| PAGES | ||||
|---|---|---|---|---|
| Trustees' annual report (incorporating |
the director's report) | 1to 5 | ||
| Independent | auditor's report to the 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 |
15to 32 |
| 2023 | 2023 | 2022 | 2022 | ||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Funds | Unrestricted | Funds | ||||
| Note | f. | ||||||
| Income and endowments | |||||||
| Trading activities | 50427 | 25,400 | |||||
| Investment income: |
|||||||
| Rent and charges receivable | 2,164,982 | 2,046,067 | |||||
| Interest receivable and similar income |
448473 | 147,971 | |||||
| 2,613,255 | 2,194,038 | ||||||
| Total income | 2,663,482 | 2,219,438 | |||||
| Expenditure | |||||||
| Expenditure on raising funds: |
|||||||
| Trading costs | 6 | (3,592) | (5,209) | ||||
| Investment management |
costs | 7 | (380896) | (307,090) | |||
| Expenditure on charitable |
activities | 8,9 | (1421,535) | (1,071,632) | |||
| Total expenditure | (1,605,523) | (1,383,931) | |||||
| Net gains/(losses) on investments: |
|||||||
| Loss on disposal ofinvestment | property | (24,596) | |||||
| Gain/(loss) on revaluation |
ofinvestment | ||||||
| property | (1,399,910) | 1,600,000 | |||||
| (1,424,506) | 1,600,000 | ||||||
| Net income/(expenditure) | before tax | 15 | (366)547) | 2,435,507 | |||
| Taxation | 1,441,000 | (1,569,000) | |||||
| Net income/(expenditure) | for the financial | ||||||
| year and net movements | in funds | 1,074,453 | 866,507 | ||||
| Reconciliation offunds: | |||||||
| Total funds brought forward |
42,055)318 | 41,188,811 | |||||
| Total funds carried forward | 23 | 43,129)771 | 42,055,318 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | ||||
| FIXEDASSETS | ||||
| Investments | 16 | 35,403)738 | 36,668,000 | |
| CURRENT ASSETS | ||||
| Stocks | 49,726 | 49,000 | ||
| Debtors | 18 | 4,900,573 | 8,718,265 | |
| Cash at bank and in hand | 16,602,440 | 16,292,964 | ||
| 21,552)739 | 25,060,229 | |||
| CREDITORS: amounts | falling due | |||
| within one year | 19 | (8,780,896) | (12,958,615) | |
| NET CURRENT ASSETS | 12,771,843 | 12,101,614 | ||
| TOTAL ASSETSLESS | CURRENT | |||
| LIABILITIES | 48,175,581 | 48,769,614 | ||
| CREDITORS: amounts | falling due | |||
| after more than one year | 20 | (1,135,810) | (1,363,296) | |
| PROVISIONS | 22 | (3,910,000) | (5,351,000) | |
| NET ASSETS | 43,129,771 | 42,055,318 | ||
| FUNDS OF THE CHARITY | ||||
| Unrestricted funds |
23 | 43,129,771 | 42,055,318 | |
| Total charity funds | 43,129,771 | 42,055,318 |
| BALANCE S | HEET | ASAT31MARCH 2023 | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Note | g | |||
| FIXEDASSETS | ||||
| Investments | 16 | 26,153,000 | 25,897,000 | |
| CURRENT ASSETS | ||||
| Debtors | 18 | 224,951 | 221,404 | |
| Cash at bank and in hand | 16,257,101 | 15,336,207 | ||
| 16,4S2,132 | 15,557,611 | |||
| CREDITORS: amounts | falling due | |||
| within one year | 19 | (7S,SOS) | (63,090) | |
| NET CURRENT ASSETS | 16,403)324 | 15,494,521 | ||
| NET ASSETS | 42,556,324 | 41,391,521 | ||
| FUNDS OF THE CHARITY | ||||
| Unrestricted funds |
23 | 42,556,324 | 41,391,521 | |
| Total charity funds | 42,556,324 | 41,391,521 |
| FORTHE Y | EAR | EN | DED 31MARC | H 2023 | ||
|---|---|---|---|---|---|---|
| Note | 2023 | 2022 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Net income | 1,074,453 | 866,507 | ||||
| Adjustments for: |
||||||
| Net losses/(gains) on investments Dividends, interest and rents from investments |
1,424,506 (2,164)982) |
(1,600,000) (2,046,067) |
||||
| Interest receivable and similar income |
