���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **CONSOLIDATED FINANCIAL STATEMENTS** 

## **FOR THE** 

**YEAR ENDED 31 MARCH 2022** 

## **COMPANY NO: 1546254** 

## **CHARITY NO: 282336** 

## **COHEN ARNOLD** 

Chartered Accountants & Registered Auditors New Burlington House 1075 Finchley Road LONDON NW11 0PU 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 MARCH 2022** 

|**CONTENTS**|**PAGES**|
|---|---|
|Legal and Administrative details|**1**|
|Report of the Trustees|**2**|
|Report of the Auditors|**6**|
|ConsolidatedStatement of Financial Activities|**10**|
|ConsolidatedBalance Sheet|**11**|
|CharityBalance Sheet|**12**|
|Consolidated Statement of Cash Flows|**13**|
|Notes to the Financial Statements|**14**|





���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **LEGAL AND ADMINISTRATIVE DETAILS** 

**YEAR ENDED 31 MARCH 2022** 

|**Name:**|Lonia Limited|
|---|---|
|**Status:**|Incorporated registered charity|
||Company No. 1546254|
||Charity No. 282336|
|**Registered Address:**|New Burlington House|
||1075 Finchley Road|
||London NW11 0PU|
|**Charity Trustees:**|Mrs M Kraus|
||Mr M Kennedy|
||Mr J I Kraus (Appointed 12 June 2021)|
|**Secretary:**|Mrs M Kraus|
|**Auditors:**|Cohen Arnold|
||New Burlington House|
||1075 Finchley Road|
||London NW11 0PU|
|**Bankers:**|Barclays Bank PLC|
|**Solicitors:**|Clarke Mairs LLP|
||Royal House|
||5-7 Market Street|
||Newcastle upon Tyne|
||NE1 6JN|
||DX 61057 NEWCASTLE|



**- 1 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## TRUSTEES’ ANNUAL REPORT 

## **YEAR ENDED 31 MARCH 2022** 

The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their Annual Report together with the Consolidated Financial Statements of the Charity for the year ended 31 March 2022. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

Reference and administrative details are shown in the schedule of members of the board of trustees and professional advisers on page 1 of the financial statements. 

**The trustees** 

The trustees who served the charity during the period were as follows: 

Mrs M Kraus Mr M Kennedy Mr J I Kraus 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## _**Governing Document**_ 

As the Charity is a Company limited by guarantee, its governing documents are its Memorandum and Articles of Association. 

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

The Trustees of the charity are legally responsible for the overall management and control of the Charity and meet regularly. None of the trustees have any beneficial interest in the charity. 

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 and are given access to the Charity Commission publications. 

## _**Group Structure and Relationships**_ 

The charity had the following non-charitable subsidiaries as at the year end: 


**----- Start of picture text -----**<br>
Percentage<br>Company  Nature of Business  Holding<br>**----- End of picture text -----**<br>


|**Company**|**Nature of Business**|**Percentage**<br>**Holding**|
|---|---|---|
|Pall Mall Investments Limited|Property Investment|100%|
|Pall Mall Investments 2 Limited *|Property Investment|100%|
|Pall Mall Investments 3 Limited *|Property Investment|100%|
|Pall Mall Investments 4 Limited *|Property Investment|100%|
|Pall Mall Investments 5 Limited *|Property Investment- Dormant|100%|
|Slogancrest Limited|Property Investment- Dormant|100%|



_*  Indirect holding_ 

A Trustee of this Charity is amongst the directors of the above companies. 

**- 2 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## TRUSTEES’ ANNUAL REPORT _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **Related Party Transactions** 

All related party transactions have been disclosed in the consolidated financial statements. 

## **OBJECTIVES AND ACTIVITIES** 

The company is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law particularly the advancement of education and religion in accordance with the Orthodox Jewish faith and the relief of poverty. 

The charity receives income mainly from its investment properties, its subsidiary undertakings and by donations from persons and entities connected to the trustees which it utilises in the provision and distribution of grants and donations. The aim is to distribute these profits to organisations that fall within the objectives of the Charity. The Charity’s principal activity throughout the year was the provision and distribution of such grants and donations, and no change is envisaged in the immediate future. 

The Charity is organised so that the trustees meet regularly to manage its affairs. The Charity does not employ any staff or use voluntary assistance. Administration of the Charity is dealt with by the trustees. 

The Trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity’s aims and objectives and in planning future activities. 

