Charity reystration number 283295 Company registration number 01567651 IEngland and Wale51 SHIREHALL TZEDAKA COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SHIREHALL TZEDAKA COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Governors MrDJay MrPJay MrlSJay Secretary MrDJay Charity number 283295 Company number 015676S1 Principal address Fofrarne House, 2nd Floor 35-37 Brent Street London NW4 2EF Registered office Fotrame House. 2nd Floor 35-37 Brent street London NW4 2EF Auditor Lopian Gross Bainett & Co 1st Floor. Cloister House Riverside New Bailey Street Manchester M3 5FS
SHIREHALL TZEDAKA COMPANY LIMITED CONTENTS Page Gov8tnors' report statement of govemors, responsibilities Independ8FIt auditorfs report Stalèrnent of financial activifr'es Balance sheet Statement of cash flows Notes to the financial statements 10-19
SHIREHALL TZEDAKA COMPANY LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The govemors present their annual report and financial statements for the year ended 31 December 2023. The financial slalemenls have been prepared In accordance with the accounting policies set out In note I lo the finanaal slalements and comply with the Companies Act 2006 and "Accounting and Reporting by Charities Slalement c>f Recoinmended Pracb"Tr applicable lo charities piepaiing their accounts In actx)rdance with the Financial Reporting StaDdard applicable In the UK and Republic of Ireland IFRS 1021 las amended Yor aecounting periods commencing from 1 January 20191. Objectlves and activities The charity'5 objects are to dislnbute funds to religious, educational and similar charities lor the advancernenl of ieligion In accoidance with the Orthodox Jewish faith and the relief of povety and other charitable purposes for the public benefil The policies adopted In bJrtheran¢e ol these objects are to Identify Orthodox Jewish charities which carry out acb"vilies such as providing Orthodox Jewish education and other aclivilies which advance religion In accordance with the Orthodox Jewish faith or which relieve ptsvorty and there has been no change n these during the year The governois confirm that they had regard to guidance contained In the ChÉiiily Comrnission general guidance on public benefit when reviewing the charity's aims and obiectsve5 and In planning fLnure activrtie5 and Setting the grant making policy fDr th2 yEar The ¢harily's Incorne is generalecl from investrnent Income and chaiitable th)nations and the available incorlle was distnbuted in the year. The main strategy for the above aims and otJje¢lives is to maintain a stable flow of donations going to worthy causes In Ihe Jewish community The governors also aim to expand the charity'5 Investment portfolio whenever the opportunity arises No particular onteria or measures are used to assess success in achieving these aims and objectives Thè only activities undertaken have been Monitoring the charity's Investment incomo and making d151nbutions to a number of charities In accordance with the above objectives and poliaes. Achievements and performance The charity ha5 continued to distribute funds to other charities dunng th& year. Nearly all of the available Incoming resources, after the charity met loan payment ancl similar obligalions, were d151ributed benefitting the recipient organisalion accordingly. Any MainIng cash reserves wryll be put towards futuie Investment purposes. The chanty's investment properties generated nel cash returns in line wfth expectations. The charity distributed Close to the maximum available. At the year end the charity held five UK properties as Investments which were valued at £14,225,000 and gener3ted gross rental incotne of £683.968. Financial review The charity's funds for distribution derived from donations received and property investment Income from ils own property The tthtal ol nei Incoming rÈsourco8 wa% £263,394 which resulted 3 deficiency of £144.481 after charitable donations of £407.875 The lair value ol Investment propertie5 inueased by £408.700. The financial position ol the charity at the end of the year Is set out on page 8, with closing fund5 of £9,634.402 No significant event alfected the financial performance and financial position of the charity dunng the period. Nor have any been identified that are likely to do 50 currently or In the future. The governors have Identified the prinrypal risks and Ljncertainlies facing the charity and have also adopted plans and strategies lo manage these as follows". de¢line In values ol investment properties, managed by investing in go(xJ quality buildings with rpliable tenants as confirmed by the Independent valuations obtained on purchase and by own regular monitoring. f811 In in¢ome.' letting only lo reliable tenants as above, maintaining inforrnal reserves In the charity". ttaving funds available to the governors lo lend to the chaiity If requir8d.