(448873) | (147,971) | ||||
| Payments for expenditure on investment Interest payable and similar charges Current and deferred tax |
properties | 151,965 189,785 (1,441,000) |
106,451 148,462 1,569,000 |
|||
| Increases in stock | (726) | |||||
| Changes in: Trade and other debtors |
158,164 | 1,330,685 | ||||
| Trade and other creditors | 28,303 | 21,905 | ||||
| Cash generated Irom/(expended in) operations |
(1,027,805) | 248,972 | ||||
| Interest received | 216,605 | 99,165 | ||||
| Net cash generated from/(expended in) |
operating | activities | (811,200) | 348,137 | ||
| CASH FLOWS FROM INVESTING | ACTIVITIES | |||||
| Dividends, interest and rents Irom investments |
2)077,738 | 1,972,545 | ||||
| Cash receipts from the repayment ofadvances |
and loans | 738,631 | (313,264) | |||
| Purchases ofother investments | (138,896) | (618,406) | ||||
| Proceeds from sale ofother investments | 3,196,654 | 1,794,000 | ||||
| Payments for expenditure on investment |
properties | (148,717) | (106,451) | |||
| Net cash from investing activities |
5,725,410 | 2,728,424 | ||||
| CASH FLOWS FROM FINANCING | ACTIVITIES | |||||
| Repayments ofborro wings Interest paid |
(4,414,797) (189,937) |
(1,632,152) (148,492) |
||||
| Net cash used in financing activities |
(4,604,734) | (1,780,644) | ||||
| NET INCREASE /(DECREASE) IN EQUIVALENTS |
CASH | AND CASH | 309,476 | 1,295,917 | ||
| CASH AND CASH EQUIVALENTS | AT BEGINNING OF | |||||
| YEAR | 16,292,964 | 14,997,047 | ||||
| CASH AND CASH EQUIVALENTS | AT END | OF YEAR | 28 | 16,602,440 | 16,292,964 |
| FORTHE YEAR ENDED 31 TRADING ACTIVITIES |
MARCH 2023 | |
|---|---|---|
| Unrestricted | Funds | |
| 2023 | 2022 | |
| Income from trading properties | 50,227 | 25,400 |
| Other trading income | ||
| 50427 | 25,400 |
| Unrestricted | Funds |
|---|---|
| 2023 | 2022 |
| 3,112 | 5,209 |
| 480 | |
| 3,592 | 5,209 |
| 7. | INVESTMENT MANAGEMENT | INVESTMENT MANAGEMENT | INVESTMENT MANAGEMENT | COSTS | ||
|---|---|---|---|---|---|---|
| Unrestricted | Funds | |||||
| 2023 | 2022 | |||||
| Investment Management |
property outgoings and administration |
151,965 38,646 |
106,451 52,177 |
|||
| Interest payable | 189,785 | 148,462 | ||||
| 380,396 | 307,090 |
| EXPEN | DITURE ON CH | ARITABLE ACTIVITIES | BYFUND | TYPE | |
|---|---|---|---|---|---|
| Total | Total | ||||
| Unrestricted | Funds | Unrestricted | Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| Grants Support |
paid costs |
1,171)300 507235 |
1,171,300 50,235 |
1,044,200 27,432 |
1,044,200 27,432 |
| 1,221,535 | 1,221,535 | 1,071,632 | 1,071,632 |
| Grant | Total | Total | |||
|---|---|---|---|---|---|
| funding of | Support | Funds | Funds | ||
| activities | Costs | 2023 | 2022 | ||
| Grants paid Governance |
costs | 1,171,300 | 50,235 | 1,171,300 50435 |
1,044,200 27,432 |
| 1,171,300 | 50,235 | 1,221,535 | 1,071,632 | ||
| ANALYSIS | OF GRANTS | ||||
| 2023 | 2022 | ||||
| GRANTS TO INSTITUTIONS | |||||
| Support of education | and relief ofpoverty | 1,171,300 | 1,044,200 | ||
| Total grants | 1,171,300 | 1,044,200 |
| The composition of donatio | ns | is shown below: | |
|---|---|---|---|
| g | |||
| Friends OfWiznitz Limited | 200,000 | ||
| Keren Habinyan Limited |
170,000 | ||
| Zichron Nachum (Europe) The Abc Trust |
Trust | 105,000 100,000 |
|
| Vishnitz Girls School Limited |
75,000 | ||
| Friends OfBoyan Trust | 55,000 | ||
| College For Higher Rabbinical Studies Congregation Sharei Sholom Tchabe Limited Entindale Limited |
35,000 30,000 30,000 |
||
| Amud Hatzdokoh Trust |
