financial year amounted to:
2023 2022
Number of nursing staff - 37
Number of administrative staff 8 8
Number of management staff - 2
_ _
8
_		 47
_

21

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. LOSS ON SALE OF INVESTMENT PROPERTIES

Net sale proceeds
Book value of properties sold
TAXATION
Major components of tax expense
Current tax:
Current year
Deferred tax:
Origination and reversal of timing differences
Impact of change in tax rate
Tax charge		 2023
2022
Unrestricted Funds
£
£
5,784,703
3,171,223
(6,238,670)
(3,190,389)
_
_
(453,967)
(19,166)
_
_
2023
2022
Unrestricted Funds
£
£
-
-
_
_
163,644
326,848
-
-
_
_
163,644
326,848
_
_
163,644
326,848

13. TAXATION

All tax is recognised in the Consolidated Income and Expenditure Account.

Reconciliation of tax expense

The tax assessed on the net income for the year is lower than the standard rate of corporation tax in the UK of 22% (2022: 19%).

Net (expenditure)/income before tax
Net income by rate of tax
Income and gains exempt from tax
Expenses not deductible for tax
Effect of capital allowance and depreciation
Timing difference on unrealised gains
Unused tax losses carried forward
Timing difference on gift aid
Difference between chargeable gains and
profit on sale of investment properties
Other differences
Taxation charge		 2023
2022
Unrestricted Funds
£
£
(5,542,680)
3,289,208
_
_
(1,219,389)
624,950
1,608,303
(279,899)
17,998
171
22,487
1,818
(204,096)
194,288
1,568
1,156
(120,426)
(218,605)
55,894
2,969
1,305
-
_
_
163,644
326,848

The deferred tax liability at 30 September 2023 has been calculated based on the rate of 25% (2022: 25%).

22

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

14. NET MOVEMENT IN FUNDS

This is stated after charging the Group:

Auditor’ Remuneration
Audit fees - Charity
Audit fees – Subsidiary undertakings
Other fees
Depreciation		 2023
2022
Unrestricted Funds
£50,000
£50,000
£73,600
£71,600
-
-
£118,412
£28,934

No salaries or wages or other benefits have been paid to the Trustees during the year.

The Company did not meet any individual expenses incurred by the Trustees for services provided to the Company.

Of the Net Movement in Funds of the Group, a Net Deficit of £5,860,470 (2022: £2,978,150 – Net Income) has been dealt with in the Statement of Financial Activities of the Company itself.

15. TANGIBLE FIXED ASSETS

,

THE GROUP
Cost
At 1 October 2022
Disposals
At 30 September 2023
Depreciation
At 1 October 2022
Charge for the Year
Disposals
At 30 September 2023
Net Book Value
At 30 September 2023
At 30 September 2022		 Plant &
Machinery
£
440,682
-
_
440,682
_
321,051
104,712
-
_
425,763
_
14,919
___
119,631
 Furniture
& Fittings
£
50,071
-
_
50,071
_
32,973
8,793
-
_
41,766
_
8,305
___
17,098
 _
 Motor
Vehicles
£
50,422
(19,250)
_
31,172
_
30,792
4,907
(17,481)
_
18,218
_
12,954
__
19,630
 Total
£
541,175
(19,250)
_
521,925
_
384,816
118,412
(17,481)
_
485,747
_
36,178
___
156,359


_
_

23

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

15. TANGIBLE FIXED ASSETS (Continued)

THE COMPANY Fixtures &
Fittings
£
Cost
At 1 October 2022 and at 30 September 2023 40,490
___
Depreciation
A1 1 October 2022 31,801
Charge for the Year 2,172
___
At 30 September 2023 33,973
___
Net Book Value
At 30 September 2023 6,517
___
At 30 September 2022 8,689
___
16. INVESTMENT PROPERTIES
THE GROUP Freehold Leasehold
Investment Investment
Properties Properties Total
£ £ £
Fair value
At 1 October 2022 113,612,500 12,576,500 126,189,000
Additions 16,279,499 51,324 16,330,823
Disposals (6,238,670) - (6,238,670)
Revaluation (3,835,436) 275,176 (3,560,260)
___ ___ ___
At 30 September 2023 119,817,893
___		 12,903,000
___		 132,720,893
___

Investment properties are stated at fair value as at 30 September 2023.