## **ACHIEVEMENTS AND PERFORMANCE** 

During the year the Charity continued its philanthropic activities in support of religious, educational and other Charitable Institutions and the aggregate of donations made was £2,423,232 (2021: £2,101,878). 

No change in activities is envisaged in the immediate future. 

The financial results of the Charity and its Subsidiary Undertakings for the year ended 31 March 2022 are fully reflected in the attached financial statements together with the Notes thereon. 

## **FINANCIAL REVIEW** 

## **Financial position** 

The financial position of the Charitable Company and its subsidiaries is satisfactory. 

The Consolidated Statement of Financial Activities shows a net deficit for the year of £1,256,089 (2021: £378,629 deficit) and total reserves at the period end of £37,732,260 (2021: £38,988,349). 

## **Reserves Policy** 

It is the Charity’s policy to maintain sufficient reserves to ensure that it is in a position to continue its grantmaking activities and to cover contingencies of additional calls being made upon the Charity for support of organisations or institutions in times of need. 

Consequently, the Trustees consider it appropriate to maintain ‘Free Reserves’ (unrestricted funds not committed or invested in Tangible Fixed Assets, Fixed Asset Investments or Loans to Subsidiary Undertakings) at a level which will not impinge on its ability to support Charitable Institutions. 

**- 3 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## TRUSTEES’ ANNUAL REPORT _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **Investment Policy** 

Under the Memorandum and Articles of Association, the Charity has the power to make investments which the Trustees consider appropriate. The Trustees seek investments which, over a medium term, are anticipated to generate a dependable flow of income coupled with capital growth. 

The Trustees consider the return on investments, in terms of both income and capital growth, given the present market conditions within which the Charity operates, to be satisfactory. 

## **Grant Making Policy** 

The Charity makes grants and donations to colleges and institutions for the advancement of religion and education and to institutions for the relief of poverty in accordance with the Charity’s objectives. 

In making grants and donations, the Trustees use their personal knowledge of the institution, its 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. 

## **Risk** Management 

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

## **PLANS FOR THE FUTURE** 

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

## **TRUSTEES' RESPONSIBILITIES** 

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations. 

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 (directors) are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. 

**- 4 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## TRUSTEES’ ANNUAL REPORT _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and 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. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Each of the persons who is a Trustee at the date of approval of this report confirms that: 

- so far as each Trustee is aware, there is no relevant audit information of which the Charity’s auditor is unaware; and 

- each Trustee has taken all steps that they ought to have taken as a Trustee to make themself aware of any relevant audit information and to establish that the Charity’s auditor is aware of that information. 

## **SMALL COMPANY PROVISIONS** 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 

Registered office: New Burlington House 1075 Finchley Road London NW11 0PU 

Signed by order of the trustees 


Mrs M Kraus Company Secretary 

22 December 2022 

**- 5 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS 

## **YEAR ENDED 31 MARCH 2022** 

## **OPINION** 

We have audited the financial statements of Lonia Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, 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 Financial Reporting Standard 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: 

- give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 March 2022 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared with the requirements of the Companies Act 2006. 

## **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 charity 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 on the group and parent 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 trustees 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. 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. 

**- 6 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006** 

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

- the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees' report has been prepared in accordance with applicable legal requirements. 

## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in 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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. 

## **RESPONSIBILITIES OF TRUSTEES** 

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors 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 and parent charity'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 charity 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. 

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: 

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the trustees and identified which were most significant with respect to the financial statements. We identified financial reporting legislation, charity legislation, landlord legislation and taxation legislation as being most significant to these financial statements. We communicated these identified 

**- 7 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

frameworks amongst our audit team and remained alert to any indications of noncompliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations. 

- We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks. 

- We assessed the susceptibility of the group's financial statements to material misstatement due to noncompliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation stages of our audit. The susceptibility to such material misstatement was determined to be low. 

- Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. Our procedures included reviewing the charity's internal controls policies and procedures, the minutes of trustees' meetings and correspondence and journal entries, and discussions with the trustees. 

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 noncompliance 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: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

**- 8 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements.  We are responsible for the direction, supervision and performance of the group audit.  We remain solely responsible for our audit opinion. 

