| PAGES | ||||
|---|---|---|---|---|
| Trustees' annual report (incorporating |
the director's report) | Ito5 | ||
| Independent | auditor's report tothe members |
6to 10 | ||
| Consolidated | statement offinancial activities (including | the | ||
| consolidated | income and expenditure | account) | ||
| Consolidated | balance sheet | 12 | ||
| Charity balance sheet | 13 | |||
| Consolidated | statement ofcash flows | 14 | ||
| Notes to the | financial statements |
15to31 |
| 2022 | 2022 | 2021 | 2021 | |||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Funds | Unrestricted | Funds | |||||
| Note | 8 | |||||||
| Income and endowments | ||||||||
| Trading activities | 25,400 | 19,910 | ||||||
| Investment income: |
||||||||
| Rent and charges receivable | 2,046,067 | 1,287,099 | ||||||
| Interest receivable | and similar income | 147,971 | 148,555 | |||||
| 2,194,038 | 1,435,654 | |||||||
| Total income | 2,219,438 | 1,455,564 | ||||||
| Expenditure | ||||||||
| Expenditure on raising funds: |
||||||||
| Trading costs | 6 | (5,209) | 11,155 | |||||
| Investment management |
costs | 7 | (307,090) | (393,925) | ||||
| Expenditure on charitable |
activities | 8,9 | (1,071,632) | (1,184,836) | ||||
| Taxation | 11 | (1,569,000) | ||||||
| Total expenditure | (2,952,931) | (1,567,606) | ||||||
| Net gains on investments: | ||||||||
| Gains on revaluation of |
investment | |||||||
| property | 1,600,000 | 1,502 | ||||||
| 1,600,000 | 1,502 | |||||||
| Net income I(expenditure) | and net | |||||||
| movement in funds |
15 | 866,507 | (110,540) | |||||
| Reconciliation offunds: |
||||||||
| Total funds brought | forward | 41,188,811 | 41,299,351 | |||||
| Total funds carried | forward | 23 | 42,055,318 | 41,188,811 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | ||||
| FIXEDASSETS | ||||
| Investments | 16 | 36,668,000 | 38,126,844 | |
| CURRENT ASSETS | ||||
| Stocks | 49,000 | 49,000 | ||
| Debtors | 18 | 8,718,265 | 7,722,729 | |
| Cash at bank and in hand | 16,292,964 | 14,997,047 | ||
| 25,060429 | 22,768,776 | |||
| CREDITORS: amounts | falling due | |||
| within one year | 19 | (12,958,615) | (12,023,043) | |
| NET CURRENT ASSETS | 12,101,614 | 10,745,733 | ||
| TOTAL ASSETSLESS | CURRENT | |||
| LIABILITIES | 48,769,514 | 48,872,577 | ||
| CREDITORS: amounts | falling due | |||
| aiter more than one year | 20 | (1463,296) | (3,901,766) | |
| PROVISIONS | 22 | (5,351,000) | (3,782,000) | |
| NET ASSETS | 42,055,318 | 41,188,811 | ||
| FUNDS OF THE CHARITY | ||||
| Unrestricted funds |
23 | 42,055,318 | 41,188,811 | |
| Total charity funds | 42,055,318 | 41,188,811 |
| Note | 2022 | 2021 | |||
|---|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||
| Net income | 866,507 | (110,540) | |||
| Adjustments for: Net gains on investments |
(1,600,000) | (1,502) | |||
| Dividends, interest and rents from investments |
(2,046,067) | (1,287,099) | |||
| Interest receivable and similar income |
(147,971) | (148,555) | |||
| Payments for expenditure on investment |
properties | 106,451 | 95,109 | ||
| Interest payable and similar charges | 148,462 | 168,314 | |||
| Current and deferred tax | 1,569,000 | ||||
| Changes in: Trade and other debtors |
1,330,685 | 191,615 | |||
| Trade and other creditors | 21,905 | (189,100) | |||
| Cash generated from operations |
248,972 | (1,281,758) | |||
