COMPANY REGISTIUTION NUMBER: 1697536 CHARITY REGISTRATION NUMBER: 286908 CHARITWORTH LIMITED AND SUBSIDIARY IINDFRTAKINC.8 FIIYANCIAL STATEMENTS for the year ended 31 MARCH 2024 COHEN ARNOLD Chartered Aceountanls & Stalutory Auditor New Burlington House 1075 Finchley Road London NWI I OPU
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS INDEX TO THE FINANCIAL.STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PAGES Trustees, annual report (incorporating ihe director's report) Itos Independent audiloT'S report to the members 6tolO Consolidated statement of financial activities (including the consolidated income and expeJ]diture account) li Consolidated balance sheet 12 Charity balance sheet 13 Consolidated slatement of cash flows 14 Notes to the financial statements 15to32
CHARITWORTH LIMITED COMPANY LIMITED BY CUARANTEE TRUSTEES, ANIYUAL Illl PORT INCORPORATINC THE DIRECTORS, RII PORT YEAR ENDED 31 MARCH 2024 The trustees, who are also directors for the pulyoses of company law, present their report and ih¢ financial statements of the charity and its subsidiary undertakings for Ilie year ended 31 March 2024. REFERENCE AND ADMINISTRATJVE DETAILS Registered charity name Charity registration number Cfjmpany registration number Principal office and registered offic Charitworth Limited 286908 1697536 New BurliTJgton House 1075 Finchley Road London NWI I OPU The trustees Mr D M Halpern Mrs l R Halpern Mr S J Halpern Mr S Halpern MTS I R Halpern Cohen Arnold Chartered Accovntanls & Statutory Auditor New Burlington House 1075 Finchley Road London NWI I OPU Company secretary Auditors STRucfuRE, GOVERNANCE AND MANAGEMENT The day to day affairs of the charity are adminlstered by ihe Council of Governors, the chairnian of which is Mr D M Halpern. None of the govemorsl(trustees) have any beneficial interest in the charity. It is not currently ihe intention of the trustees of the charity to appoint new trustees. Should the 5itualion change in the future, the trustees will apply suitable recruitmenl and ti-aining procedures. As the charity is a company limited by guarantee, its governing documents are its memorandum and articles of association. The article5 of &ssociation of ihe company do not require the trustees to retire by rotation.
CHARITWOR"fFI LIMII"ED COMPANY LIMITID IIY GUARANTfi [ TRUSTEES, ANNUAL REPORT ItYCORPORATING THF. DIRECTOR'S REPORT YEAR ENDED 31 MARCH 2024 STRUCTURF., GOVERNANCE AND MANAGEMENT (Continued) Group structure and relationships The charity has the following wholly owned non-charitable subsidiaries'.- Dominon Associates Limited a Property trading company Alphachoice Limited a property investtnenl Lompany Astorheights Limited a propei'ly investment company Headbright Limited a PToperty investmcnt company Metrona Limited a property invcsirnent company Mosaic Property Developments Limited a properly inveslment company Tomenstai. Limited a property invLstment Loinpany Dominion Associates Limited has the following wholly owned operating subsidiary:_ Brandnow Limited a property invesiment company Alphachoice Limiled has ihe following wholly owned subsidiaries:. Concorda Limited a property iiiveslment company Opulent Properties Limited - a Property invesiment company The trustees of this company include direclors of the above companie.8. The trustees did not receive any remuneration for their services nor did they receive any reimbursement tor out of pockel expenses. OBJECTIVES AND ACTIVITIES The charity is eslablished to further those purposes both in the United Kingdom and abroad recogi)ised as charitable by English Law and in furtherance of the charity's objects, namely, Ihe advancement of religion in accordance with the orthodox Jewish faiih and the relief of poverty. The charity receives income from ils cash deposits and subsidiary undertaking5 which it utilises in the provision and distribution of grants and donations for chaTltable purposes and no change in this activity is envisaged in the immediate fuiure. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning fuiure activities and setting the grant making policy for the year. Grant making poli Grants are made to charitable institutions and orgarjisations in accordance with the objects of ihe charity. ACHIEVEMENTS AIND PERFORMANCE The chai'ity continued its philanthropic aclivities in support of religious, educational and other charitable iJ)5tilutions and aggregate donations were paid in the year to 31 Mar¢h 2024 of £1,640,800 (2023: £1,171.300}. No change in activities is envisaged in the immediate future. The financial results of the charity and its 5ub5idiary undertakings for the year ended 31 March 2024 are fully reflected in the altached financial statements together with the noies ihereon.