SHIREHALL TZEDAKA COMPANY LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 There is no forma1 policy to tnaintain a set level of reserves. The governors are continually looking for appropriate investmen15 which will ensuie that high level of ielurns can be achieved for the charity's benefit. The govemors, Investrnent powers are govemed by the charity's Arkndes of Association which permil the govemors tts Invest the chanty funds as they may See fit The govemots are experienced property investors and have invested Ihe Charity's funds In property In order to generate ft5nds for distnbLJlion Investments are chosen on the bas15 of achieving a yield In excess of that available fiotn cash deposits while maintaining security of Income The govemors have assessed the maioi nsks to which the charity is exposed, and are satisfied that Systems are In place lo mitigate exposure to tre major nsks. The govemot5 will continue to purchase further inveslrnents when they believe It Is In the best Interests of the charity. structure, governance and management The charity is limited by guar8ntee. It was Incorporated on 12 June 1981 and reg15tered as a charity on the sarne date The chanty wa5 established under a Memorandum of Association which established the objects and pL>wers of the charitable company and Is governed under Its Article5 tsf A55ociation The governors, are a150 the directors for the purpose of company law. and who served during the year and up to the date of signature of th8 financial statement5 were. MrDJay MrPJay MrlSJay Govemors are recomrnended and appointed by the Board of Governors None ol the govemors has any beneficial interest in the charity All of the govemor5 are members of the charity and guarantee to contribute an arnount not exceeding £1 in the evenl of a winding up. The board of govemors administers the chanty who retain u)mplete responsibility for Its managernent. Auditor In accordance with the company's articles a resolution proposing that Lopian Gross 8amett & Co be reappointed as auditor of the cornpany will be put at a General Meeting. Small companies exemption This report has been piepaied In accordance wth the provisions applicab to companies entitled to the small companies exemption Disclosure of informatlon to auditor Each of the governtsr5 has confirmed that there Is no Information ol which they are aware which is relcvanl to the audit. but of which the auditor Is unaware They have further confirmed that they have taken appropriate steps lo identify such relevant Information and to establish that the aLJditor Is aware of such Information The gov port was approved by the Board of Governors. Govemor
SHIREHALL TZEDAKA COMPANY LIMITED STATEMENT OF GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The govemors, who are also Ihe dire¢lors of Shirehall Tzedaka Company Limited lor the purFose ol company law, are responsible for preparing the Goveinors, Report and the finanal statements in accoidance with applicable law and United Kingdom AUntIng Standards (United Kingdom Generally Aecepted Acctsunting Praeticel Cornpany Law require5 the governors to prepare financial statements for each financial year which give a true and fair view ol the stale of affairs of the company and ol the incoming resources and applicats'on ol SourCes, Including the In¢ome and expendrture, of the charitable company for Ihat year. In prepanng these financial statements. the governor5 are required to". select suitable accounting policie5 and then apply thern consistentSy." observe the methods and principles in the Charities SORP., rnake judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subjECt to ary malen31 departurE5 disclosed and explained in the financial slalements., and piepare the financial statemenls on the going conc8m basis unless it is inappropriate to piesume that the company will continue in operation. The govemors are responsible for keeping adequate accounting records Ihal disclose with reasonable accuracy at any time the financial position of the rnPany and enable Ihern to ensure that the financial statements comply wiltt the Companies Act 2006 They are also responsible for safeguarding the assets of Ihe company and hence for taking reasonable sleps for the prevention and detection of fraud and other Irr8Jul8rities