| Interest received | 99,165 | 114,740 | |||
| Net cash used in operating activities |
348,137 | (1,167,018) | |||
| CASH FLOWS FROM INVESTING | ACTIVITIES | ||||
| Dividends, interest and rents from investments |
1,972,545 | (68,711) | |||
| Cash receipts from the repayment ofadvances |
and loans | (313,264) | (55,982) | ||
| Purchases ofother investments | (618,406) | (39,412) | |||
| Proceeds from sale ofother investments | 1,794,000 | ||||
| Payments for expenditure on investment |
properties | (106,451) | (95,109) | ||
| Net cash from investing activities |
2,728,424 | (259,214) | |||
| CASH FLOWS FROM FINANCING | ACTIVITIES | ||||
| Proceeds from borrowings | 1,689,738 | ||||
| Repayments ofborrowings |
(1,632,152) | ||||
| Interest paid | (148,492) | (168,320) | |||
| Net cash used in financing activities |
(1,780,644) | 1,521,418 | |||
| NET INCREASE /(DECREASE) IN CASH | AND CASH | ||||
| EQUIVALENTS | 1,295,917 | 95,186 | |||
| CASH AND CASH EQUIVALENTS | AT BEGINNING OF | ||||
| YEAR | 14,997,047 | 14,901,861 | |||
| CASH AND CASH EQUIVALENTS | AT END OFYEAR | 28 | 16,292,964 | 14,997,047 |
| FORTHE YEAR ENDED 31 TRADING ACTIVITIES |
MARCH 2022 | |
|---|---|---|
| Unrestricted | Funds | |
| 2022 | 2021 | |
| Income from trading pmperties | 25,400 | 19,910 |
| Other trading income | ||
| 25,400 | 19,910 |
| TRADING COS | TS | ||
|---|---|---|---|
| Unrestricted | Funds | ||
| 2022 | 2021 | ||
| Trading property | costs | 5,209 | (11,155) |
| Other trading costs | |||
| 5,209 | (11,155) |
| Unrestricted | Funds | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| g | ||||
| Investment | property | outgoings | 106,451 | 95,109 |
| Management | and administration | 52,177 | 130,502 | |
| Interest payable | 148,462 | 168,314 | ||
| 307,090 | 393,925 |
| EXPEN | DITURE ON CH | ARITABLE ACTIVITIES | BYFUND | TYPE | |
|---|---|---|---|---|---|
| Total | Total | ||||
| Unrestricted | Funds | Unrestricted | Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| Grants | paid | 1,044,200 | 1,044,200 | 1,166,500 | 1,166,500 |
| Support | costs | 27,432 | 27,432 | 18,336 | 18,336 |
| 1,071,632 | 1,071,632 | 1,184,836 | 1,184,836 |
| Grant | Total | Total | ||||
|---|---|---|---|---|---|---|
| funding of | Support | Funds | Funds | |||
| activities | Costs | 2022 | 2021 | |||
| g | g | |||||
| Grants paid | 1,044,200 | 1,044,200 | 1,166,500 | |||
| Governance | costs | 27,432 | 27,432 | 18,336 | ||
| 1,044,200 | 27,432 | 1,071,632 | 1,184,836 | |||
| 10. | ANALYSIS | OF GRANTS | ||||
| 2022 | 2021 | |||||
| GRANTS TO INSTITUTIONS | ||||||
| Support ofeducation | and relief ofpoverty | 1,044400 | 1,166,500 | |||
| Total grants | 1,044400 | 1,166,500 |
| advancement ofe The composition |
ducation or the reliefofpoverty. ofdonations is shown below: |
|
|---|---|---|
| Moreshet Hatorah | Ltd. | 190,000 |
| The ABC Trust | 190,000 | |
| Zichron Nachum | (Europe) Trust | 120,000 |
| Tchabe Kollel Limited | 75,000 | |
| Vishnitz Girls School Limited |
75,000 | |
| Rise and Shine | 50,000 | |
| Westcliff Studies | 50,000 | |
| Comet Charities Ltd | 27,000 | |
| Gitter Foundation | Ltd | 25,000 |
| Sassov Beis Hamedrash | 25,000 | |
| Amud Hatzdokoh | Trust | 21,000 |
| KefKids | 20,000 | |
| Sundry donations | 176,200 | |
| 1,044400 |
| 11. | TAXATION | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| 8 | |||||