CHARITWORTH LIMITED COMPANY LIMITED BY GUARANTF.E TRUSTEES, AN.NI_I.A_L Rfi.PORT IINCORPORATING THE DYRF.CTOR'S REPORT YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW FinanLial position The financial position of the charity and ils subsidiary undertakings is satisfacioiy. Tlie cliarity's consolidated statement of financial activities shows net income of £4,878,078 (2023: £1.074,453) and total reserves of £48,007,849 (2023: £43,129.771). Reserves policy It is the policy of the charity to maintain unrestricled funds, at a level which the trustees think appropriate afier considering the future commitments of the charity aiid the likely administrative cosl of the charily for the next year. The reserves of the charity are represented by the unresiricted funds arising from past net operating surpluses and include uDrealised gains arising from the increase in the value of the charily's investinenl in subsidiary undertaking5. By its very natui-e, the elemcnt of unreslricled reserves represeiiled by the revaluation surplus of the investment in subsidiary undertakings is iiol readily available for distribution. The trustees have adopied a policy Ihat tries to eiisure the continuing ability of ihe charity to meet its objectives. The level of reserves is under ¢onlinvous slrategic review. As at 31 March 2024, the charity has total funds of £48,111,983 (Group: £48.007,849). These funds include £28,924,170 (Group.. £10,014,438) which arises from the revaluation of the charity's investments and is not readily available for general purposes. Con5equeiitly. Ihe charity has reserves of £19,187,813 (Group.. £37,993.411), after rnaking allowance for reserves not i'eadily available. Investment policy Under the memorandum and articles ol association. the charity has ihe power to make investments which the Iruslees consider appropriate. Th¢ trustees affect investments which, over a medium period of years are anticipated to generate a dependable flow of incorne coupled with capital growth. The charity's inve5tmenls are represented by its wholly owned subsidiary uiidertakings and inveslment properly. The trustees consider the return on investments to be salisfactory.
CHARITWORTH LIMITED COMI)ANY LIIVAITII D BY GUAIIANTEI [ TRUSTEES, ANNI_IAI, RF,PORT INCORPORATING THE DIRECTOR'S REPORT YEAR ENDED 31 MARC.H 2024 FINANCIAL REVIII W (Continued) Risk management The Irustees have assessed the major risks to which the charity is exposed, iii pailiciilar those to the operations and finances of the charily, and are satisfied ihe systems are in place to mitigale its exposure to those risks, The principal risks to which the charily is exposed are.. Liabilities arising from property investmenl activity Tenant defaults Damage to property from flood. fire or terrorist action The availability of liquid funds to make grants and donations Tl)e economic cycle generally The chai'Aty seeks to manage or mitigate such risks wherever possible ihroiigh such measures as insurance. lenant screening and monitoring, rigorous reviews of acquisition and investmenl opporlunilies, external expert advice, monitoring cash and regular monitoring of the economic ouilook. PLANS FOR FUTURE PERIODS The trustees plan to continue to make distributions in accordance with their grant making policy and ensure that the ability to generate SU]c1¢nI income is maintained lo achieve ihat end. TRUSTEES? RESPONSIBILITIES The tn)slees. who are also directors for the puryoses of company law, are responsible for preparing the trustees, report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Pracli¢e). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the group and charitable Cornpany and the incoming resource5 and application of resources, including the income and expenditure of the group, for that pei'iod.
CHARITWORTH LIMITED COMI)ATr*'Y LIMITED BY GUARANTEI TRUSTEES, ANNUAI. RF.PORT INCORPORATING THE DIIIFCTOR'S REPORT YEAR ENDED 31 MARC.H 2024 TRUSTEES? RESPONSIBILITIES (Continued) In preparing these financial statements, the truslees are required to: select suitable aLcounting policies and then apply thern consistenily. observe the methods and principles in the Charities SORP. make judgements and accounting estimates that are reasonable and prudent. and prepare the financial stalements on ihe going concern basis unless il is inappropriate to presurn¢ that the charity will continue in operation. The trusiees are responsible for keeping adequate accounting records that are sufficient lo show and explain ihe charity's Iransactions and disclose with reasonable accuracy at any time ihe financial posilion of the eliai'ily and enable Éhem to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the charity and the group and hence for takin8 reasonable steps for the prevention and detection of fraud and olher irregularities. AUDITORS Each of the persons who is a trustee at the dale of approval of this report confinns that.. so far a5 Ihey are aware, there is no relevant audit infonnalion of which the charity's auditors are unaware. aT)d they have taken all the steps that they ought to have laken as a trustee lo make Ihemselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information. The auditor is deemed to have been reappointed in accordance with section 487 of ihe Companies Act 2006. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provisions applicable to companies entitled to Ihe small companies exemption. The trustees, annual report was approved on 23 December 2024 and signed on behalf of the board of trustees by.. Mis I R14alpern Charity Secretary
CHARITWORTH LIMITED COMPANY LINIITf.D BY GUARANTEE INDEPENDENT AUDITORS, REPORT TO TFIE MF.MBERS OF CHARITWORTH LIMITED YEAR ENDED 31 MARCH 2024 OPINION We liave audited the financial statements of Cliaritworth Limited for Ihe year ended 31 Mai'ch 2024 which Comprise ihe consolidated statemenl of financial aclivilies (including income and expendiliire account), the consolidated and p¢ent charity balance sheets. the consolidated statemenl of cash flows and Ihe r¢lated notes. The financial reporting framework that has been applied in their prepaiation is applicable law and ihe United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The financial Reporting Standai'd applicable ID Ihe UK and Repiiblic of li'eland In our opinion ihc financial slatements: give a li'ue and fair view of the state of the group and charily'.% affairs as at 31 MaTch 2024 an of the group's incoming resources and application of resoui'ces, including its income and expenditiire, foi. the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepleij Accountii)g Practice. have been prepared in accordance with the requiremenls of the Companies Act 2006. BASIS FOR OPIIYION We conduLted our audil iii accordanLe with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities foi. the audit of the financial slalemenls seclion of oui. report. We are independent of the charity in accordance with the ethical requirernents thal are relevant to our audit of the financial slalemenls in ihe UK, including ihe FRC'S Eihical Standard, and we have fulfilled oiir othei. ethical responsibilities in accordance with these requirements. We believe ihat the audit evidence we have obiaiiied is sufficieT)i and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the fjnancial slalements, we have concluded that the trustees, use of the goin8 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not idenlified any malerial uncertaintie5 relating to events or condilions Ihat, individually or collectively. may cast significant doubt on Ihe charily's ability to continue as a going concern for a period of al least twelve months from when the financial 5taleTnents are autliorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant seclions of this report.