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 parent charitable 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 charitable 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 


New Burlington House 1075 Finchley Road London NW11 0PU 

**BENNY BRENIG** (Senior Statutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Auditor 

22 December 2022 

Our audit was completed on 22 December 2022 and our opinion was expressed at that date 

**- 9 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES** 

## **(INCORPORATING THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2022** 

||||**2022**||**2021**|
|---|---|---|---|---|---|
|||**Unrestricted Funds**||**Unrestricted Funds**||
||**Note**|**£**|**£**|**£**|**£**|
|**INCOME & ENDOWNMENTS FROM**||||||
|Donations and legacies|**3**||-||**-**|
|Investments|**4**|**1,956,635**||2,059,013||
|||**------------------------------------------------**||**------------------------------------------------**||
|**TOTAL INCOME**|||**1,956,635**||2,059,013|
|**EXPENDITURE ON**||||||
|Raising funds:||||||
|Investment management costs|**5**|**(181,259)**||(258,518)||
|Charitable Activities|**6/7**|**(2,425,232)**||(2,103,678)||
|||**-----------------------------------------------------------**||------------------------------------------------||
|**TOTAL EXPENDITURE**|||**(2,606,491)**||(2,362,196)|
|Net gains/(losses) on investments|**9**||**-**||**-**|
||||**--------------------------------------------------**||-----------------------------------------------------|
|**NET INCOME BEFORE TAXATION**|||**(649,856)**||(303,183)|
|Taxation|**10**||**(606,233)**||(75,446)|
||||**------------------------------------------------**||--------------------------------------------------|
|**NET INCOME FOR THE YEAR AND**||||||
|**MOVEMENT IN FUNDS**|||**(1,256,089)**||(378,629)|
|**_Reconciliation of funds:_**||||||
|Total funds brought forward|||**38,988,349**||39,366,978|
||||**-----------------------------------------------------**||**--------------------------------------------------------**|
|**TOTAL FUNDS CARRIED**||||||
|**FORWARD**|||**37,732,260**||38,988,349|
||||**====================================================**||=======================================================|



None of the Group's activities was acquired or discontinued during the financial year or in the previous year. 

The group has no recognised gains or losses other than those reflected in the above statement of financial activities for the financial year or for the previous year. 

**The notes on pages 14 to 24 form part of these financial statements.** 

**- 10 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION** 

## **AS AT 31 MARCH 2022** 

||||**2022**||**2021**|
|---|---|---|---|---|---|
|||**Unrestricted Funds**||**Unrestricted Funds**||
||**Note**|**£**|<br>**£**|**£**|<br>**£**|
|**FIXED ASSETS**||||||
|Investments|**11**||**22,538,000**||22,538,000|
|**CURRENT ASSETS**||||||
|Debtors|**12**|**132,866**||332,726||
|Cash at bank||**25,380,667**||22,157,742||
|||––––––––––––––––––––––––||––––––––––––––––––––––––||
|||**25,513,533**||22,490,468||
|**CREDITORS: Amounts falling due**||||||
|**within one year**|**13**|**(7,809,759)**||(4,132,887)||
|||––––––––––––––––––––––||–––––––––––––––––––––||
|**NET CURRENT ASSETS**|||**17,703,774**||18,357,581|
||||––––––––––––––––––––––––||––––––––––––––––––––––––|
|**TOTAL ASSETS LESS CURRENT**|**LIABILITIES**||**40,241,774**||40,895,581|
|**CREDITORS: Amounts falling due**||||||
|**after more than one year**|||**-**||**-**|
|**PROVISIONS: Deferred tax**|**14**||**(2,509,514)**||(1,907,232)|
||||––––––––––––––––––––––––||––––––––––––––––––––––––|
|**NET ASSETS**|||**37,732,260**||38,988,349|
||||**=================================================**||==================================================|
|**FUNDS**||||||
|Unrestricted income funds|**15/16**||**37,732,260**||38,988,349|
||||**---------------------------------------------------**||---------------------------------------------------|
|**TOTAL FUNDS**|||**37,732,260**||38,988,349|
||||===================================================||===================================================|



The financial statements were approved by the Trustees on 22 December 2022 and signed on their behalf by: 


……………….. 