| Deferred tax: | |||||
| Origination and reversal |
oftiming differences | 1,569,000 | |||
| Current tax: | |||||
| Prior year adjustment | |||||
| Taxation | |||||
| Reconciliation oftax expense |
|||||
| The tax assessed on the | net income for the | year is higher than | the standard rate of | corporation | |
| tax in the UKof25%(2021:19%). | |||||
| 2022 | 2021 | ||||
| 8 | |||||
| Profit on ordinary activities before tax |
2,435,507 | (110,540) | |||
| Net income by rate oftax | 608,878 | (21,003) | |||
| Income exempt from tax | (423,524) | (24,770) | |||
| Expenses not deductible | for tax purposes | 270,769 | 240,269 | ||
| Capital allowances and |
depreciation | (2,607) | |||
| Timing differences on unrealised gains |
1,569,000 | (286) | |||
| Timing differences on Gift Aid payments |
(453,726) | (194,314) | |||
| Unused tax losses | 210 | 182 | |||
| Other differences | (78) | ||||
| Taxation | 1,569,000 | ||||
| 12. | NET INCOME | ||||
| Net income is stated after charging/(crediting); | |||||
| 2022 | 2021 | ||||
| Fees payable for the audit ofthe financial | statements | 24,500 | 22,000 | ||
| Additional professional |
fees payable to the | auditors aggregate | g2,500(2021:11,120). |
| f130,370)ofinvestment incom INVESTMENTS |
e. | ||||
|---|---|---|---|---|---|
| Unlisted | Investment | ||||
| Group | Investment | property | Equipment | Total | |
| 8 | |||||
| Fair value | |||||
| At 1 April 2021 | 51 | 38,126,793 | 38,126,844 | ||
| Additions | 1,955,439 | 967 | 1,956,406 | ||
| Disposals | (5,015,250) | (5,015,250) | |||
| Fair value movements | 1,600,000 | 1,600,000 | |||
| At 31March 2022 | 51 | 36,666,982 | 967 | 36,668,000 | |
| Freehold | Shares | in | |||
| investment | group | ||||
| Charity | property | undertakings | Total | ||
| 8 | |||||
| Fair value | |||||
| At 1 April 2021 | 1,750,000 | 23,473,000 | 25,223,000 | ||
| Additions | |||||
| Disposal | |||||
| Fair value movements | 100,000 | 574,000 | 674,000 | ||
| At 31March 2022 | 1,850,000 | 24,047,000 | 25,897,000 |
| The aggregate as were as follows: |
sets, liabilities, | capital and | reserves for th | e subsidiaries | as at 31Mar | ch 2022 |
|---|---|---|---|---|---|---|
| Overseas | ||||||
| Dominion | Plastic Import | Opulent | ||||
| Associates | Brandnow | Alphachoice | Concorde | Export | Properties | |
| Limited | Limited | Limited | Limited | Limited | Limited | |
| Fixed assets | 350,001 | 7,332,306 | 19,297,907 | 1,432,688 | ||
| Current assets | 12,138,290 | 996,782 | 7,566,490 | 820 | ||
| Current liabilities | (12,215,072)(2,035,252) | (8,828,822) | (720) | (2,196,920) | ||
| Non-current | ||||||
| liabilities | (1,363,296 | |||||
| Provisions | - | (1,004,000) | (3,898,000) | |||
| Net assets | 273,219 | 5,289,836 | 12,774,279 | 100 | (764,232) | |
| Aggregate | ||||||
| capital and | ||||||
| reserves | 273,219 | 5,289,836 | 12,774,279 | 100 | (764,232) | |
| Mosaic | ||||||
| Cyril Heddle | Property | |||||
| Astorheights | &Sons | Headbright | Matrons | Tomenstar | Developments | |
| Limited | Limited | Limited | Limited | Limited | Limited | |
| Fixed assets | 550,000 | 1,800,000 | 4,008,104 | 397,096 | ||
| Current assets | 716,972 | 888,084 | 1,134,735 | 37,296 | 171,144 | |
| Current | ||||||
| liabilities | (1,401) | (25,367) | (194,804) | (2,103,690) | (355,771) | |
