REGISTERED COMPANY NUMBER: 01560314 (England and Wales) REGISTERED CHARITY NUMBER: 282726
Report of the Trustees and
Financial Statements for the Year Ended 31 December 2021
for
Belljoe Tzedoko Limited
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Belljoe Tzedoko Limited
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Statement of Financial Position | 8 | ||
| Statement of Cash Flows | 9 | ||
| Notes to the Statement of Cash Flows | 10 | ||
| Notes to the Financial Statements | 11 | to | 18 |
Belljoe Tzedoko Limited
Report of the Trustees for the Year Ended 31 December 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was formed for the advancement of religion in accordance with the orthodox Jewish faith, and the relief of poverty.
Public benefit
The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.
Grantmaking
Grants are made to charitable institutions and organisations which accord with objects of the Charity.
Volunteers
During the period, the charity did not have any volunteers to help with the objective of the Charity.
ACHIEVEMENT AND PERFORMANCE
Development, activities and achievement this period
The trustees consider that the performance of the charity this year has been satisfactory. Substantial funds have been granted to institutions during the year.
The Statement of Financial Activities shows a net surplus of £131,758 after making total grants of £519,880 and the reserves stand at £8,816,282.
Investment performance
The trustees are currently satisfied with the investment performance of the assets. The Company has expanded its activities during the current year, and is always looking at opportunities, the current investment property portfolio is producing good results which enhances its charitable activities.
Internal and external factors
The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Principal funding sources
Belljoe Tzedoko Limited has raised money through its investment policy. The returns from the investments have produced good rental income.
Overall the charity has experienced a good year and hopes it will continue to do so next year.
Investment policy and objectives
Under the memorandum and articles of association, the charity has the power to make any investment, which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that investments in property meets their requirements to generate both income and capital growth.
Reserves policy
The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.
Page 1
Belljoe Tzedoko Limited
Report of the Trustees for the Year Ended 31 December 2021
FUTURE PLANS
There are no significant future developments to report.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005. The company was formed on 8 May 1981. The charity is managed and controlled by the directors who are the trustees, who meet regularly.
Recruitment and appointment of new trustees
It is not the intention of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, induction and training procedures.
Organisational structure
The Chief Executive of the charity is Mr M Lobenstein, to whom day to day management of the charity has been delegated.
The entire board meets on a regular basis, at least quarterly, or more if required.
Wider network
At present Belljoe Tzedoko Limited does not consider itself part of a wider network.
Risk management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
01560314 (England and Wales)
Registered Charity number
282726
Registered office
5 North End Road London NW11 7RJ
Trustees
M Lobenstein Mrs K H Lobenstein B Lobenstein
Company Secretary
Mrs K H Lobenstein
Senior Statutory Auditor
Frank Martin (FCA)
Auditors
Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Page 2
Belljoe Tzedoko Limited
for the Year Ended 31 December 2021
Report of the Trustees
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Belljoe Tzedoko Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................
M Lobenstein - Trustee
Page 3
Report of the Independent Auditors to the Members of Belljoe Tzedoko Limited
Opinion
We have audited the financial statements of Belljoe Tzedoko Limited (the 'charitable company') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its 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; and
-
have been prepared in accordance 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 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 trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 4
Report of the Independent Auditors to the Members of Belljoe Tzedoko Limited
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.
Our 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 5
Report of the Independent Auditors to the Members of Belljoe Tzedoko Limited
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 assess compliance with applicable laws and regulations that could reasonably be expected to have a material effect on the financial statements. The key laws and regulations we have considered in this context included the Charities SORP (FRS 102). In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.We discussed with management the extent of compliance with those laws and regulations as part of our audit procedures.
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We address the risk of fraud through management override of controls, by obtaining an understanding of internal control and by designing audit procedures that are appropriate and sufficient. We evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and judgements made by management. We identified and assessed any significant transactions that are unusual or outside the normal course of business, and we incorporated testing of manual journal entries and corrections into our audit approach.
-Our audit procedures were designed to identify and assess risks of material misstatement in the financial statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, misrepresentations, or management override of controls. We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations.
-There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. Our responsibility is to conclude whether the financial statements represent the underlying financial position and activities of the charity and to ensure that the overall content and presentation of the financial statements gives a fair view.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the 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 auditors' 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.
Frank Martin (FCA) (Senior Statutory Auditor) for and on behalf of Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ
Date: .............................................