SHIREHALL TZEDAKA COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF SHIREHALL TZEDAKA COMPANY LIMITED Opinion We have audited the financial slalements of Shirehall Tzedaka Company Limited Ilhe ¢on)pany'l for the year ended 31 December 2023 which coniprise the staletnent ol financ1al activities. the balance sheet, the staternent of eash flows and the notes lo Ihe financial staternents. Including significant accounting policie5. The financial reporting fratnewo>rk Ih21 has been applied in their preparation 15 applicable law and United Kingdorn AtcouDling Standards. Including FRS 102 The Financial Reptirting Standèrd applicable in th8 UK Republic of Ireland. In our opinion. the financial statements- give 3 true and laii view ol the slate of the chantable companls affairs as al 31 Decernber 2023 and ol its Ineorning resour$ and application of resources, for the year then ended. have been properly prepared In aceordaD¢e with Unrted Kingdotn Generally Accepted Accounting Practice." and havè been prepared in accordance with the qUirementS of the Companies Act 2006. Basis for opinion WE conducted our audit In accordance with Inlemational Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those 5tandaids are ILJrther described In the Auditor's responsibjlrfies for the aÉJdit of the financial statements section of our reptsrt. We a Independent of the ¢ornpany in atxordance with the ethical requirements that are re5evant to our audit ol the financial statetllents In the UK. Including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities In a¢cordan¢e wth these quirements. We believe that the audit evidence we have obtained is sufficient arKI appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalements. we have concluded that Ihe governor5, use ol Ihe going concern basis of accounting in the preparation ol the financial stalements Is appropnate Based on the work we have perfom)ed, we have not i(Jentified any material uncertainties r&13ting to events or conditions that, Individually or collectively. may cast significant doubl on the cornpany's ability to continue as a going contsrn for a period of at le8St twelve month5 from when the financial staternents are akJthon5ed for Issue. Our responsibilitios ancl Ihe responsibilities of the governors with respect to going concern are described In the relevant sections of this report other information The other Infomiation comprises the Infomation Included in the annual report olhei than the financial statement5 and OLJr audiior's report thereon. The governors are responsible lor the other Information contained with the annual report Our opinion on the financial Statements does not cover the other information and we do not expre55 any form of assurance conclusion Ihereon Our re5PDnsibility is to lead the other Information and, In doing so, consider whether the other Information Is materially Incon51Stent with the fiD3neial statements or our knowledge obtained in the uSe of the audit, or olhemise appears to be mateilally misstaled. Ir we iuentlry 5ucn maieiiai Inconslstencies or appa18nt material misslalements. we are required lo determine whether this give5 rise lo a matenal rnissfaternent In the financial statements themselves 11, based on the work we have performed. we conclude that there Is a material ffl155talemenl of this other Infotrnation, we are reqLJired to rewrt that fact. We have nothing lo report In thi5 regard Matters on which we are required lo report by exception We have nothing to report In respect of the following matters in relation to which the Chanlies (Accounts and Reports) Regulations 2008 require us to report lo ytsu il, In our opinion the informabon given in the financial staternentS 15 inconsistent In any material iespect with the governors, report", or sufficient accounting record5 have not been kept.. or the linanaal slalements are not In agreement with the accounting records", or we have not received all the Information and explanations we require for our audit
SHIREHALL TZEDAKA COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF SHIREHALL TZEDAKA COMPANY LIMITED Responsibilities of governors As explained more fully In the statement ot governors. responsibilitses. the govemors. who are also the directo[5 of the cotllpany lor the purpose of company law, are r85pon51ble for the preparation of the financial slalernents and for being satisfied that they give a true and fair view, and for such Internal conlrol as Ihe gDvemors determine Is necessafy lo enable the preparation of Iinancial statements that are free from malenal misstatement, whether due to fraud or error In prepanng the Iinancial slatemenls, the governors are responsible for assessing the company'5 ability lo wntinue as a 90ing coneem, disclosing, as applicable. matters related to gijng conrn and using the going concern bas15 of accounting Ljnless the governors either Intend lo liquidate the charitable company or to cease operations. 