Tangible assets held at valuation

An independent professional valuation of the Group’s investment properties was carried out at 30 September 2023 by Lambert Smith Hampton, RICS registered valuers. The valuation is based on open market values in accordance with the RICS Valuation Standards – Red Book Global.

The aggregate professional valuations included in the above table have been increased by an amount of £4,109,393 relating to finance lease assets, with the corresponding liability shown in creditors.

The historical cost of the group’s investment properties at 30 September 2023 is £107,463,630 (2022: £97,146,719).

Valuation techniques and key inputs

The valuer’s opinion of market value was derived using recent comparable market transactions at arm’s length, subject to the existing tenancies or with full vacant possession.

24

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

16. INVESTMENT PROPERTIES (Continued)

THE COMPANY
Freehold
Leasehold
Investment
Investment
Properties
Properties
£
£
Fair value
At 1 October 2022
67,160,000
8,613,500
Additions
11,981,342
6,962
Disposals
(890,000)
-
Revaluation
(5,631,449)
204,538
_
_
At 30 September 2023
72,619,893
8,825,000

 Total
£
75,773,500
11,988,304
(890,000)
(5,426,911)
___
81,444,893

An independent professional valuation of the Company’s investment properties was carried out at 30 September 2023 by Lambert Smith Hampton, RICS registered valuers. The valuation is based on open market values in accordance with RICS Valuation Standards - Red Book Global.

The aggregate professional valuations included in the above table have been increased by an amount of £4,109,393 relating to finance lease assets, with the corresponding liability shown in creditors.

The historical cost of the Company's investment properties at 30 September 2023 is £78,733,416 (2022: £67,563,863).

All the Company’s investment properties were held in the UK.

17. INVESTMENTS

THE COMPANY

THE COMPANY
At At
30 September 2023 Revaluation 1 October 2022
Investment in
Subsidiary Undertakings £32,060,000
____		 £380,000
___		 £31,680,000
____
Directly Owned:
Company
Hartons Limited
Neranen Limited
Olnato Limited
Weymer Limited
Indirectly Owned:
Company
Cloudpress Limited
Paramount Care (Gateshead) Limited
Paramount Care Services (Gateshead) Limited
Smart Mortgage Finance Limited
Talten Business Park Limited
The More Centre (Gateshead) Limited
Viewplus Limited		 Company Registration Number

04572804
09667377
01446600
04572794
04592197
07959750
07959737
05628260
02942606
08302096
08276273

25

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

17. INVESTMENTS (Continued)

The Financial Statements of the Subsidiary Undertakings, whose Financial Statements are noncoterminous with those of the Company, used in preparing the Consolidated Financial Statements, have been prepared as of the reporting date closest to that of the Company.

A summary of turnover and profit or loss for the year is shown below for each subsidiary undertaking:

Year
Company
Ended
Cloudpress Ltd
31.12.23
Hartons Ltd
30.09.23
Neranen Ltd
30.09.23
Olnato Ltd
30.09.23
Paramount Care (Gateshead) Ltd
30.09.23
Paramount Care Services
(Gateshead) Ltd
30.09.23
Smart Mortgage Finance Ltd
30.09.23
Talten Business Park Ltd
31.12.23
The More Centre (Gateshead) Ltd
30.09.23
Viewplus Ltd
30.09.23
Weymer Ltd
30.09.23		 Net Profit/
(Loss)
Turnover
for year
£
£
62,345
48,681
209,062
91,333
1,328,166
(348,010)
1,128,574
(372,961)
-
(160,278)
-
-
344,014
2,200
-
(11,975)
-
-
-
1,133,757
-
-

The assets, liabilities, capital and reserves of the subsidiary undertakings are as follows:

Balance Capital &
Sheet Reserves/
Company Date Assets Liabilities **(Deficit) **
£ £ £
Cloudpress Ltd 31.12.23 2,381,882 (1,793,147) 588,735
Hartons Ltd 30.09.23 2,549,798 (1,722,789) 827,009
Neranen Ltd 30.09.23 18,232,849 (14,369,654) 3,863,195
Olnato Ltd 30.09.23 38,072,743 (12,109,218) 25,963,525
Paramount Care (Gateshead) Ltd 30.09.23 140,387 (353,718) (213,331)
Paramount Care Services
(Gateshead) Ltd 30.09.23 - (316) (316)
Smart Mortgage Finance Ltd 30.09.23 2,830,866 (2,820,444) 10,422
Talten Business Park Ltd 31.12.23 3,539,818 (2,074,231) 1,465,587
The More Centre (Gateshead) Ltd 30.09.23 14,364 (235,599) (221,235)
Viewplus Ltd 30.09.23 7,680,110 (6,755,210) 924,900
Weymer Ltd 30.09.23 134,002 (150,126) (16,124)

26

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

18. DEBTORS

Rent and Service Charges
Other Debtors and Prepayments
Loan Debtors		 2023
£
2,787,585
398,806
2,738,907
___
5,925,298
 2023 The Group

2022

£

2,175,647

892,106

4,294,309

___

7,362,062

 The Company
2023
2022
£
£
2,268,285
3,368,143
5,389
49,178
-
-
_
_
2,273,674
3,417,321








Loan debtors are sterling loans which bear interest at various interest rates ranging from 5% to 9.5% per annum and are repayable on demand.

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank Loans and Overdrafts
Amounts owed to
Group Undertakings
Rent and Service Charges
in Advance
Taxation and Social Security
Obligations under Finance
Lease Agreements (see note 27)
Other Creditors
and Accruals		 2023
£
3,665,004
-
802,312
528,363
122
2,402,356
___
7,398,157
 2023 The Group

2022

£

365,343

-

832,181

198,556

-

2,825,830

___

4,221,910

 The Company
2023
2022
£
£
-
-
1,119,423
14,156
582,854
569,017
186,755
116,112
122
-
1,283,528
962,445
_
_
3,172,682
1,661,730











The Bank Loans and Overdrafts are secured on certain of the Group’s properties.

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank Loans
Loan Creditors (see below)
Obligations under Finance
Lease Agreements (see note 27)		 2023
£
59,946,481
678,943
4,109,271
___
64,734,695
 2023 The Group

2022

£

59,334,065

-

-

___

59,334,065

 The Company
2023
2022
£
£
40,090,182
36,941,662
385,000
-
4,109,271
-
_
_
44,584,453
36,941,662








The Loan Creditors comprise a sterling loan of £293,943 bearing interest at 5% per annum above base rate and repayable in December 2024 and another loan of £385,000 which bears interest at 6% per annum and is repayable in June 2038.

27

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

21. BANK LOANS

Bank Loans, included in Creditors falling due after more than one year, are analysed as follows:

The Group
The Company
2023
2022
2023
2022
£
£
£
£
Repayable within 5 years
58,982,141
55,089,717
40,090,182
36,941,662
Repayable after 5 years
4,629,344
4,609,691
-
-
_
_
_
_
63,611,485
59,699,408
40,090,182
36,941,662
Less Amounts Repayable
within 1 year
(3,665,004)
(365,343)
-
-
_
_
_
_
59,946,481
59,334,065
40,090,182
36,941,662
_
_
_
_
Details of loans repayable after 5 years are as follows:
The Group
The Company
2023
2022
2023
2022
Loans
£
£
£
£
Terminating in
Interest Rate
2028
2.75% above Unity
Bank Base Rate
1,436,447
1,447,752
-
-
2030
3.00% above Bank
Base Rate (subject to a
Minimum of 3%)
3,192,897
3,161,939
-
-
_
_
_
_
4,629,344
4,609,691
-
-

 The Group
The Company
2023
2022
2023
2022
£
£
£
£
Repayable within 5 years
58,982,141
55,089,717
40,090,182
36,941,662
Repayable after 5 years
4,629,344
4,609,691
-
-
_
_
_
_
63,611,485
59,699,408
40,090,182
36,941,662
Less Amounts Repayable
within 1 year
(3,665,004)
(365,343)
-
-
_
_
_
_
59,946,481
59,334,065
40,090,182
36,941,662
_
_
_
_
Details of loans repayable after 5 years are as follows:
The Group
The Company
2023
2022
2023
2022
Loans
£
£
£
£
Terminating in
Interest Rate
2028
2.75% above Unity
Bank Base Rate
1,436,447
1,447,752
-
-
2030
3.00% above Bank
Base Rate (subject to a
Minimum of 3%)
3,192,897
3,161,939
-
-
_
_
_
_
4,629,344
4,609,691
-
-