CHAIIITWORTFI LIMITED COMPANY LJIII'I'ED BY GUARANTEE IIYDEPEI NDENT AUI)ITORS' REPORT TO THE Mf.MYIF.RS OF CHARITWORTH LIMITFD Continued YEAR ENDED 31 MARCH 2024 OTHER INFORMATION The other information comprises the infom)ation included in the trustees, report, other tlian the financial statements and oui. auditoi s i'eport thereon. I"he trustees are i'esponsible for the other inforn]alion. Our opinion on the fiiiaT)cial slalemenls does not cover the oiher information and, except to the extent otherwise explicitly st2ted in our report, we do not express any foTm of assurance coiiclusion thereon. In connection with our audil of the financial statements, our responsibility is 10 read the othei- iiiformation and, in doing so. consider whgiher ihe other infonnalion 15 materially incoiisistent with Ihe financial statements or our knowledge obtained in the iiudil or otherwise appeal's to be materially misslaled. KE- we identify such material inconsistencies or appareiit material misslalements. we are required to determine wheiher there is a material misslalement in the financial statements or a material Imisstatement of Ihe other information. Ir, based on ihe work we have performed, we conclude that there is a Inalerial Tnisslalement of this other information, we are required to report that fact. We havc nothing to report in this regard. OPINIONS ON OTHEI R MATTERS PRESCIUBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the finanLial slatements are prepared is consistent wilh the financial statemenls. and the trustees, report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT IIY EXCEPTIOIY In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstalemenls in the trustees, report. We have nothing to report in respect of ihe following matters in relation to which the Companies Act 2006 requires u5 10 report 20 you if. in our opinion.. adequate accounting records have not been kept, or returns 8dequate for our audit have not been received from branches not vistted by us. or the financial slaiernents are not in agreement with the accounting record5 and returns. or Certain di5c105ures of irustees, remuneration specified by law are not made. or we have not received all the inforn]atic)n and explanations we require for our audit- or the trustees were not entitled io prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in pirpai'ing the directors, report and from the requirement to prepare a strategic report.
CHARITWORTH LIMITED COMPANY LIMITED IIY GUARANTII INDEPII NDII f4T AUDITORS, REPORT TO THE MF.MBF.RS OF CHARITWORTH LIiVIITED Continued YEAR ENDED 31 MARCH 2024 RESPONSIBILITIES OF TRUSTFES As explained more fully in tlie Iruslces, responsibililies statement, tlie Iriistees (who are also the director8 for the puiyoses of coinpany law) are responsible for the preparation of the financial statements and for beiiig satisfied that they give a true and fair view, and for such internal coiilrol as the trustees delertnine is necessary to enable the preparalion of fjnancial staternenis that are free froiT] material misstatement, wlieiher due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing Ihe charity's ability to continue as a going concem. disclosing, as applicable, mallers related lo going Loncern and using the going concem basis of accoLinling unless the truste¢s either intend to liquidate Ilie charily or lo cease operations, or have no realistic alternative bul to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obrain reasonable assiirance about whether the financial statements as a whole ¢ire free from material mi5slalernent, whether due lo fraud or error, and to issue an auditor's report that inLlude.s oui. opinioii. Reasonable asSUrl¢e is a high level of assurance, but is noi a giiaranlee that an audit coiiducted in accordance with ISAS (UK) will always delecl a material misstalemenl when il exists. Misstatcni¢nts can arise from fraud or error and are considered material i l-, iiidividually oi. in the uggregate, Ihey could reasonably be expected to influence the ecoiioinic decisions of users taken on the basis of these financial slalements. Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line w?th our responsibilities, outlined above, to detect material misslatemenls in respect of irregularities, including fraud. The extent lo which oiir procedures are capable of delecting irregiularilies, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the directors aiid identi fied which were most significdnt with respect lo the financial statements. We identified financial reporting legislation, landlord legislation and Charity legislation as being most significant lo these financial slatements. We commuiiicated these identified frameworks amongst our audit team aiid remained alert lo any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability lo idei)tify or recognise non-cotnpliance wilh the laws and regulations. We discussed with the trustees and senior management the policies and procedures regardin8 compliance with these legal and regulaiory frameworks.