01 have no realisti¢ alternative bul to do so Audltor's responsibilities for the audrt of the financial statements We have been appointed as auditor under section 144 of the Chantie5 Act 2011 antj ieport In accordance with the Acl and relevant regulalions made or having effect theieunder. Our obieclives are to obtain reasonable assurance aboLJt whether the financial statements as a whole are free from iatgrial misstaterTrellt, whether due to fraud or error, and to issue an 2uditOf'S report th&t Includes our opinion. Reasonable assuran Is a high level of assuran but is not a guarantee that an audit conducted In aecordante with IS4s IUKI will always detect a material misstatement when Il exists. Mis51alements tan arisè from fraud or error an(J are considered Tnaterial If. Individually or In thÈ aggregate. they could reasonably be expeded to Influence the economic decisions of users taken on the basis of these financial statements. Itregularilies, including traud. are Instances of non-cornpliance with laws and regulations We design procedures in line with OLJr responsibiliti&. outtined above, to detect material misstalomènls in respect of i91ar1Iie5. Including fraud. The extent to which our procedure5 are capable of detecting Irregularities, Including fraLJd. Is detailed below We obtained an understanding of law5 and regulations that affect the entity, lo¢using on those that had a direct effect on the financial stalefflent5 Qr that had a fundamental effect on its operalions. Where considered necessary we enouired of those charged with govemance. reviewed corte5pondènce and reviewed rneeting rninutes for evidence of non-eompliance with relevant laws and regulations We gained an understanding ol the controls environment which includes the cy)ntrols in place to prevent and delect fraud We enquired of those ch8rged with governance about any Incidences of fraud that had taken plaeo during the accounting period. The risk ol fraud and non-complian with laws and regulations was discussed thin the audit team and tests were planned and performed to address these nsks We reviewed financial slaternenls disclosures to assess compliance with relevant laws and iegulations. We enquired of those charged with governanc8 about actual and potential litigation and claims. We performed analytical procedures to identify any unusual or unexpected relationships that m1ght Indicate 115k5 of matenal misstaternent due to fraud In addressing the risk of fraud due lo management oveIde ol internal controls we lesled the appropriateness of ioumal entries and asse55ed whether the judgements made In making accounting estimates were Indicative of a potential bias. Due to the Inherent Iimilations ol an audit. there Is an unavoidable nsk that we rmay not have detected some matenal misslatemenls In the financial slaletnents, even though we have pioperfy planned and performed our audit in accordance with aLJditing standards For example, as with any audit. there remained a higher nsk of non4etection of iiregularitie5. as these may involve collu510n, forgery. Intentional omissions, misrepresentations. or the override of inlemal controls. We are not responsible for preventing fraud or non-CQTMpliance with laws and iegulations and cannot be expect8d lo detect all frauij and non-compliance with laws and regulations
SHIREHALL TZEDAKA COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE GOVERNORS OF SHIREHALL TZEDAKA COMPANY LIMITED A further description ol our responsibilitie5 is available on the Financial Reporting Council's website at". https'.11 vw frc.org.uklaudit015respon5ibililies This desciiplion forrns part of our auditorfs report. Use of our report This report is made 501ely to the chanty's govemors. as a body, In accx)Idance with part 4 01 the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's govemors those matters we are required to state to them in an auditorfs report and for no other pUoSe To the lullest extent permitted by law, we do nol accept or assume responsibility to anyone other than the charity and the chanty's govemor5 as 8 body, for our audit woth. for this reptsrt, or lor the opinions we have ft)rrned Mr Jonathan Brodie (Senior Statutory Auditor) for and on behaw of Lopian Gross Barnett & Co 1710912024 Chartered AOuntantS Statutory Audltor 1 st Floor, Cloistei House Riverside New Bailey Street Manchp5ter M3 5FS Lopian Gross Barnett & Co Is eligible for appoinlment as auditor of the company by virtue of Its eligibility for appointment as auditor of a ctstnpany under sects.on 1212 of Ihe Compan18s Act 2006.