## **MR M KENNEDY TRUSTEE** 

**Company Registration No: 1546254** 

**The notes on pages 14 to 24 form part of these financial statements.** 

**- 11 -** 



���������������������������������������������������������� 

## **LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **STATEMENT OF FINANCIAL POSITION** 

## **AS AT 31 MARCH 2022** 

||||**2022**||**2021**|
|---|---|---|---|---|---|
|||**Unrestricted Funds**||**Unrestricted Funds**||
||**Note**|**£**|<br>**£**|**£**|<br>**£**|
|**FIXED ASSETS**||||||
|Investments|**11**||**22,492,048**||23,077,110|
|**CURRENT ASSETS**||||||
|Debtors|**12**|**91,732**||119,543||
|Cash at bank||**15,280,693**||15,828,522||
|||**---------------------------------------------**||---------------------------------------------||
|||**15,372,425**||15,948,065||
|**CREDITORS: Amounts falling due**||||||
|**within one year**|**13**|**(132,213)**||(36,826)||
|||----------------------------------------------||---------------------------------------------||
|**NET CURRENT ASSETS**|||**15,240,212**||15,911,239|
||||---------------------------------------------------||---------------------------------------------------|
|**TOTAL ASSETS LESS CURRENT**|**LIABILITIES**||**37,732,260**||38,988,349|
|**CREDITORS: Amounts falling due**||||||
|**after more than one year**|||-||**-**|
||||---------------------------------------------------||---------------------------------------------------|
|**NET ASSETS**|||**37,732,260**||38,988,349|
||||===================================================||===================================================|
|**FUNDS**||||||
|Unrestricted income funds|**15/16**||**37,732,260**||38,988,349|
||||**---------------------------------------------------**||---------------------------------------------------|
|**TOTAL FUNDS**|||**37,732,260**||38,988,349|
||||**===================================================**||===================================================|



The financial statements were approved by the Trustees on 22 December 2022 and signed on their behalf by: 


……………………..….. 

## **MR M KENNEDY TRUSTEE** 

## **Company Registration No: 1546254** 

**The notes on pages 14 to 24 form part of these financial statements.** 

**- 12 -** 



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**LONIA LIMITED** 

## **(LIMITED BY GUARANTEE)** 

## **CONSOLIDATED STATEMENT OF CASH FLOWS** 

## **YEAR ENDED 31 MARCH 2022** 

||||**2022**||**2021**|
|---|---|---|---|---|---|
|||**Unrestricted Funds**||**Unrestricted Funds**||
|**Cash flows from operating activities**|**Note**|**£**|**£**|**£**|**£**|
|Net cash used in operating activities|**18**|**(2,424,653)**||(2,103,879)||
|Tax paid||**(69,399)**||(66,170)||
|||--------------------------------------------------------||--------------------------------------------------------||
||||**(2,494,052)**||(2,170,049)|
|**Cash flows from investing activities**||||||
|Dividends, interest and rents from||||||
|Investments||**1,970,765**||1,588,723||
|Proceeds from investments|||-|1,411,641||
|Purchase of investments|||-||-|
|||----------------------------------------------||----------------------------------------------||
|**Net cash provided by investing**||||||
|**Activities**|||**1,970,765**||3,000,364|
|**Cash flows from financing activities**||||||
|Repayments of borrowings|||-||**-**|
|Cash inflows from new borrowings||**3,746,348**||3,894,080||
|Interest paid||**(136)**||(111)||
|||----------------------------------------------||----------------------------------------------||
|**Net cash used in financing activities**|||**3,746,212**||3,893,969|
||||----------------------------------------------||----------------------------------------------|
|**CHANGE IN CASH AND CASH**||||||
|**EQUIVALENTS IN THE YEAR**|||**3,222,925**||4,724,284|
|**CASH AND CASH EQUIVALENTS**||||||
|**AT 1 APRIL 2021**|||**22,157,742**||17,433,458|
||||----------------------------------------------||----------------------------------------------|
|**CASH AND CASH EQUIVALENTS**||||||
|**AT 31 MARCH 2022**|**19**||**25,380,667**||22,157,742|
||||==============================================||==============================================|



**The notes on pages 14 to 24 form part of these financial statements.** 

**- 13 -** 



���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **YEAR ENDED 31 MARCH 2022** 

## **1. ACCOUNTING POLICIES** 

The financial statements have been prepared in compliance 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The Consolidated Financial Statements incorporate the results of the company and its subsidiaries for the year ended 31 March 2022.  These are adjusted, where appropriate, to conform to group accounting policies. 

The following accounting policies have been used consistently in the preparation of the Group's Financial Statements. 

## **1.1 BASIS OF ACCOUNTING** 

The financial statements have been prepared under the Historical Cost Convention, as modified by the inclusion of fixed asset investments at fair value, and in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), the Companies Act 2006 and SORP 2015. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the group and available sources of finance. 

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 in Note 17. 