30,000 | ||
| Belz Foundation Ltd |
30,000 | ||
| Comet Charities Ltd | 26,000 | ||
| Trumros Limited | 25,000 | ||
| Torah Vodaas Limited | 25,000 | ||
| Sassov Beis Hamedrash | 22,500 | ||
| Talmud Torah Tiferes Shlome | Trust | 20,000 | |
| Achisomoch Aid Company |
Limited | 20,000 | |
| Sundry donations | 172,800 | ||
| 1,171,300 |
| TAXATION | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| g | ||||
| Deferred tax: | ||||
| Origination and reversal |
oftiming differences | (1,441,000) | 1,569,000 | |
| Current tax: | ||||
| Prior year adjustment | ||||
| Taxation | (1,441,000) | 1,569,000 | ||
| Reconciliation oftax expense |
||||
| The tax assessed on the net income for the | year is higher than the standard rate of |
corporation | ||
| tax in the UK of25 /o (2022:25/o). | ||||
| 2023 | 2022 | |||
| Profit on ordinary activities before tax |
(366,547) | 2,435,507 | ||
| Net income by rate oftax | (91,635) | 608,878 | ||
| Income exempt from tax | (92,089) | (423,524) | ||
| Expenses not deductible | for tax purposes | 662,333 | 270,769 | |
| Capital allowances and depreciation |
(6,312) | (2,607) | ||
| Group relief | 244 | |||
| Timing differences on unrealised gains |
(1,441)000) | 1,569,000 | ||
| Timing differences on Gilt Aid payments Unused tax losses |
(473,416) 875 |
(453,726) 210 |
||
| Other differences | ||||
| Taxation | (1,441,000) | 1,569,000 | ||
| NET INCOME | ||||
| Net income is stated after | charging/(crediting): | |||
| 2023 | 2022 | |||
| Fees payable for the audit ofthe financial | statements | 32,400 | 27,000 |
| Unlisted | Investment | Fixtures | ||||
|---|---|---|---|---|---|---|
| Group | Investment | property | and fittings | Equipment | Total | |
| Fair value | ||||||
| At 1 April Additions |
2022 | 51 | 36,666,982 123,626 |
12,363 | 967 2,907 |
36,668,000 138,896 |
| Disposals | ||||||
| Fair value | movements | (1,399,910) | (1,399,910) | |||
| At 31March 2023 | 51 | 35,390,698 | 12,363 | 3,874 | 35,406,986 | |
| Depreciation | ||||||
| At 1 April | 2022 | |||||
| Charge for | the year | 2,473 | 775 | 3,248 | ||
| At 31March 2023 | 2,473 | 775 | 3,248 | |||
| Carrying | amount | |||||
| At 31March 2023 | 51 | 35,390,698 | 9,890 | 3,099 | 35,403,738 | |
| At 31March 2022 | 51 | 36,666,982 | 967 | 36,668,000 |
| FORTHE YEAR INVESTMENTS (Continued) |
ENDED 31MARCH 202 | 3 | |
|---|---|---|---|
| Freehold | Shares in | ||
| Charity | investment property |
group undertakings |
Total |
| Fair value | |||
| At 1 April 2022 | 1,850,000 | 24,047,000 | 25,897,000 |
| Additions | |||
| Disposal | |||
| Fair value movements | 256,000 | 256,000 | |
| At 31March 2023 | 1,850,000 | 24,303,000 | 26,153,000 |
| were as fol | lows: | ||||||
|---|---|---|---|---|---|---|---|
| Dominion | Opulent | ||||||
| Associates | Brandnow | Alphachoice | Concorde | Properties | |||
| Limited | Limited | Limited | Limited | Limited | |||
| Fixed assets | 350,001 | 7,335,000 | 18,003,356 | 1,445,000 | |||
| Current assets | 8,383,804 | 104,960 | 3,969,232 | 820 | |||
| Current liabilities | (8,161,635)(1,516,267) | (5,333,898) | (720) | (2,217,784) | |||
| Non-current | liabilities | (1,135,810) | |||||
| Provisions | - | (1,003,000) | (2,463,000) | ||||
| Net assets | 572,170 | 4,920,693 | 13,039,880 | 100 | (772,784) | ||
| Aggregate | capital and | ||||||
| reserves | 572,170 | 4,920,693 | 13,039,880 | 100 | (772,784) | ||
| Mosaic | |||||||
| Property | |||||||
| Astorheights | Headbright | Metrona | Tomenstar | Developments | |||
| Limited | Limited | Limited | Limited | Limited | |||