SHIREHALL TZEDAKA COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 UnreslrKcted funds 2022 Note5 Income from= Donations and legacies Inv8Stm8nt5 20.000 683,966 647.252 Total income 703,966 647.252 Chantable activities Other expenditure 407,875 440.572 432,415 316.184 Total expenditure 848.447 748,599 Net expenditure 1144.4811 11013471 Other re¢ognised gains and losses- Revaluation ol tangible fixed assets 408,700 118.5791 Net movemeni in funds 264,219 1119,9261 Reconciliation of funds: Fund balances at 1 January 2023 9,370,183 9,490.109 Fund balances at 31 December 2023 9,634,402 9.370.183 The statement ol financial activities Includes all gains and losses recognised In the year All inctsme and expenditure denve from continuing activities
SHIREHALL TZEDAKA COMPANY LIMITED BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Fixed assets Investrnent propetbes Investrnen15 11 12 14.225,000 13,815,000 14,225,019 13.815.019 Current assets Debtors Cash at bank and in hand 13 921,245 5.588 899,332 21,454 926.833 920.786 Credstors= amounts falling due within one year 15 12.361.8171 1219,1931 Net CLJTÈnt Iliabilitiesllassets 11.434,9841 701.593 Total assets less current liabilities 12,790.035 14.516,612 Creditors: amounts falling due after more than one year 16 13,155,633) 15,146.4291 Net assets 9.634.402 9.370,183 Income funds Gener81 unrestricted funds Revaluation reserve 3.766,974 5,867,428 3,911.455 5,458,728 9,634,402 9,370.183 9,634,402 9,370,183 The cornpany Is entitled lo the exemption from the audit qUirement contained In seclion 477 of the Companies Act 2006, foi the year ended 31 0eTrmber 2023. although an audit has been carried out under section 144 01 the Charities Act 2011. The director5 acknowledge their responsibilities for complying with the requirements ol the Companies Aet 2006 4th respect to accounting re)rdS and the preparation of financial statem8nt5. These linancial statements have been prepared In accordanrE with the provisions applicable to companies subject to the small companies regime The financial statements were approved by the Governors on 1710912024 MIPJa Govern Company Registration No. 01567651
SHIREHALL TZEDAKA COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activitie5 Cash generated fromllab50rt)ed by) operations 528,414 11.160,2011 Investing activities Purchase of Investment propety Investment Income 11,3001 683,966 118.5791 647,252 Net cash generated from investing activitie$ 682.666 628,673 Financing actlvitles DrawdDwnllrepaytnentl of bank ltsans 11,226.9461 558.466 Net cash lused inllgenerated from financing activities 11,226.9461 558.466 Net Idecre35ellincrease in cash and cash equivalent5 115.8661 26.938 Cash and Cash equivalenls at beginning of year 21.454 15,4841 Cash and cash equivalents at end of year 5,588 21.454
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity information Shirehall Tzedaka Company Limiled Is a private company limited by guarantee incotpoiated In England and Wale5. The registered office is Fofvarne House, 2nd Flwr, 35-37 Brent Street, London, NW4 2EF 1.1 Accounting conventlon The financial slalements have been prepared In 3ccordance with the Companies Act 2006 and Aecounting and Reporting by Charities Statement of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applitable In the UK and Republic of Ireland IFRS 1021" las amended for accountsng periods comrnencing from 1 January 20191 The company Is a Public enefit Entity as defined by FRS 102. The financial slatemÈnts are prepared In 5terliNg, which 15 the tuncb.onal currency of th8 Cotnpany Monetary arnounts In these financial slalements are roundèd to the nearest £ The financial statement5 have been prepared under the hi51orical cost Eonvention, Imth4ified to Include the investment properties at fair valuel The principal accounting ptsliues adopted are sel out below. 1.2 Going contern At the time of approving the financial statements. the governors have a reasonable expectation that the cornpany h8s adequate ie50urce5 to u)ntinue in operational existence fr)r the foreseeable future Thus the governors continue lo adopt the going concern basis of accounting in preparing the financial 5tateThents. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the governors in furtherantt of their charitable Dbjectives. Funds held by the chaiity are all unrestncled These being funds which can be used in accordance with the charitable obiects at the discxetion of the governors. The revaluatson reserve will only become available on re81isation of the sale of an investment propety. 