| Non-current | ||||||
| liabilities | ||||||
| Provisions | (337,000) | (112,000) | ||||
| Net assets | 715,571 | 1,412,717 | 2,402,931 | 1,829,710 | 212,469 | |
| Aggregate | ||||||
| capital and | ||||||
| reserves | 715,571 | 1,412,717 | 2,402,931 | 1,829,710 | 212,469 |
| A summary follows: |
oftur | nover, expend |
iture and pro |
fit/(loss) for th |
e year ended | 31 March 2 | 02 | 2 is as |
|---|---|---|---|---|---|---|---|---|
| Overseas | ||||||||
| Dominion | Plastic Import | Opulent | ||||||
| Associates | Brandacw | Aiphachoice | Concorde | Export | Properties | |||
| Limited | Liinited | Limited | Limited | Limited | Liinited | |||
| E | ||||||||
| Turnover | 25,400 | 463,487 | 1,128,678 | |||||
| Cost ofsales | (5,209) | (395) | (73,106) | (3,777) | ||||
| Administrative | ||||||||
| expenses | (4,041) | (4,521) | (30,631) | (1,401) | ||||
| Net valuation gains on |
||||||||
| investment property |
1,500,000 | |||||||
| Gain/(loss) on disposal offixed assets |
(100) | 79 | ||||||
| Interest receivable and | ||||||||
| similar income | 393,000 | 40,510 | 69,653 | |||||
| Interest payable similar charges |
and | (153,056) | (54,000) | (342,814) | (62,000) | |||
| Tax | (241,000) | (1,220,000) | ||||||
| Profit/(loss) for financial year |
256,094 | 204,081 | 1,031,680 | 79 | (67,178) | |||
| Mosaic | ||||||||
| Cyrii Heddie | Property | |||||||
| Astorheights | st Sons | Headbright | Metrcna | Tomenstar | Developments | |||
| Limited | Limited | Limited | Limited | Liraited | Limited | |||
| E | ||||||||
| Turnover | 42,000 | 165,000 | 176,696 | |||||
| Cost ofsales | 456 | (29,629) | ||||||
| Administrative | ||||||||
| expenses | (1,401) | (2,002) | (3,141) | (4,178) | (840) | |||
| Net valuation gains on |
||||||||
| investment property |
||||||||
| Profit on disposal of | ||||||||
| fixed assets | ||||||||
| Interest receivable and |
||||||||
| similar income | 50,000 | 18,500 | 20,000 | |||||
| Interest payable similar charges |
and | (3,092) | (64,000) | |||||
| Tax | (81,000) | (27,000) | ||||||
| Profit/(loss) for financial year |
48,599 | 58,954 | 97,767 | 51,889 | (840) |
| DEBTORS | ||||||
|---|---|---|---|---|---|---|
| Group | Charity | |||||
| 2022 | 2021 | 2022 | 2021 | |||
| K | ||||||
| Prepayments | and accrued income | 3,382,383 | 2,526,628 | 8,862 | 351 | |
| Other debtors | 5,335,882 | 5,196,101 | 212,542 | 727,640 | ||
| 8,718,265 | 7,722,729 | 221,404 | 727,991 | |||
| Other debtors | are comprised | as follows: | ||||
| Group | Charity | |||||
| 2022 | 2021 | 2022 | 2021 | |||
| Loan debtors | 3,192,992 | 3,599,728 | 200,000 | 720,000 | ||
| Other debtors | 2,142,890 | 1,596,373 | 12,542 | 7,640 | ||
| 5,335,882 | 5,196,101 | 212,542 | 727,640 |
| CREDI | TORS: amounts falling due |
within one year | within one year | ||
|---|---|---|---|---|---|
| Group | Charity | ||||
| 2022 | 2021 | 2022 | 2021 | ||
| 8 | |||||
| Bank loans and overdrails | 2,695,611 | 443,071 | |||
| Amount | due to group undertakings | 1,662 | 1,746 | ||
| Taxation | and social security | 39,943 | 44,689 | ||
| Accruals | and deferred income | 232,357 | 225,944 | 61,428 | 38,157 |
| Other creditors | 9,990,704 | 11,309,339 | |||
| 12,958,615 | 12,023,043 | 63,090 | 39,903 |
| Other | creditors are comprised | as follows: | as follows: | ||
|---|---|---|---|---|---|