CHARITWORTH LIMITED COMPANY LllWlI"fcD BY C:UARANTI INDr.prNDENT AUDITORS, Rf.PORT TO THE MEMBERS OF CHARITWOII'I'H LIMITED ContlDued YEAR ENDED 31 MARCH 2024 AUDITOR'S RF.SPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Continued) We assessed Ihe susceptibility of the group's financial statements to material misstatement due to non-compliance with legaI and regulatory frarneworks, including how fTaud mighi occur, by enquiiy with the directors during Ihc planning and finalisation st<igies of oui- audit and by using proprietary disclosure checklists. The susceptibility lo such material misstatement was delemiined to be low. Based on this understanding, we designed our audit procedures to identify non-compliancc with the identified legal and regulatory frameworks, which were part of our procedures on Ilie related financial slaleinenl items. Owing to the inhei'ent limitations of an audit, there 15 an unavoidable risk Ihat we may not have dctecled some malgi'ial misslalements in the financial stalements. even ihough we havc properly pla]ed and performea our audit in accordance with auditing standards. FOT example, the further removed non-compliance with laws and regulations {irregularilies) is Irom Ihe events and transactions reflected in the financial slalements, the less likely the inherently limited procedures required by auditing standards would identify il. In addition. as with any audit, there rernained a higher risk of non-delection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepreseiilations, or the override of intcrnal controls. We are not responsible for preventing non- Compliance and cannot be expeLled lo detect non-compliance wilh all laws and regulations. As pail of an audit li) accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audil. We also: Identi fy and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perforn] audit procedures responsive to Ihose risks. and obtain audit evidence that is suffiLienl and appropriate to provide a basis for our opinion. The risk of not detecting a material mi5Stalement resulting from fraud is Iiigher than for on¢ resulting from error, fraud may involve collusioi). forgeiy, intentional omissions, misrepresentation5, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circuFnstanees, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the <ippropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
CHARITWORTH LIMITED COMPANY LIMITED BY GUARANTEI E INDEPENDENT AUDITnRS' REPORT TO THE MEMBERS OF CHARITWOIITH LIMITED Continued YEAR ENDED 31 MARCH 2024 AUDITORIS RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Continued) Conclude on the appropriateness of the tntee$, use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or Conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosur¢s are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's r¢port. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial stalements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial inforniation of the entities or business activities wiihin the group to express an opinion on Ihe consolidated financial Statements. We are responsible for the direcliun, supervlsion and performance of the group audit. We r¢main solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any si8nificani d¢ficiencies in internal control ihat we identify during our audit. USE OF OUR REPORT This report is made solely to the charity's members, as a body, in accordance WAth Chapter 3 of Part 16 of the Compani¢s Act 2006. Our audit work has been undertaken so that we might stsle to the harity'5 members those matters we are required to state to them ID an auditor's report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for OUT audit worL for this report, or for the opinions we have formed. Joshua Neumann (Senior Statutory Auditor) For and on behalf of Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NWII OPU Date: 23 December 2024 10
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKITrIGS CONSOLIDATF.D STATEMETr4T OF FINANCIAL ACTIVITJES INC.LUDING THE CONSOLII)A'rr.D INCOML AND EXPETr4DI'fuRE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 Unr¢stri¢¢ed Funds 2023 Unresti'icted Funds Nole Income and endowments Trading activities Investment income.. Rent and chai'ges receivable IntLrest receivable and similar income 28,400 50.227 2,052,811 lJ35,010 2,164,982 448,273 3,387,821 2,613,255 Total income 3,416,221 2,663.482 Exp¢nditure Expendilure on raisin8 funds.. Trading Losts Investment management costs Expenditure on charitable activities 1,422 (757,750) 8,9 {1,673,901) (3,592) (380,396) (1,221,535) Total expenditure (2,430,229) (1,605,523) Net gains/{losses) on inve5trnenls: Loss on disposal of investmenl properly Gainl(loss) on revaluatioii of investment properly (24,596) 5,] 04,(J86 (1,399,910) 5,104,086 (1,424.506) Net ineomel(expenditure) before tax 15 6,090,078 (366,547) Taxalion li (1,212,000) 1,441,000 Net ineomel(expenditure) for Ihe financial year net movements in fund5 4,878,078 1.074,453 Reconciliation of funds: Total funds broiight fonvard 43,J29.771 42,055.318 Total funds ¢arried fonvard 23 48,007,849 43,129,771 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditiire derive from continuiT)g activities. The notes on pages 15 to J2 forni part of these financial statements.