1.4 Income Income 15 recognised when the company is legally entitled to It after any pertormance eonditions have been mel, the amount5 can be measured reliably. and Il Is probable that Income will be received. Cash donations are iecognised on receipt Other donations are recognised once the company has been notified of the donation, unless performanco conditions require deferral of ihe aount. Income lax recoverable In relation to donations received under Gift Aid or deed5 of covenant is iecognised at the bme of the donation. Legacies are recognised on receipt or otherwise If the company has been notified of an Impending distribution, the amount is known. and receipt Is expected. If the atnount is not known. the legacy Is treated as a contingent asset. Investment Income represents amounts receivable for ren15 and s8rvices. Investment income Is recognised on the commencement of and In accordance with a le35e, adjusted foi any incenlives as required undei FRS102 A property 15 regarded as sold when 51gnificanl n5ks and ielum5 have been transferred to the buyer. For CDnditional exchar)ges. sales are recryJnised as the conditions are satisfied. 10
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting poli¢ies (Continued) 1.5 Expenditure E xpenditure Is recognised once Iheie is a legèl or constwclive obligation to transfer economic benefit to a third party. it Is probable that a transfer ol econotnic benefit5 will be required In Settlement, and the amount of the obligation can bè measuied ieliably Expenditure Is classified by activity. The costs ol each activity are made up ol the total ol direct costs and shared costs. Including support costs Involved In undertaking each achvity. Direct costs attiibulable to a 51ngle activity are allocated directly to Ihat activity. Shared costs which contribute lo more than one aelivity and support Costs which are not attributable lo a 51llgle acliwty ale apportioned bebNeen those activitie5 on a basis consistent with the use ol resour5 Central staff costs are allocated on the basis Df titne spent, and deprecjation charges are allocated on the portion of the asset's use. Expenditure 15 iecognised on an accruals basis as a liability 15 incurred. Chantable expenditure ctsmprises those costs incurred by the chanty sn the delivery of its acbvib.es and services for its beneficianes 11 Includes both costs that can be allocated directly to such activities and those Costs of an indirect nature necessary lo support them. Othei costs Include all costs Involving the public ac¢ountability of the charity and its compliance with regulation and good practi. These Include COS relating to slatulory audit and professional fees Grant5 payable represent donations paid lo religiou5. educab.onal and similar charitse5. and are recognised when paytllent is made by ihe Chanty 1.6 Tangible fixed assets Tangible fixed assets are Initially measured at C05t and 5ub5equently measured at cost or valuation. net of depreualion and any impairment losse5. Tangible fixed asset5 are stated 8t cost or valuation less depreciation Depreciation is provided at rates calculated to wnte Dff the cost or valuation less estimated residual value of each asset over Its expected useful life. as follows.. Fixtures, fittings & equipment 33.33¥D Straight line The gain or loss arising on the disposal of an a55et 15 deterTnined as the difference bebNeen the sale procedS and the carrying value ol the asset, and is iecognised In the statement of financial activities 1.7 Investment property Investment property, which is property held to eatn ienta15 andloi foi capiial appreciation, Is Initially recognised at cost. which Includes the purchase cost and any directly èttributable expenditure Subsequently it is rnea5ured at lair value al the reporting end date. Th2 surplu5 or deficit on revaluation 15 recognised In the 5talern8nt of financial activities. 1_8 Fixed asset investments Fixed a55el investments are initially measured at C05t and subsequently measured at eosl less any accumulated ITMpairnent losses The Investments are assessed for Impairment at each reporting dale and any Impaifrnent losses or reversals ol Impairment losses are recognised Immediately in net incomellexpenditurel for the year. A subsidiary is an entity controlled by the charity. Control Is the power to govern the financial and operating policies of the entity sts as to obtain benefits frorn Its activities.
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 1.9 Cash and cash equivalents Cash and cash Èquivalents Include cash In hand. deposits held al call with banks, other short-term liquid investrnenls with onginal maturities of three months or less, and bank overdrafts Bank overdrafts are shown within botTowings in current liabilities. 