Page 6
Belljoe Tzedoko Limited
Statement of Financial Activities for the Year Ended 31 December 2021
| 31.12.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 40,000 Investment income 3 622,432 Total 662,432 EXPENDITURE ON Charitable activities 4 Donations to institutions 519,880 Other 10,794 Total 530,674 Net gains on investments - NET INCOME 131,758 RECONCILIATION OF FUNDS Total funds brought forward 8,684,524 TOTAL FUNDS CARRIED FORWARD 8,816,282 |
31.12.20 Total funds £ 393,000 558,701 |
|---|---|
| 951,701 | |
| 623,500 22,393 |
|
| 645,893 | |
| 127,198 | |
| 433,006 8,251,518 |
|
| 8,684,524 |
The notes form part of these financial statements
Page 7
Belljoe Tzedoko Limited
Statement of Financial Position 31 December 2021
| Notes FIXED ASSETS Investments Investments 11 Investment property 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 NET ASSETS FUNDS 18 Unrestricted funds TOTAL FUNDS |
31.12.21 Unrestricted fund £ 1,176,854 7,453,854 8,630,708 7,426 415,491 422,917 (237,343) 185,574 8,816,282 - 8,816,282 8,816,282 8,816,282 |
31.12.20 Total funds £ 1,146,854 7,453,854 8,600,708 8,430 401,850 410,280 (315,372) 94,908 8,695,616 (11,092) 8,684,524 8,684,524 8,684,524 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
M Lobenstein - Trustee
The notes form part of these financial statements
Page 8
Belljoe Tzedoko Limited
Statement of Cash Flows
for the Year Ended 31 December 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Purchase of investment property Sale of fixed asset investments Net cash (used in)/provided by investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.12.21 £ 315,345 (3,606) 311,739 (30,000) - - (30,000) (268,098) (268,098) 13,641 401,850 415,491 |
31.12.20 £ 214,964 (16,168) 198,796 (57,801) (24,800) 226,200 143,599 (954,726) (954,726) (612,331) 1,014,181 401,850 |
|---|---|---|
The notes form part of these financial statements
Page 9
Belljoe Tzedoko Limited
Notes to the Statement of Cash Flows for the Year Ended 31 December 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 31.12.21 | 31.12.20 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Net income for the reporting period (as per the Statement of Financial | |||||
| Activities) | 131,758 | 433,006 | |||
| Adjustments for: | |||||
| Losses on investments | - | (127,198) | |||
| Interest paid | 3,606 | 16,168 | |||
| Decrease in debtors | 1,004 | 42,656 | |||
| Increase/(decrease) in creditors | 178,977 | (149,668) | |||
| Net cash provided by operations | 315,345 | 214,964 | |||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | ||||
| At 1/1/21 | Cash flow | At 31/12/21 | |||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank | 401,850 | 13,641 | 415,491 | ||
| 401,850 | 13,641 | 415,491 | |||
| Debt | |||||
| Debts falling due within 1 year | (264,804) | 257,006 | (7,798) | ||
| Debts falling due after 1 year | (11,092) | 11,092 | - | ||
| (275,896) | 268,098 | (7,798) | |||
| Total | 125,954 | 281,739 | 407,693 |
The notes form part of these financial statements
Page 10
Belljoe Tzedoko Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The presentation currency is £ Sterling.
Preparation of consolidated financial statements
The financial statements contain information about Belljoe Tzedoko Limited as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activities
All grants to institutions and individuals are recognised when paid, or when there is an obligation to make a donation.
Governance costs
Expenditure is accounted for on an accrual basis.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 11
Belljoe Tzedoko Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES - continued
Investments
Investments in joint ventures are valued at cost. Potential impairment is reviewed every year, but no increase in market value is recognised.
| 2. DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Rents received 4. CHARITABLE ACTIVITIES COSTS Donations to institutions 5. GRANTS PAYABLE Donations to institutions The total grants paid to institutions during the year was as follows: Miscellaneous grants totalling under £10,000 per recipient Viznitz Kolyom Trust Limited Fairholt Charity Broom Foundation Beth Medrash Lemoros Boyan Hatzola JLE Kids Care Ohr Someach Rise & Shine Shir Chesed Steps Ahead Support The Charity Worker Tiferes Yakov Teshuvoh Tefilloh Tzedokoh |
31.12.21 31.12.20 £ £ 40,000 393,000 31.12.21 31.12.20 £ £ 550,000 500,000 Grant funding of activities (see note 5) £ 519,880 31.12.21 31.12.20 £ £ 519,880 623,500 |
31.12.21 31.12.20 £ £ 40,000 393,000 31.12.21 31.12.20 £ £ 550,000 500,000 Grant funding of activities (see note 5) £ 519,880 31.12.21 31.12.20 £ £ 519,880 623,500 |
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| 307,880 | 422,500 | |
| 36,000 | 53,000 | |
| - | 50,000 | |
| - | 48,000 | |
| - | 50,000 | |
| 11,000 | - | |
| 10,000 | - | |
| 30,000 | - | |
| 20,000 | - | |
| 12,000 | - | |
| 15,000 | - | |
| 20,000 | - | |
| 12,000 | - | |
| 12,000 | - | |
| 14,000 | - | |
| 10,000 | - | |
| 10,000 | - |
continued...