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Noit FIXED ASSETS Investments 16 40,723,215 35.403.738 CURRF.NT ASSETS Stocks Debtors Cash at bank and in hand 49,726 3,807,561 17,704,236 21,561,523 49,726 4,900.573 16,602.440 21,552.739 18 CREDITORS: amollnts falling due within onc year 19 (8,226,877) (8,780,896) NET CURREI NT ASSETS 13 J34,646 12,771.843 TOTAL ASSETS LESS CURRENT LIAIIILITIES 54,057,861 48,175.581 CREDITORS: amounts falling due afl¢r tnore than one year 20 {928,012) (5,122,000) 48,007,849 (1,135,810) (3,910,000) 43,129,771 PROVISIONS 22 ET ASSETS FUNDS OF THE CHARITY Unrestricled funds 23 48,007,849 48,007,849 43,129,771 43,129,771 Total Charity funds These financial statements were approved by the board of trustees and authorised for issue on 23 Decem 24, and are signed on behalf of ihe board by: MrDM TTUStce alpern Mr8 l R l-la Trustee pern Company Registralion Number." 1697536 The notes on pages 15 to 32 fonn part of Ihese financial statements. 12
CHARITWORTH LIMITED COMPAP4Y LINII"fLI) BY CIIARANTEE BALANCE SHEET AS AT 31 MARCH 2a24 2024 2023 Not¢ FIXED ASSEI TS Investments 16 30,590,000 26.153,000 CURRENT ASSETS Debtors Cash at bank and in hand 18 418,754 17,441,045 17,859,799 224,951 16,257,181 16,482.132 CREDITORS: amounts falling due within one y¢ar 19 {337,816) (78,808) NET CURRENT ASSETS 17,521,983 48,111,983 16.403,324 42.556,324 ET ASSETS FUNDS OF THE CHARITY Uwrstricted funds 23 48,111.983 48,111,983 42,556,324 42,556,324 Total charity funds These financial slatements were approved by the board of trustees and authorised for issue on 23 Decemb¢ 24, and are signed on behalf of the board by.. MrDMFI, Trustee pern MrslRI- Trustee alpei'n Company Registration Number: 1697536 The notes on pages 15 to 32 foTm part of these financial stalemenls.
CHARITWORTH LIMITED AIYD SUBSIDIARY UNDERTAKINGS CONSOLIDATF.D STATF,MENT OF CASH Fl.nWS FOR THE YF,AR ENDED 31 MARCH 2024 Note 2024 2023 CASH FLOWS FROM OPEIL4TING ACTIVITIES Net incoTne 4,878,078 1,074,453 Adjustments for- Net (gains)/losses on investments Dividends, interest and rents from investmeT)ts Interest receivable and similar income Payments for expenditure on investment properties Interest payable and similar charges Cuffent and deferred tax Increases in stock (5,104,086) 1,424,506 (2,052,811) (2,164,982) {1,335,010) (448,273) 278,905 151,965 251,362 189.785 1,212,000 (1.441,000) (726) Changes in: Trade and other debtors Trade and other creditors 7,548 158.164 118J75 28,303 (1,745,639) (1.027.805) Cash generated froml(expended in) operations Inlerest received 1,259,764 216,605 (485,875) (811,200) Nel cash used in operaling aclivities CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interest and rcnls from investments Cash receipls from the repayment of advances and loans Purchases of other inveblments Proceeds from salv of otlier investmenls Payinents for expenditure on investment properties Nel cash from investing aclivilies 2,113,008 2,077,738 1,164217 738.631 {218,144) (13 8,896) 331,267 3,196.654 (276,152) (148.717) 3,114,196 5,725,410 CASH FLOWS FROM FINANCING ACTIVITJES Repayments of borrowings Interesi paid Net cash used in financing activities (1,275,163) (4,414,797) (251,362) (189,937) (1,526,525) (4,604,734) NET INCREASE I(DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,101,796 309,476 16,602,440 16,292,964 28 17,704,236 16,602,440 CASH AND CASH EQUIVALENTS AT END OF YEAR The notes on pages 15 to 32 form part of these financial statements. 14
CHARITWORTH LIMITED AND SUBSIDIARY IINDERTAKIIYGS MANAGEMENT INFORMATION FOR THE YEAR ENDF.D 31 MARCH 2024 GENERAL INFORMATION The charity is a private company limited by guarantee, registered ID England and Wales and a registered ehAriiy in England and Wales. The address of the registered olCe is New Bui-lington House, 1075 Finchley Road, London. NWI I OPU. STATEMENT OF COMPLIANCE These financial slatements have beeii prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. Ihe Statement of Recommended Pi'acliLe applicable to ehai'ilies preparing their accounts in accordance with the Financial Rcporling Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Cliarities Act 2011: ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared on the historical c05t ba515, as modified by ihe revaluation of certain fiiiancial assets and lillbililies and investment properties measured al fair value throiigh income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. The charity meets the definition of a public benefit enlity undeT FRS 102. Going concern The financial statements have been prepared in accordance with the accounting principles appropriate for a going Loncem as the trlistees have a reasonable expectation that the group has adequale resources to continue in operation for the foreseeable future by meeting its liabilities as they fall due. Consolidation The financial slalements consolidale the results of ihe charity and its subsidiary underlakings. A separate slalemenl of financial activities, or incorne and expenditure account, for the charity itself is not presenled in accordance witli seclion 408 of the Companies Act 2006. 15