1.10 Financial instrumenls The wmpany has elected to apply the provisions of Section 11 'Basic Financial Inslrument5' and Section 12 'Other Finan¢1al Instrument5 Issues, ol FRS 102 to all of its financial Instruments. Financial Instruments are iecogn15ed in the company'5 balance sheet when the company becomes party to the contractual provisions ol trie Instrument. Financial assets and liabilities are offset. wilh the net amounts presented in the financial statements. when th•rg 189ally enforcéable ryht to aet off the fee(Tgnised &mounis and there ia an intention to aettle on a net basis or to realise the asset and Settle the liability simultaneously Basic financial a55etS Basic financial assets which Include debtors and G3sh and bank balances. are initially rneasured al transaction pnce inclLJding Iransacts"Dll c0515 and are subsequeTTrtly carried al amortised cost using the effective Interest method unless the arrangernent COn51itutes a financing transacli¢Jn. where the Iransa¢tion is measured at the present value of Ihe ftrtLJre receipts discounted al a market rate of Interest. Financial assets classified a5 receivable within Dne year ale not amortised. Basic financial liabilities Basic financial Iiabililies. Including Creditors and bank loans are initially ie(x)gn15ed at tran5acbon pnce unless the arrangetnenl constitutes a fin8n¢ing transaction, where the debt Instrument 15 rneasured at the present value of the future payments discounted al a markÈt rate of Interest. Financial liabilitie5 classifie(J as PaYae within one year are nol amortised. Debt instruments are subsequently carried at amortised cost, using the effectsve Interest ote method. Derecognition of financial liabilities Financial Iiabilrties are derecognised when the cornpany's contractual obligations expire or are discharged or cancelled 1.11 Joint aangement not an entity The company is a party to a jDint airangemenl that is not an entity with 2 number of individuals and other bLJsine5s entities Accordingly, these financial statements have been prepared in accordance with FRS102 section 15 to Incorporate the joint arrangement 1.12 Group accounts The financial slalements present Information about the chairty a5 an Indiviual undertaking and not about its group. The chanty and its subsidiary undertakings compnse a small group. The chaiity ha5 therefore taken advantage of the exemptions provided by 5ectioris 39g of the Companies Act 2006 not to prepare group accounts 12
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accounting estimates and judgements In the application of the (xtllpany s accounting policies, the governors ale required to make judgements. estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent trom other sourTrs The estimates and associated assumption5 are based on hisloiical experiell and other factors that are considered to be relevant. Actual results may differ fitsm these estimates The estimates and underlying assumptions are reviewed on an ongoing basis Revisions to accounting eslimales are recognised In the period in which the eslirnate is revised where the revision aifects only that period. or in the period ol the revision and future penods where the revision alfecls both current and fvture periods. Income from donations and legacies Unrestricted Tunas Unrestricted Tunas 2023 2022 Donations and gifts 20,000 Income from investments UnrestrictÈd Unrestricted nds funds 2023 2022 Rental Income 683,966 647,252 Grants payable 2023 2022 Grant5 to Instilutions.. Other 407.875. 432.415 Iricluded In the above charitable donations were t395 000 made to Achistsmoch Aid Co Ltd (Reg. Chanty no. 2783871 for religious education and the rglief ol hardship and poverty. Govemors None of the governois lor any persons Connected wilm them) received any retnuneration. tEnefits or expenses from the cha11ty during the year. 13
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees Tho average monthly number of employees dunng the year was 2023 Nuwnbei 2022 Number TolaS There were no 8mployees whose annual remuneration wa5 more than £60,000 Other 2023 2022 Audrtors. remuneration Auditors, feÈs lor non-audit work Interest and finance costs on bank loans Interest on olher loans other expenditure 5.500 5.835 324,987 96.960 7,290 5,000 4,075 181,fj14 96,960 28.535 440,572 316.184 Taxation The 8¢tivities of Shirehall Tzed8ka Company Limited are exempt from direct taxation under Part 11 of Corporation Tax Aet 2010. 10 Tangible fixed a55ets Fixture$, fittings & equipment Cost At 1 January 2023 12,978 Al 31 December 2023 12978 Depreciation and impairment At 1 January 2023 12.978 Al 31 December 2023 12.978 Carrying amount Al 31 December 2023 At 31 December 2022 14
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Investment property 2023 Fair value At 1 January 2023 Addition5 through external acquisition Nel gains Dr losses through fair value adjustments 13.815.000 1.300 408,700 At 31 Dernber 2023 14,225.000 The fair value ol the Inve5trnent property has been arrived al on the basis of a valLJation cained out by a governor ol the cotnpany The valuatson wa5 tnade tsn an open market value basis. Pijted tta>et inyeatment Unlisted Other investments inve5tment5 Total Cost or valuallon At 1 January 2023 & 31 December 2023 16 19 Carrying amount At 31 December 2023 16 19 At 31 Decernber 2022 16 19 2023 2022 other investments comprise". Nole5 Investments in subsidiaries 19 Fixed asset investments not carried at market value The above Investmerts are in dorrnant cornpanies and shc)wn at thst 13 Debtors 2023 2022 Amounts lalling due within one year= Other debtors Piepaymen15 and accrued income 886.416 34.829 862,222 37,110 921.245 899.332