| Fixed assets | 550,000 | 1,800,000 | 4,010,000 | 410,483 | |||
| Current assets | 715,571 | 882,473 | 996,781 | 42,284 | 171,144 | ||
| Current liabilities | (1,402) | (19,157) | (60,072) | (2,136,255) | (372,659) | ||
| Non-current | liabilities | ||||||
| Provisions | (337,000) | (107,000) | |||||
| Net assets | 714,169 | 1,413,316 | 2,399,709 | 1,809,029 | 208,968 | ||
| Aggregate reserves |
capital and | 714,169 | 1,413,316 | 2,399,709 | 1,809,029 | 208,968 |
| A summary follows: |
ofturnov | er, | expenditure an |
d profit/(loss) | for the year | ended 31Ma | rc | h 2023 is a | |
|---|---|---|---|---|---|---|---|---|---|
| Dominion | Opulent | ||||||||
| Associates | Brandnow | Alphachoice | Concorde | Properties | |||||
| Limited | Limited | Limited | Limited | Limited | |||||
| Turnover | 50,227 | 463,500 | 1,244,188 | ||||||
| Cost ofsales | (3,592) | (1,300) | (97,476) | (6,175) | |||||
| Administrative | |||||||||
| expenses | (4,522) | (4,521) | (18,128) | (1,401) | |||||
| Net valuation gains/(losses) investment properly |
on | 1,014 | (1,379,026) | (976) | |||||
| Loss on disposal | |||||||||
| offixed assets | (24,596) | ||||||||
| Interest receivable | and | ||||||||
| similar income | 249,500 | 20,164 | 116,541 | ||||||
| Interest payable | and | ||||||||
| similar charges | (92,662) | (54,000) | (310,902) | ||||||
| Tax | 1,000 | 1,435,000 | |||||||
| Profit/(loss) for |
|||||||||
| financial year | 198,951 | 425,857 | 965,601 | (8,552) | |||||
| Mosaic | |||||||||
| Property | |||||||||
| Astorheights | Headbright | Metrona | Tomenstar | Developments | |||||
| Limited | Limited | Limited | Limited | Limited | |||||
| Turnover | 42,000 | 165,000 | 183,524 | ||||||
| Cost ofsales | (44,113) | (2,901) | |||||||
| Administrative | |||||||||
| expenses | (1,402) | (2,001) | (2,901) | (3,170) | (600) | ||||
| Net valuation gains/(losses) |
on | ||||||||
| investment property |
(20,922) | ||||||||
| Loss on disposal | of | ||||||||
| fixed assets | |||||||||
| Interest receivable | and | ||||||||
| similar income | 50,000 | 18,600 | 17,000 | ||||||
| Interest payable similar charges |
and | (2,321) | (61,000) | ||||||
| Tax | 5,000 | ||||||||
| Profit/(loss) for financial year |
48,598 | 58,599 | 176,778 | 59,319 | (3,501) |
| DEBTORS | ||||||
|---|---|---|---|---|---|---|
| Group | Charity | |||||
| 2023 | 2022 | 2023 | 2022 | |||
| Prepayments Other debtors |
and accrued income | 23,696 4,876,877 |
3,382,383 5,335,882 |
1197952 104,999 |
8,862 212,542 |
|
| 4,900,573 | 8,718,265 | 224,951 | 221,404 | |||
| Other debtors | are comprised | as follows: | ||||
| Group | Charity | |||||
| 2023 | 2022 | 2023 | 2022 | |||
| g | ||||||
| Loan debtors | 2,554,361 | 3,392,992 | 100,000 | 200,000 | ||
| Other debtors | 2,322,516 | 1,942,890 | 4,999 | 12,542 | ||
| 4,876,877 | 5,335,882 | 104,999 | 212,542 |
| CREDIT | ORS: amounts falling due |
within one year | within one year | ||
|---|---|---|---|---|---|
| Group | Charity | ||||
| 2023 | 2022 | 2023 | 2022 | ||
| g | |||||
| Bank loans and overdrafts | 2,402,817 | 2,695,611 | |||
| Amount | due to group undertakings | 5)700 | 1,662 | ||
| Taxation | and social security | 51,748 | 39,943 | ||
| Accruals | and deferred income | 236,484 | 232,357 | 69,508 | 61,428 |
| Other creditors | 67089,847 | 9,990,704 | 3,600 | ||
| 8,780,896 | 12,958,615 | 78,808 | 63,090 |
| Other | creditors are comprised | as follows: | as follows: | ||
|---|---|---|---|---|---|
| Group | Charity | ||||
| 2023 | 2022 | 2023 | 2022 | ||
| Loan | creditors | 5,530,374 | 9,424,891 | ||