Page 12
Belljoe Tzedoko Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
5. GRANTS PAYABLE - continued
| 6. 7. 8. |
519,880 | 623,500 | 623,500 | |
|---|---|---|---|---|
| SUPPORT COSTS Finance £ Other resources expended 21 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Other non-audit services TRUSTEES' REMUNERATION AND BENEFITS |
Governance costs £ 7,167 31.12.21 £ 4,250 2,000 |
Totals £ 7,188 31.12.20 £ 4,000 2,000 |
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 393,000 |
| Investment income | 558,701 |
| Total | 951,701 |
| EXPENDITURE ON | |
| Charitable activities | |
| Donations to institutions | 623,500 |
| Other | 22,393 |
| Total | 645,893 |
| Net gains on investments | 127,198 |
continued...
Page 13
Belljoe Tzedoko Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | |||
|---|---|---|---|
| fund | |||
| £ | |||
| NET INCOME | 433,006 | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 8,251,518 | ||
| TOTAL FUNDS CARRIED FORWARD | 8,684,524 | ||
| 10. | NET GAINS/(LOSSES) ON INVESTMENTS | ||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Realised gains/(losses) on sale of joint venture investments | - | 127,198 | |
| Unrealised gains/(losses) on revaluation of investment property | - | - | |
| ======== | ====== | ||
| - | 127,198 | ||
| ======== | ====== | ||
| 11. | FIXED ASSET INVESTMENTS |
| Shares in group undertakings £ MARKET VALUE At 1 January 2021 86,387 Additions - At 31 December 2021 86,387 NET BOOK VALUE At 31 December 2021 86,387 At 31 December 2020 86,387 |
Joint venture investments £ 1,060,467 30,000 1,090,467 1,090,467 1,060,467 |
Totals £ 1,146,854 30,000 |
|---|---|---|
| 1,176,854 | ||
| 1,176,854 | ||
| 1,146,854 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
continued...
Page 14
Belljoe Tzedoko Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
11. FIXED ASSET INVESTMENTS - continued
Ecdere Limited
| Registered office: 5 North End Road, London, NW11 7RJ Nature of business: Property Investment % Class of share: holding Ordinary 100 Aggregate capital and reserves Loss for the year 12. INVESTMENT PROPERTY FAIR VALUE At 1 January 2021 and 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Rents receivable VAT 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 16) Retention Payable VAT Rent in advance Other creditors Accrued expenses |
31.3.21 £ 23,914 (153,284) 31.12.21 £ 7,426 - 7,426 31.12.21 £ 7,798 44,218 28,750 150,000 327 6,250 237,343 |
31.3.20 £ 177,198 (75,309) £ 7,453,854 7,453,854 7,453,854 31.12.20 £ 6,398 2,032 8,430 31.12.20 £ 264,804 44,218 - - 100 6,250 315,372 |
|---|---|---|
Page 15
continued...
Belljoe Tzedoko Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 16) 16. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years 17. SECURED DEBTS The following secured debts are included within creditors: Bank loans |
31.12.21 £ - 31.12.21 £ 7,798 - 31.12.21 £ 7,798 |
31.12.20 £ 11,092 31.12.20 £ 264,804 |
|---|---|---|
| 11,092 | ||
| 31.12.20 £ 275,896 |
The bank loan is secured by a legal charge over the charity's investment property, and by a £2,000,000 guarantee given by Jaylow Supplies Limited.
18. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1/1/21 £ 8,684,524 8,684,524 Incoming resources £ 662,432 662,432 |
Net movement in funds £ 131,758 131,758 Resources expended £ (530,674) (530,674) |
At 31/12/21 £ 8,816,282 |
At 31/12/21 £ 8,816,282 |
|---|---|---|---|---|
| 8,816,282 | ||||
| Movement in funds £ 131,758 131,758 |
||||
| 131,758 |
Page 16
continued...
Belljoe Tzedoko Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/1/20 £ Unrestricted funds General fund 8,251,518 TOTAL FUNDS 8,251,518 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 951,701 (645,893) TOTAL FUNDS 951,701 (645,893) |
Net movement in funds £ 433,006 433,006 Gains and losses £ 127,198 127,198 |
At 31/12/20 £ 8,684,524 |
At 31/12/20 £ 8,684,524 |
|---|---|---|---|
| 8,684,524 | |||
| Movement in funds £ 433,006 433,006 |
|||
| 433,006 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/20 £ 8,251,518 8,251,518 |
Net movement in funds £ 564,764 564,764 |
At 31/12/21 £ 8,816,282 |
|---|---|---|---|
| 8,816,282 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 1,614,133 | (1,176,567 ) | 127,198 | 564,764 |
| TOTAL FUNDS | 1,614,133 | (1,176,567 ) | 127,198 | 564,764 |
continued...
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Belljoe Tzedoko Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
19. RELATED PARTY DISCLOSURES
During the year, transactions took place with related organisations, where some of the trustees of this charity also act as trustees/directors of the related organisations. These were as follows:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Donations received: | |||
| Ecdere Limited | (Mr M Lobenstein & Mrs K H Lobenstein ) | 40,000 | 393,000 |
| Rents received: | |||
| Jaylow Supplies Limited | (Mr M Lobenstein & Mrs K H Lobenstein ) | 550,000 | 500,000 |
Jaylow Supplies Limited has given a £2,000,000 guarantee in respect of the charity's outstanding bank loan.
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