 The Group
The Company
2023
2022
2023
2022
£
£
£
£
Repayable within 5 years
58,982,141
55,089,717
40,090,182
36,941,662
Repayable after 5 years
4,629,344
4,609,691
-
-
_
_
_
_
63,611,485
59,699,408
40,090,182
36,941,662
Less Amounts Repayable
within 1 year
(3,665,004)
(365,343)
-
-
_
_
_
_
59,946,481
59,334,065
40,090,182
36,941,662
_
_
_
_
Details of loans repayable after 5 years are as follows:
The Group
The Company
2023
2022
2023
2022
Loans
£
£
£
£
Terminating in
Interest Rate
2028
2.75% above Unity
Bank Base Rate
1,436,447
1,447,752
-
-
2030
3.00% above Bank
Base Rate (subject to a
Minimum of 3%)
3,192,897
3,161,939
-
-
_
_
_
_
4,629,344
4,609,691
-
-

____
£
-
-
____
-

The Bank Loans and Mortgages are secured by legal charges over certain of the properties of the group.

22. PROVISION FOR LIABILTIIES & CHARGES

Balance at the beginning of the year
Charge for the year
Balance at the end of the year		 2023
£
1,528,513
163,644
____
1,692,157
 2022
£
1,201,665
326,848
____
1,528,513

Deferred tax is recognised in respect of timing differences from the revaluation of assets classified as investments in the non-charitable subsidiary undertakings. Although the provision has been recognised in accordance with FRS 102, it is expected that any realised surpluses will be applied solely for charitable purposes and such tax should not become payable.

Deferred tax has not been recognised in respect of revaluation of investments by the parent Company on the basis that all such gains will be applied for charitable purposes.

28

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

23.
UNRESTRICTED FUNDS
The Group
Balance at 1 October 2022
Total Income for the year
Total Expenditure for the year
Net Losses on Investments
Taxation – charge
Balance at 30 September 2023
The Company
Balance at 1 October 2022
Total Income for the year
Total Expenditure for the year
Net Losses on Investments
Balance at 30 September 2023
24.
FINANCIAL INSTRUMENTS
2023
£
Financial assets measured at fair value
through income and expenditure:
Unlisted investment (Note 17)
-
Financial assets measured at
amortised cost:
Debtors (Note 18)
5,925,298
Cash at bank
4,086,700
Financial liabilities measured at
amortised cost:
Creditors (Notes 19 & 20)
72,132,852
 2023 £
74,650,384
8,938,300
(10,466,753)
(4,014,227)
(163,644)
_
68,944,060
_
£
74,666,247
6,862,372
(7,671,202)
(5,051,640)
_
68,805,777
_
The Group
The Company

2022
2023
2022

£
£
£

- 32,060,000
31,680,000

7,362,062
2,273,674
3,417,321

6,027,451
777,828
2,390,129

63,555,975 47,757,135
38,603,392

29

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

25. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

Reconciliation of net income to net cash flow from operating activities

Net (expenditure)/income for the year
Adjustment for:
Depreciation
Loss on sale of fixed assets
Interest receivable
Net rental income receivable
Interest payable
Taxation
Losses/(Gains) on investment assets
Increase in debtors
(Decrease)/increase in creditors
Tax paid
Net cash used in operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Bank overdrafts
Total cash and cash equivalents
Analysis of changes in net debt
Cash and cash equivalents
Bank borrowings
Finance lease agreements
Loan debtors
Loan creditors		 At 1
October
2022
£
6,027,451
(59,699,408)
-
4,294,309
(278,478)
____
(49,656,126)
 2023
£
(5,706,324)
118,412
1,769
(492,633)
(6,528,063)
4,690,212
163,644
4,014,227
(299,735)
(262,952)
___
(4,301,443)
-
_
£(4,301,443)
_
2023
£
4,086,700
-
_
4,086,700
_
Cash
Flows
£
(1,940,751)
(3,912,077)
(4,109,271)
(1,555,402)
(400,465)
____
(11,917,966)
 2022
£
2,962,360
28,934
-
(377,391)
(6,350,215)
2,354,091
326,848
(2,284,698)
(80,674)
1,056,005
_
(2,364,740)
(3,690)
_
£(2,368,430)
_
2022
£
6,027,451
-
_
6,027,451
_
At 30
September
2023
£
4,086,700
(63,611,485)
(4,109,271)
2,738,907
(678,943)
_
(61,574,092)