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Loans and overdrafts 2023 2022 Bank bans Loans from related parties 3,156.633 808.000 4,383,579 808,000 3.964.633 5,191,579 Payable within one year Payable after one year 809,000 3,155,633 45,150 5.146,429 Amounts induded above which fall due after five years". Payable by Inslalmenls Payable other than by instalments 263,456 1.002.625 1,140.008 1,002.625 1,266,081 2,142.633 The bank long-term loans are secured on property investments 15 Creditors- amounts falling due within one year 2023 2022 Notes Bank loan5 Other borrowings Other taxation and Sla1 securrty Trade ¢reditor5 Atmounts owed to subsidiary undertakings Other ¢redito A¢cruals and defeired Income 14 1,000 808,000 3,361 122 45.150 5,323 1.922 1,324,447 224.884 32.760 134.035 2.361.817 219.193 16 Creditors.. arnounts falling due after more than one year 2023 2022 Notes Bank loans Other borrowing5 14 3.155,633 4.338,429 808,(HJO 3.155,633 5.146,42Y
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17 Unrestricted funds The unieslricled funds or the charity MprISe the unexpended balan$ ol donations and grants which are not subject to specif1¢ ctsnditions by donots and grantors as to how they may be used. These include designated ndS which have been set aside out of unrestricted funds by the governors for specific purposes. At 1 January 2023 Incoming resources Resources expended Gains and losses At31 December 2023 General funds 9,370,183 703.966 1848.4471 408,700 9,634.402 Pveviou5 year= At 1 January 2022 Incoming resources Resources expendet1 Gains and losses At31 December 2022 General funds 9.490, 109 647.252 1748,5991 118,5791 9.370,183 18 Related party transactions Transactions with related parties During the year the ¢c>mpany enteied Intts the followng transactions with related parties. The following aTllOUn were OLJtstanding at the reporting end d81e". Amounts owed to related parties 2023 2022 Othei related parties 2.132,446 32.760 The charity borrowed £808.000. unsecured. trom Domo securits.es Ltd, a company in which the governors have material interesls as 5harehol*Jers and 4irectors. The loan Is al an Interest rale of 12V/o per annum and repayable on term in 2024 All the other loans are interest freè and rèpayable on dèmand The following amounts were outstanding al the reporting end date.. Amounts owed by related parties 2023 Balance Amount5 owed by relate(I parties 2022 Balance Net Net Other related parties 864,365 864,365 842,600 842,600 864,365 864.365 842,600 842,600 17
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Related party transactions (Continued) ncluded in the above is £605.837 due frorn another charity with the same governors. objects and purpose as this one The chanly had rental Incorne of £125,192 from Maven Heathcare IY2wl LLP, an LLP whose mernbers are governois of the charity The charity has given a first legal charge over the leasehold Inteiest In 79-81 New Church Road. Hove and a company guarantee limited to £2.2m to the Unity Trust Bank for a loan made lo Maven Heathcaie (Yew) LLP This LLP Is the tenant of that property and whose members are govemors of the charity Part of the loan monies raised were used to repay a £1.2m loan the chanty had with Th8 Charity Bank seoJred on that property. 19 Subsidiaries Details of the cowpanls subsidiaries at 31 Decernbef 2023 ale as follows. Name of undertaking Registered oifice Nature of business Class of shares held Vo Held Direct Indirect Yew Properties Limited England and Wales Dorniant Ordinary 10000 The aggregate Capital and reserve5 and the result for the year of subsidiaries wa5 85 follows. Name of undertaking ProfiUILossl Capital and Reserves YÈW Propertie5 Limit8d 20 Cash generated from operations 2023 2022 Surpluslldeficill lor the year 1144.4811 1101.3471 Adjustments for". Investment Income recognised in statement of financial activities 1683,9661 1647,2521 Movements In working ¢apilal. Iln¢rea5el In debtor5 Inciea5e In edItOrS 121.9131 1.378,774 1429.0791 17,477 Cash generated Iromflabsorbed by) operations 528.414 11,160,201) 18-
SHIREHALL TZEDAKA COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Analysls of changes in net Idebtytunds At 1 January 2D23 Cash flows At 31 December 2023 Cash at bank and In hand 21.454 115,8661 5.588 Loans falling due within one year Loans falling due after more than one year 145.1501 {5,146.4291 1763.8501 1,990.796 1809,0001 13,155.6331 {5.170.1251 1.211.080 13.959.045)