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

- **1.2** A separate Statement of Financial Activities, or Income and Expenditure Account for the Company itself is not presented in accordance with Section 408 of the Companies Act 2006. 

## **1.3 INCOMING RESOURCES** 

This includes income from rentals received from property assets, bank deposit accounts and grants and donations received by the Group. These items are included in the financial statements on an accruals basis. 

**- 14 -** 



���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **1.4 PROPERTY OUTGOINGS** 

Property outgoings are recognised in the Statement of Financial Activities in the year in which they are incurred. 

## **1.5 GOVERNANCE COSTS** 

Governance costs include costs of the preparation and audit of financial statements and the cost of any legal advice to Trustees on governance or constitutional matters. 

## **1.6 INVESTMENT GAINS AND LOSSES** 

This includes any gains or losses on the sale of investments and any gains or losses resulting from revaluing investments to fair value at the end of the year. 

## **1.7 DEFERRED TAX** 

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. 

Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax. 

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 

There are no deferred tax provisions for the parent Charity; it is exempt from tax due to its charitable status on the basis all income and gains will be applied solely for qualifying charitable purposes. 

## **1.8 INVESTMENT PROPERTY** 

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition investment properties are held at fair value. 

Investment property fair value is based on an open market valuation by the Trustees who have extensive experience in the field of property investment and valuation accumulated over a considerable period of time. Any gain or loss arising from a change in fair value is recognised in the Statement of Financial Activities (SOFA) and taken to Unrestricted Funds. 

No depreciation is provided in respect of investment properties applying the fair value model. 

**- 15 -** 



���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **1.9 DISPOSALS OF PROPERTIES** 

The Group generally holds its properties for the long term in order to generate rental income and capital appreciation although in the right circumstances any property could be available for sale. When an outright sale does occur the resulting surplus or deficit based on the excess or deficit of sales proceeds over or under valuation is included within the Group's profit on ordinary activities, and taxation applicable thereto is shown as part of the taxation charge. Disposals are recognised on the date the significant risks and rewards of ownership have been transferred. 

## **1.10 INVESTMENTS IN SUBSIDIARY UNDERTAKINGS** 

Shareholdings acquired are initially recorded at cost and subsequently included at Trustees’ best estimate of fair value (in accordance with the SORP 2015) based on the net asset value. The net asset values of the subsidiary undertakings reflect fair values of their underlying properties held for investment; any surplus or deficit on revaluation is recognised in the SOFA and taken to Unrestricted Funds. 

## **1.11 FINANCIAL INSTRUMENTS** 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its financial liabilities. 

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

Rental 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. 

Rent in advance 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. 

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the group’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement. 

## **1.12 LIABILITY RECOGNITION** 

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources. 

## **1.13 FUND ACCOUNTING** 

Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and in accordance with relevant law. 

**- 16 -** 



���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

Designated Funds are Unrestricted 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. 

Non-Charitable Funds are Unrestricted Funds and comprise the net aggregate reserves of the Company’s subsidiaries computed by reference to the accounting policies of the subsidiaries. 

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

## **2. GROUP FINANCIAL STATEMENTS** 

These financial statements consolidate the results of the charity and its subsidiaries. 

During the year the parent charity company had gross income including donations of £1,798,215 (2021: £1,442,766) and net recognised deficit in funds of £1,256,089 (2021: £378,629). 

## **3. DONATIONS AND LEGACIES** 

The group did not receive any donations or legacies during the year. 

## **4. INVESTMENT INCOME** 

## **5.** 

||**2022**|2021|
|---|---|---|
||£|£|
|Income from UK investment properties|**1,953,838**|2,046,658|
|Interest receivable|**2,797**|12,355|
||----------------------------------------------|----------------------------------------------|
||**1,956,635**|2,059,013|
||==============================================|==============================================|
|**INVESTMENT MANAGEMENT COSTS**|||
||**2022**|2021|
||**£**|£|
|Investment property costs|**162,228**|237,856|
|Interest payable and similar charges|**136**|111|
|Investment management costs|**18,895**|20,551|
||────────────|────────────|
||**181,259**|258,518|
||═══════════|═══════════|



## **6. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE** 

||**2022**|2021|
|---|---|---|
||**£**|**£**|
|Charitable donations|**2,423,232**|2,101,878|
|Governance costs|**2,000**|1,800|
||----------------------------------------------|----------------------------------------------|
||**2,425,232**|2,103,678|
||**==============================================**|==============================================|