CHARITWORTH LIMITED Af4D SUBSIDIAIIY UNDERTAKINGS MANAC.EMENT INFORMATION FOR THE YEAR ETr4DED 31 MARCH 2024 ACCOUNTING POLICIES (Con¢inued) Judgements and key sources of estimation uncertainty Judgements made by ihe directOTS in the applicalion of these accounting policies that have significani effect on the finanLial Statements and estirnates with a significant risk of mateTial adjustinenl in the i)ext year are as follows.. (i) Property valuation The valuation of the charity's investment property is inher¢ntly subjective, depending on many factors inLluding ihe nature of the property, its location and expected future nel renlal values, markel yields and comparable markei transactions. Ther¢fore the valuation is subject lo a degree of unceitxinty and is made on the basis of assumplions which may not prove to be accurate, parliculai'ly in periods of difficuli market or economic conditions. (li) Trade and other debtors Management uses delails of ihe age of trade and oiher debtors and the siatus of any disputes together with external evidence of the credil slalus of the counterparty in making judgements concerning any need to impair the carrying value. Fund accounting Unreslricted fund5 are available for use at the discreiion of the trustees lo turther any of ihe charity's purposes. Designated funds are Linreslricted funds earmarked by Ihe Iruslees for particular future project or commitment. There are no designated funds as at the balance sheet date. Restricled funds are subjected to re8iriclioiis on their expenditure declared by the donor or through the terms of an appeal. and fall into one of Iwo sub-classes: restricted income funds or endowment funds. There are no restricted fund5 as at the balance sheel dale. Incoming resources All income is included in the statemeni of financtal activities when entitlement has passed to the Lharity, it is probable that the economic benefits associated with the transaction will flow to the charity and the ainount can be reliably measured. The following specific policies are applied lo panicular Categories of income.. income from donations or grants is recognised when received. 16
CHARITWORTH LIMITED AND SIJBSIDIARY UNDF.RTAKINGS MANAGEMENT INFORMATION FOR THE YEAR INDED 31 MARCH 2024 ACCOUNTING POLICIES (Con¢inued) Resources expended Expenditure is recogni5ed on an aceruals basis as a liability is incuTred. Expenditure includes any VA T which cannot be fully recovered. Lind is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the Losts of all non-charitable tTading activitie5 and investment management costs. expenditure 011 charitable activities ii)cludes all Losts incurred by a charity in undertaking activities that further its cliaritable aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governance of ihe charity apportioned to charitable activities. All costs are allocated to expenditure Lategories reflecliiig the use of the resource. Direct costs attribulable to a single aclivily are allouatcd directly to that activity. Shared costs are apportioned beiwe¢n the activities they contribute to on a reasonabl¢. justifiable and consistent basis. The following specific policies are applied to particular categories of expenditure.. grants and donations are recognised when paid. Taxation The charity is not liable to cunt tax on its income as li falls within the various exemptions available to registered chai'ilies. Defeed tax is recognised in respect of all timing differences ai the reporting date. Unrelieved lax losses and other deferred lax assets are recognised io the extent that il i5 probable that they will be recovered against the reversal of deferred tax liabilities or oiher future laxable profits. Deferred tax is measured using the tax rates and laws Ihat have been enacted or substanlively enacted by the reporting date that are expected to apply to the reversal of the timin8 difference. Investments Unlisted equity investments are initially recorded al cost, and subsequently measured at fair value. If faiT value Cannoi be reliably measured. assels are measured at cost less impairment. 3.10 Acquisition5 and disposals Acquisitions and disposals of properties are Considered to take place at ihe date of legal completion and are included in Ihe financial statements accordingly. 17