30

THE SHLOMO MEMORIAL FUND LIMITED (AND SUBSIDIARY UNDERTAKINGS)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

26. COMMITMENTS UNDER OPERATING LEASES

As Lessee:

At the Balance Sheet date, future minimum lease payments payable by the group under non-cancellable operating leases were as follows:

Within one year
In two to five years
More than five years		 2023
£
239,594
958,380
13,473,400
____
14,671,374
 2022
£
424,218
1,696,874
43,757,919
____
45,879,011
 2022

As Lessor:

At the Balance Sheet date, future minimum lease payments payable to the group under non-cancellable operating leases were as follows:

Within one year
In two to five years
More than five years		 2023
£
5,264,997
14,808,781
25,981,183
____
46,054,961
 2022
£
4,423,817
12,265,797
25,869,736
____
42,559,350
 2022

27. COMMITMENTS UNDER FINANCE LEASE AGREEMENTS

Future commitments under hire purchase and finance lease agreements payable by the Group are as follows:

Amounts payable within 1 year
Amounts payable between 2 and 5 years
Amounts payable after more than 5 years
Less: future finance charges
Present value of minimum lease payments		 2023
£
184,624
738,496
29,862,932
_
30,786,052
(26,676,659)
_
4,109,393
 __
____
 2022
£
-
-
-
_
-
-
_
-

28. CONTINGENT LIABILITIES AND GUARANTEES

The Group has provided guarantees totalling £59m in respect of loan facilities granted to certain Group companies. The balance outstanding on these facilities at 30 September 2023 aggregated £56.5m (2022: £58.9m).

29. CONTROL

The Company, which is incorporated for charitable purposes, has no controlling party.

31

THE SHLOMO MEMORIAL FUND LIMITED

INCOME AND EXPENDITURE ACCOUNT (STATEMENT OF FINANCIAL ACTIVITIES)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

THIS DOES NOT FORM PART OF THE FINANCIAL STATEMENTS

2023 2022
Unrestricted Funds Unrestricted Funds
£ £
Income and endowments from:
Donations and legacies 1,070,000 1,425,450
Investments 5,792,372 5,474,033
___ ___
Total Income 6,862,372 6,899,483
___ ___
Expenditure on:
Investment Management Costs 4,435,669 2,726,700
Charitable Activities
Grants and Donations 3,164,280 2,805,360
Governance Costs 71,253 71,913
___ ___
Total Expenditure 7,671,202 5,603,973
___ ___
Gains and Losses on Investments
Loss on Sale of Investment Properties (4,729) (3,538)
(Deficit)/surplus on Revaluation of Investment Properties (5,426,911) 1,606,178
Surplus on Revaluation of Subsidiary Undertakings 380,000 80,000
___ ___
Net (Losses)/Gains on Investments (5,051,640) 1,682,640
___ ___
Net (Deficit)/Income for the Year and
Net Movements of Funds (5,860,470) 2,978,150
Total Funds Brought Forward 74,666,247 71,688,097
___ ___
Total Funds Carried Forward 68,805,777
___		 74,666,247
___

THE SHLOMO MEMORIAL FUND LIMITED

PROPERTY REVENUE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

THIS DOES NOT FORM PART OF THE FINANCIAL STATEMENTS

£
Rents and Charges Receivable
Deduct: Property outgoings
Rents
104,814
Rates
31,020
Repairs
184,026
Light and Heat
445,173
Porterage and Cleaning
24,549
Insurance
239,630
Service Charges
21,739
Security
70,326
Legal and Professional Charges
44,666
Management Commission
329,133
Letting Fees
19,910
Depreciation – Furniture & Equipment
2,172
___		 2023
2022
£
£
£
5,756,460
5,473,790
304,598
22,853
126,853
316,400
30,548
89,013
20,418
91,521
45,407
324,134
9,720
2,897
_
(1,517,158)
(1,384,362)
___
_
4,239,302
4,089,428