| Other | creditors | 559,473 | 565,813 | 3,600 | |
| 6,089,847 | 9,990,704 | 3,600 |
| Group | Charity | ||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||||
| Bank | loans | and | overdrafts | 1&135,810 | 1,363,296 |
| Amounts are payable as follows: |
||||
|---|---|---|---|---|
| Group | Charity | |||
| 2023 | 2022 | 2023 | 2022 | |
| In more than one year but not | ||||
| more than two years | 157,612 | 178,274 | ||
| In more than two years but not | ||||
| more than five years | 457,315 | 529,213 | ||
| In five years ormore | 520,883 | 655,809 |
| FORTHE YEAR ENDED 31 MARCH DEFERRED INCOME |
2023 | |
|---|---|---|
| 2023 | ||
| At 1 April 2022 | 167,947 | |
| Amount released to income | (167,947) | |
| Amount deferred in year |
149,388 | |
| At 31March 2023 | 149,388 | |
| Deferred income arises from rents received in advance. | ||
| PROVISIONS | ||
| Deferred tax: | ||
| Group | Charity | |
| At 1 April 2022 | 5,351,000 | |
| Additions/(reversals) | (1,441,000) | |
| At 31March 2023 | 3,910,000 |
| At 1April | Gains and | At 31 | ||||
|---|---|---|---|---|---|---|
| Group | 2022 | Income | Expenditure | losses | March 2023 | |
| General | funds | 42,055,318 | 2,663,482 | (164,523) | (1,424,506) | 43,129,771 |
| At 1April | Gains and | At 31 | ||||
| Charity | 2022 | Income | Expenditure | losses | March 2023 | |
| General | funds | 41,391,521 | 2,130,338 | (1,221,535) | 256,000 | 42,556,324 |
| ANALYSIS OFN | ET | ASSETS B | ETWEEN FUNDS | ETWEEN FUNDS | ||
|---|---|---|---|---|---|---|
| Group | Charity | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
| Funds | 2023 | Funds | 2023 | |||
| Investments | 35,403,738 | 35,403,738 | 26,153,000 | 26,153,000 | ||
| Current assets | 21,552,739 | 21,552,739 | 16,482,132 | 16,482,132 | ||
| Creditors less than | 1 year | (8,780,896) | (8,780,896) | (78,808) | (78,808) | |
| Creditors greater than | 1 year | (1,135,810) | (1,135,810) | |||
| Provisions | (3,910,000) | (3,910,000) | ||||
| Net assets | 43,129,771 | 43,129,771 | 42,556,324 | 42,556,324 |
| Group | Group | Charity | Charity | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||||||
| K | |||||||||
| Financial assets | measured | at | fair | ||||||
| value through | income | and | |||||||
| expenditure | 51 | 51 | 24&303,000 | 24,047,000 | |||||
| Financial assets | that are | debt | |||||||
| instruments | measured | at | |||||||
| amortised | cost | 4,900,573 | 8,718,265 | 224)951 | 221,404 | ||||
| Financial liabilities measured |
at | ||||||||
| amortised | cost | 9,916&706 | 14,321,911 | 78,808 | 63,090 |
| are as follows: | |||||
|---|---|---|---|---|---|
| Group | Charity | ||||
| 2023 | 2022 | 2023 | 2022 | ||
| Not later than | 1 year | 1,698,772 | 1,688,754 | 34,500 | 36,000 |
| Later than I year and not later than | |||||
| 5years | 4,145,365 | 4,438,396 | 34,500 | ||
| Later than 5 years | 3,314,208 | 3,783,958 | |||
| 9,158,345 | 9,911,108 | 34,500 | 70,500 |
| ANALYSIS OF CASH AND CA | SH EQUIVALENT | S | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Cash at bank and in hand | 16,602,440 | 16,292,964 | ||
| Bank overdrafts | ||||
| 16,602,440 | 16,292,964 | |||
| ANALYSIS OF CHANGES IN NET DEBT | ||||
| At 31 | ||||
| At | Non-Cash | March | ||
| 1April 2022 | Cashflows | Movement | 2023 | |
| K | ||||
| Cash in hand and at bank | 16,292,964 | 309,476 | —16,602,440 | |
| Debt due within one year | (12,120,502) | 4,187,311 | -(7,933,191) | |
| Debt due atter one year | (1,363,296) | 227,486 | -(1,135,810) | |
| 2,809,166 | 4,724,273 | 7,533,439 |