CHARITWORTH LIMITF.I) AND SUBSIDIAIIY UNDIRTAKif4GS MANACEMETYT INFORMATION FOR THE YEAR EIYDED 31 MARCH 2024 ACCOUNTING POLICIES (Continued) 3.1 I Investment property Investment properties are pi'opei-lies which are held either to earn rental income or for capital appreciation or for both. Investment pi'operties are recognised initially at cost. Subsequent to initial recognition Investment properties are held at fair value. Any gains or losses arising from changes in ihe fair value are i'ecogiiised in the profit and loss account in the period that they arise- and No depreciation is provided in respcct of inveslinent propeities applying the fair value model. Investment properly fair value is determined by the trustees based on their understanding of property market Conditions and the specifiL properly concerned, using a sales valuation approach, derived from recent comp(Irable transactions on the market, adjusted by applying discounts lo reflelt status of occupation and condition. 3.12 Stocks Stocks comprise properlies held for trading, which are measured at the lower of cost and estimated selling price less costs io complete and sell. Cost includes all cosis of purchase, costs ol conversion and other cost5 incurred in bringing ihe stock to ils present location and condition. 3.13 Debtors Debtors are recognised and carried forward al invoiced amounts less provisions for any doubtful debis. Bad debis are written off when idenlified. 3.14 Creditors Creditors are i'ecognised as 500n as theTe is a legal or consiruclive obligation commilling the charity to pay out resoui'ces. Creditors are recogni5ed at transaction price less altribulable transaction Costs. 3.15 Forcign currency Foreign currency transactions are initially recorded in the functional CUncy, by applying the spot exchange rate as at the date of the transaction. Monetary asset5 and liabilities denominated in foreign currencies are translated at ihe exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. transaction costs. 3.16 Depreciation Depreciation 15 calculaled so as lo write off the cost of an asset, less its residual value, over the useful economic life of the asset as follows.. Fixtures and filtings- 200/0 reducing balance Equipment- 200/0 Straight line 18
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS MANAC,EMENT INFORMATION FOR THE YEAR F.NDED 3] MARCH 2024 ACCOUNTING POLICIES (Continued) 3.17 Finxncial inslruments A financial asset oi- a financial liability is itcognised only when the entily becomes a party to Ihe contractual provisions of tjie instrument. Basic financial instl'UTnents are initially recognised at the amount receivable or payable including any relaled ti'aiisaction costs, unless Ilie arrangement eonslitutes a financing traiisaclion, where it is recognised at the preseni value of the future payments discounted at a market rate of interest for a similar debt inslriiment. Current assets and curreni liabilities are subsequently measured at the cash or other consideralion expected to be paid or received and not discounled. Debt instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, Ihe investment is subsequently measured at fair value with hanges in fair valiie recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost oi- amoilised cost are reviewed for objective evidence of impairrnenl at the end of each reporting dale. If iheTe is objective evidcn¢e of impairment, an impairmcnt loss is recognised under the appropriate heading in ihe statement of tinancial activities in which the initial gain was recognised. For all equity instruments re8ardless of significance, and other financial assets that are individually significanl, Ihese are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of irnpairment are recognised immediately, lo the extent that the reversal does nol result in a caYing amount of the financial asset that exceeds what the CaIng noUnt would have been had the inipainnent not previously been recognised. Limited by guarantee The charity is a company limited by gliaranlee and has no share capital. The liability of each member in the event of winding UP is limited to £1. 19
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS MANAGEMENT INFORMATION FOR THE YF.AR F.NDED 31 MARCH 2024 TRADING ACTIVITIES UDrestrieted Funds 2024 2023 Income fi-om Irading Properties 28,400 50,227 28,400 50.227 TRADING COSTS Unrestrieted Funds 2024 2023 Trading property costs Other Irading costs (1,422) 3.112 480 (1,422) 3,592 INVESTMENT MANAGEMENT COSTS Unrestricted Funds 2024 2023 Investment property outgoings Mana8ement and administration Interest payable 278,905 227,483 251J62 757,750 151,965 38,646 189,785 380.396 EXPENDITURE ON CHARITABLE ACTIVITIES B Y FUIYD TYPE Total Fund8 Unrestricted 2024 Funds Total Funds 2023 Unrestricted Funds Grants paid Support cost5 1,640,800 1,641),800 1,171,300 33,101 33,101 50,235 1,673,901 1,221,535 1,171,300 50.235 1,673,901 1,221.535 20
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS MANAGIMF.NT INFORMATION FOR THE Yfi AR F.NDED 31 MARCH 2024 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Grant Funding of Activities Total Funds 2024 Total Funds 2023 Support Costs Grants paid Governance costs 1,640.800 1,640,800 1,171,300 33.101 33,101 50,235 33,101 1,673,901 1,221.535 1,640,800 io. ANALYSIS OF GRANTS 2024 2023 GRANTS TO INSTITUTIONS Support of eduLation and relief of poverty Total grants 1,640,800 1.171,300 1,640,800 1,171,300 All grants and donations were paid io charitable institutions for the purposes of either the advancement of education or the relief of poverty. The Composition of donations is shown below: Friends Of Wiznitz Limited Achisomoch Aid Company Limited Keren Habinyan Limited Zichron Nachum (Europe) Trusl The ABC Trust Chevras Mo'oz Ladol Mifal Tzedoko V'chesed Ltmiled Amud Hatzdokoh Trust Rise And Shine Step By Step London The Ruzin Sadagora Trust Sassov Bels Hamedrash Sundry donations less ihan £20,000 500,000 315,000 200,000 195,000 80,000 50,000 50.000 35,000 30,000 30,000 25,000 20,000 110,800 1,640,800