**- 17 -** 



���������������������������������������������������������� 

## **LONIA LIMITED** 

## **(LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **7. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE** 

||**Grant**|**Support**|**Total**|Total|
|---|---|---|---|---|
||**funding**|**Costs**|**Funds**|Funds|
||**activities**||**2022**|2021|
||**£**|**£**|**£**|£|
|Charitable donations|**2,423,232**|-|**2,423,232**|2,101,878|
|Governance costs|-|**2,000**|**2,000**|1,800|
||───────────|───────────|────────────|────────────|
||**2,423,232**<br>===========================================|**2,000**<br>==========================================|**2,425,232**<br>============================================|2,103,678<br>============================================|



All charitable activities relate to unrestricted funds. 

All donations were paid to charitable institutions whose objects are in accordance with the objects of the charity. 

The following donations were made during the year ended 31 March 2022: 

|||**£**|
|---|---|---|
|Achisomoch Aid Company Limited||1,222,000|
|Notzar Chesed||351,000|
|The Rehabilitation Trust||237,000|
|Friends Of Mercaz Hatorah Belz Macnivka||201,500|
|Harbo Charities Limited||108,000|
|Chasdei Yisocher Dov||56,000|
|Mars Org. Ltd||48,000|
|Beis Aharon Trust Ltd||21,500|
|Sundry donations less than £20,000||178,232|
|||**---------------------------------------------**|
|||**2,423,232**|
|||===========================================|
|**GOVERNANCE COSTS**|||
||**2022**|**2021**|
||**£**|**£**|
|Auditors' Remuneration|**2,000**|1,800|
||==============================================|==============================================|



## **8.1 GOVERNANCE COSTS** 

## **8.2 STAFF COSTS AND EMOLUMENTS** 

No remuneration or other benefits from employment with the Charity or any related entity were received by the Trustees or connected parties. No Trustee expenses have been incurred. 

## **9. NET GAINS/(LOSSES) ON INVESTMENTS** 

**2022** 2021 **£** £ Unrealised gains/(losses) on investments **------------------------------------------------** -------------------------------------- **==============================================** ============================================== 

**- 18 -** 



���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **10. TAXATION** 

**Major components of tax expense** 

|**Major components of tax expense**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|**Current tax:**|**3,951**|75,446|
|**Deferred tax:**|||
|Origination and reversal of timing differences|**-**|**-**|
|Impact of change in tax rate|**602,282**|**-**|
||**----------------------------------------------**|----------------------------------------------|
|**Total deferred tax**|**602,282**|**-**|
||**----------------------------------------------**|----------------------------------------------|
|**Total taxation**|**606,233**|75,446|
||**==============================================**|==============================================|



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

## **Reconciliation of tax expense** 

The tax assessed on the net expenditure for the year is higher than the standard rate of corporation tax in the UK of 19% (2021: 19%). 

||**£**|**£**|
|---|---|---|
|Net (expenditure)/income before tax|**(650,237)**|(303,183)|
||**==-====================================================**|**==-====================================================**|
|Profit/(loss) on ordinary activities by rate of tax|**(123,545)**|(57,605)|
|Expenses not deductible for tax purposes|**127,496**|133,066|
|Timing differences on unrealised gains|**-**|**-**|
|Impact of change in tax rate|**602,282**|**-**|
|Other differences|**-**|(15)|
||**----------------------------------------------**|----------------------------------------------|
|**Taxation**|**606,233**|75,446|
||**==============================================**|==============================================|



## **Factors that may affect future tax expense** 

The deferred tax liability at 31 March 2022 has been calculated based on a rate of 25% (2021: 19%). 

**- 19 -** 



���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **11. INVESTMENTS** 

||**Freehold**|**Long Leasehold**||
|---|---|---|---|
||**Investment**|**Investment**||
|**Group**|**Properties**|**Properties**|**Total**|
||**£**|**£**|**£**|
|**FAIR VALUE**||||
|At 1 April 2021|21,008,000|1,530,000|22,538,000|
|Additions|-|-|-|
|Revaluation|-|-|-|
||----------------------------------------------|----------------------------------------------|----------------------------------------------|
|**At 31 March 2022**|**21,008,000**|**1,530,000**|**22,538,000**|
||==============================================|==============================================|==============================================|
|**Historical cost at 31 March 2022**|**4,357,363**|**19,642**|**4,377,005**|
||==============================================|==============================================|==============================================|
||**Freehold**|**Investments in**||
||**Investment**|**Subsidiary**||
|**Company**|**Properties**|**Undertakings**|**Total**|
||**£**|**£**|**£**|
|**FAIR VALUE**||||
|At 1 April 2021|3,995,000|19,082,110|23,077,110|
|Revaluation|-|(585,062)|(585,062)|
||----------------------------------------------|----------------------------------------------|-------------------------------------------------------|
|**At 31 March 2022**|**3,995,000**|**18,497,048**|**22,492,048**|
||==============================================|==============================================|==============================================|
|**Historical cost at 31 March 2022**|**1,073,896**|**102**|**1,073,998**|
||==============================================|==============================================|==============================================|