| Group | Charity | ||||
| 2022 | 2021 | 2022 | 2021 | ||
| Loan | creditors | 9,424,891 | 10,771,113 | ||
| Other | creditors | 565,813 | 538,226 | ||
| 9,990,704 | 11,309,339 |
| Amounts are payable as follows: |
||||
|---|---|---|---|---|
| Group | Charity | |||
| 2022 | 2021 | 2022 | 2021 | |
| g | ||||
| In more than one year but not | ||||
| more than two years | 178,274 | 410,370 | ||
| In more than two years but not | ||||
| more than five years | 529,213 | 2,782,321 | ||
| In five years or more | 655,809 | 709,075 |
| 2022 | ||
|---|---|---|
| At 1 April 2021 | 160,568 | |
| Amount released |
to income | (160,568) |
| Amount deferred |
in year | 167,947 |
| At 31 March 2022 | 167,947 |
| At 1April | Gains and | At 31 | ||||
|---|---|---|---|---|---|---|
| Group | 2021 | Income | Expenditure | losses | March 2022 | |
| General | funds | 41,188,811 | 2,219,438 | (2,952,931) | 1,600,000 | 42,055,318 |
| At 1April | Gains aad | At31 | ||||
| Charity | 2021 | Income | Expenditure | losses | March 2022 | |
| General | funds | 40,587,139 | 1,202,014 | (1,071,632) | 674,000 | 41,391,521 |
| ANALYSIS OF NET ASSETSB | ETWEEN FUNDS | ETWEEN FUNDS | ||
|---|---|---|---|---|
| Group | Charity | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2022 | |
| Investments | 36,668,000 | 36,668,000 | 25,897,000 | 25,897,000 |
| Current assets | 25,060,229 | 25,060,229 | 15,557,611 | 15,557,611 |
| Creditors less than I year | (12,958,615) | (12,958,615) | (63,090) | (63,090) |
| Creditors greater than I year | (1,363,296) | (1,363,296) | ||
| Provisions | (5,351,000) | (5,351,000) | ||
| Net assets | 42,055,318 | 42,055,318 | 41,391,521 | 41,391,521 |
| Group | Group | Charity | Charity | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||||
| g | ||||||||||
| Financial | assets | measured | at | fair | ||||||
| value through | income | and | ||||||||
| expenditure | 51 | 51 | 24,047,000 | 23,473,000 | ||||||
| Financial | assets | that are | debt | |||||||
| instruments | measured | at | ||||||||
| amortised | cost | 8,718,265 | 7,722,729 | 221,404 | 727,991 | |||||
| Financial | liabilities measured | at | ||||||||
| amortised | cost | 14,321,911 | 15,924,809 | 63,090 | 39,903 |
| The total future minimum lease payme are as follows: |
nts receivable under non-can |
nts receivable under non-can |
cellable operati |
ng lease |
|---|---|---|---|---|
| Group | Charity | |||
| 2022 | 2021 | 2022 | 2021 | |
| 8 | ||||
| Not later than I year | 1,688,754 | 1,786,687 | 36,000 | 36,000 |
| Later than I year and not later than | ||||
| 5years | 4,438496 | 5,729,514 | 34,500 | 70,500 |
| Later than 5 years | 3,783,958 | 5,567,683 | ||
| 9,911,108 | 13,083,884 | 70,500 | 106,500 |
| ANALYSIS OF CASH AND CA | SH EQUIVALENT | S | ||
|---|---|---|---|---|
| 2022 | 2021 | |||
| I, | ||||
| Cash at bank and in hand | 16,292,964 | 14,997,047 | ||
| Bank overdrafls | ||||
| 16492,964 | 14,997,047 | |||
| ANALYSIS OF CHANGES IN NET DEBT | ||||
| At 1 | At31 | |||
| April | Non-Cash | March | ||
| 2021 | Cashflows | Movement | 2022 | |
| f. | g | 8 | ||
| Cash in hand and at bank | 14,997,047 | 1,295,917 | - 16,292,964 | |
| Debt due within one year | (443,071) | (2,252,540) | -(2,695,611) | |
| Debt due after one year | (3,901,766) | 2,538,470 | -(1,363,296) | |
| 10,652,210 | 1,581,847 | - 12,234,057 |