The properties are stated at Trustees’ open market valuation. The Trustees have extensive experience in the field of property investment and valuation accumulated over a considerable period of time. 

A number of the group’s properties are charged to secure the borrowings of associated companies. 

**- 20 -** 



���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **11. INVESTMENTS** (cont’d) 

The aggregate amount of assets, liabilities and funds of the subsidiary undertakings are as follows: 

|||**Company**|||**Capital &**|
|---|---|---|---|---|---|
|||**Number**|**Assets**|**Liabilities**|**Reserves**|
||||**£**|**£**|**£**|
|Pall Mall Investments Ltd||01108843|24,721,653|13,854,270|10,867,383|
|Pall Mall Investments 2 Ltd||09206077|16,454,967|16,621,383|(166,416)|
|Pall Mall Investments 3 Ltd||09214294|5,323,345|533,828|4,989,517|
|Pall Mall Investments 4 Ltd||10009849|2,587,222|2,000|2,585,222|
|Pall Mall Investments|5 Ltd|10836910|100|-|100|
|(dormant)||||||
|Slogancrest Ltd(dormant)||01555613|226,343|4,700|221,643|



A summary of turnover, expenditure and profit or loss for the year is shown below for each operational subsidiary undertaking. 

**Summary income and expenditure account of the active subsidiary undertakings** 

||**Pall Mall**|**Pall Mall**|**Pall Mall**|**Pall Mall**|
|---|---|---|---|---|
||**Investments**|**Investments**|**Investments**|**Investments**|
||**Limited**|**2 Limited**|**3 Limited**|**4 Limited**|
|||**£**|**£**|**£**|
|Net rental income|-|1,287,517|52,462|-|
|Administrative expenses|(17,774)|(500)|(500)|(121)|
|Gift aid donations to Charity parent|(1,300,000)|-|-|-|
|Net valuation gains/(losses)|-|-|-|-|
||––––––––––––––|––––––––––––––|––––––––––––|––––––––––––|
|**OPERATING PROFIT/(LOSS)**|(1,317,774)|1,287,017|51,962|(121)|
|Interest receivable|87|-|-|-|
|Interest payable|-|-|-|-|
||––––––––––––––|––––––––––––––|––––––––––––|––––––––––––|
|**PROFIT/(LOSS) BEFORE**|(1,317,687)|1,287,017|51,962|(121)|
|**TAXATION**|||||
|Taxation including deferred taxation|-|(479,349)|(126,884)|-|
||––––––––––––––|––––––––––––––|––––––––––––|––––––––––––|
|**RETAINED PROFIT/(LOSS) IN**|||||
|**SUBSIDIARIES**|(1,317,687)<br>===================|807,668<br>===================|(74,922)<br>====================|(121)<br>==================|



**- 21 -** 



���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **12. DEBTORS** 

||**The Group**|**The Group**|**The Charity**|**The Charity**|
|---|---|---|---|---|
||**2022**|**2021**|**2022**|**2021**|
||**£**|**£**|**£**|**£**|
|Trade and other debtors|**132,866**|332,726|**91,732**|119,543|
||––––––––––––––––––––––|––––––––––––––|––––––––––––––|––––––––––––––––––––|
|Trade and other debtors|**132,866**|332,726|**91,732**|119,543|
||**============================================**|==================|**==================**|================|



## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

||**The Group**|**The Group**|**The Charity**|**The Charity**|
|---|---|---|---|---|
||**2022**|**2021**|**2022**|**2021**|
||**£**|**£**|**£**|**£**|
|Amounts owed to group undertakings|-|**-**|**106,463**|12,474|
|Taxation|**36,399**|101,849|-|**-**|
|Accruals and other creditors|**7,773,360**|4,031,038|**25,750**|24,352|
||––––––––––––––––––|–––––––––––––––––––––|–––––––––––-|––––––––––––––––––––|
||**7,809,759**|4,132,887|**132,213**|36,826|
||======================================|=================|===========|==============|



Included in other creditors owed by the group is an interest free amount of £7,640,528 due to a company with some common directors. 

## **14. PROVISION FOR LIABILITIES** 

The movement in the deferred taxation provision during the year was: 

||**Investment**||
|---|---|---|
|**Group**|**Property**|**Total**|
||**£**|**£**|
|At 1 April 2021|1,907,232|1,907,232|
|Movements|602,282|602,282|
||-----------------------------------------------------|-----------------------------------------------------|
|**At 31 March 2022**|**2,509,514**|**2,509,514**|
||=====================================================|======================================================|



There are no deferred tax provisions for the Company; it is exempt from tax due to its Charitable Status on the basis all income and gains will be applied solely for qualifying charitable purposes. 

**- 22 -** 



���������������������������������������������������������� 

## **LONIA LIMITED** 

## **(LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **15. ANALYSIS OF CHARITABLE FUNDS** 

|||||**Net gains**|**At 31**|
|---|---|---|---|---|---|
||**At 1 April**|||**and**|**March**|
|**Group**|**2021**|**Income**|**Expenditure**|**revaluations**|**2022**|
||**£**|**£**|**£**|**£**|**£**|
|**General funds**|38,988,349<br>==========================================================|1,956,635<br>===================================================|(2,610,442)<br>======================================================|(602,282)<br>========================================================|**37,732,260**<br>=========================================================|



## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|||**Net Current**|**Long Term**||
|---|---|---|---|---|
|**Group**|**Investments**|**Assets**|**Liabilities**|**Total**|
||**£**|**£**|**£**|**£**|
|Unrestricted Income Funds|22,538,000|17,703,774|(2,509,514)|37,732,260|
||----------------------------------------------|----------------------------------------------|----------------------------------------------|----------------------------------------------|
|Total Funds|22,538,000|17,703,774|(2,509,514)|37,732,260|
||==============================================|==============================================|==============================================|==============================================|
|||**Net Current**|**Long Term**||
|**Company**|**Investments**|**Assets**|**Liabilities**|**Total**|
|||**£**|**£**|**£**|
|Unrestricted Income Funds|22,492,048|15,240,212|**-**|37,732,260|
||----------------------------------------------|----------------------------------------------|----------------------------------------------|----------------------------------------------|
|Total Funds|22,492,048<br>==============================================|15,240,212<br>==============================================|**-**<br>==============================================|37,732,260<br>==============================================|



## **17. ACCOUNTING ESTIMATES AND JUDGEMENTS** 

## (i) Property valuation 

The valuation of the group’s property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. As noted in Note 1.8 above, all the group’s properties are valued by the Trustees who have extensive experience in the field of property investment and valuation. 

## (ii) Trade debtors 

Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values of these debtors. 

**- 23 -** 



���������������������������������������������������������� 

**LONIA LIMITED (LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS** _**(cont.)**_ 

## **YEAR ENDED 31 MARCH 2022** 

## **18. RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES** 

||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Net (expenditure)/income for the year|**(1,256,089)**|(378,629)|
|Adjustments for:|||
|(Gains)/losses on investments|-|**-**|
|Interest paid|**136**|111|
|Dividends, interest and rents from investments|**(1,775,433)**|(1,800,807)|
|Current tax charge|**3,951**|75,446|
|Increase/(decrease) in creditors|**500**|**-**|
|Increase/(decrease) in provisions for liabilities|**602,282**|**-**|
||----------------------------------------------|----------------------------------------------|
|**Net cash used in operating activities**|**(2,424,653)** <br>==============================================|(2,103,879)<br>==============================================|



## **19. ANALYSIS OF CHANGES IN NET DEBT** 

|**At 1 April 2021**<br>**£**<br>Cash at Bank<br>22,157,742<br>________<br>**Total cash and cash equivalents**<br>22,157,742<br>===================================================|**Cash Flows**<br>**£**<br>3,222,925<br>________<br>3,222,925<br>==================================================|**At 31 March 2022**|
|---|---|---|
|||**£**<br>**25,380,667**<br>________<br>**25,380,667**<br>==================================================|



## **20. RELATED PARTY TRANSACTIONS** 

All transaction with related parties have been disclosed in the notes to the financial statements. 

**- 24 -**