CHARITWORTH LIMITED AND SUBSIDIARY UIYDERTAKINGS MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 ii. TAXATION 2024 2023 Deferred tax: Origination and reversal of liming diffei'ences Taxalion ,212,000 (1.441,000) 1,212,000 (1,441,000) Reconciliation of tax expense The tax assessed on the net income for the year is lower ihan ihe standard rate of corpoTation lax in the UK of 250/0 (2023.. 25010). 2024 2023 Profit on ordinary activities befoTe tax 6,090,078 (366,547) Net income by rate of tax Income exempi from lax Expenses not deductible for tax purposes Capital allowances and depreciation Group relief Timing differences on unrealised gains Timing differences on Gift Aid payments Unused tax losses 1,522,522 (91,635) (1,508,538) (92,089) 424,100 662.333 689 (6,312) (6,653) 244 1,212,000 (1,441,000) {432,120) (473.416) 875 Taxation 1,212,000 (1,441,000) Factor5 that may affect future tax charges The defctred tax liability at 31 March 2024 has been calculated based on a cotporation tax rate of25%. 12. IYET INCOME Net income is slaled after chargingl(crediling): 2024 2023 Depreciation of tangible fixed assets Fees payable for the audit of the finanLial statements 2,753 32,400 3.428 32,400 22
CHARITWORTH LIMITF,D AND SIJBSIDIARY UNDF.RTAKINGS MANAGEMEINT INFORMATION FOR THE YEAR r.NDED 31 MARCH 21124 13. STAFF COSTS The average headcount of ernployees duringy the year was nil (2023: nil). No cmployee received employee benefits of mol'e thali £60,000 during the year (2023- nil). TRUSTEE REMUNERA TION AND EXPENSES No remuneration or other benefits from employment with the charity or a related entity were received by the Iruslees. No trustee expenses have been InCued. NET MOVEMENT IN FUNDS Of the nel movement in funds of ihe group, a surplus of £5,555,659 (2023: surplus of £1,164.803) has been dealt with in the staiement of financial activities of the charity itself. Tumover of the charity aggregated £2,792,560 {2023.. £2,130,338) and comprised £1.885,000 (2023.. £1,763,000) of donations received from subsidiary undertakings and £907.560 (2023: £367.338) of investmeJ)t income. INVESTMENTS 14. 15. 16. Unlisted Investment Fixture$ & Inve5Ément Property Fittings Equipment Group Total Fair value At l April 2023 Additions Disposals Fair value movements 51 35,390,698 218,194 12.363 3,874 35,406,986 218,194 (50) 5,104,086 3,874 40.729,216 (50) 5,104.086 40,712,978 At 31 Mareh 2024 12,363 Depreciation At l April 2023 Charge for the year At 31 March 2024 2,473 1,978 4,451 775 775 3,248 2.753 1,550 6.001 Carrying amount At 31 March 2024 1 40.712,978 51 35.390,698 7,912 9,890 2J24 40,723,215 3,099 35,403,738 At 31 March 2023 23
CHARITWORT14 LIMITED AND SUBSIDIARY UNDERTAKINGS MANAGEMENT INFOIIMATION FOR THE YEAR ENDED 31 MARCH 2024 16. INVESTMENTS (Continued) Freehold investment property Shares in group ndertakings Charity Total Fair value Ai l April 2023 Additions Disposal Fair value movements 1,850,000 24,303,000 26,153,000 4.437,000 4,437.000 1.850,000 28,740,000 30,590.000 Al 31 March 2024 Investment property is included in the financial staternents at directors, valuation The historical cost of the group'5 investment property at 31 March 2024 is £25,576,175 (2023: £25,370.970). The hlstorical cost of the charity's investment property at 31 March 2024 is £1,665,326 (2023: £1.665.326). The fair values of shares in group undertakings are delemiined using the adjusted nel assets of the subsidiary undertakin8s, which take into account the fair value of the underlying assets of the subsidiary undertakings. 24
CHARITWORTH LIMITED AND .SIJB.SIDIARY UNDERTA_KINCS MANAC,EMF.NT INFORMATION FOR THF YEAR ENDED 31 MARCH 2024 17. INVESTMENT ENTITIES The charity owiis directly and indirectly the entire issued ordinai'y share capital of the followii)g companies, all of which are incorporated in Greai Briiiiin and registered in England and Wales. Company Number Held directly: Alphachoice Limited Astorheighis Limited Dominion Associates Limited Headbright Limited Metrona Limited Mosaic Property Developments Limited Tomenstar Limited 02848235 03061477 01582659 02937994 02935172 03556679 01569996 Held indirectly: Brandnow Limited Concorda Limited Opulenl Properties Limited 02108932 03884588 06702092 The registered address of all subsidiary undertakings is New Burlington House. 1075 Finchley Road, London. NWI I OPU, with the exception of Concorda Limited, which ha5 its regislered address al 5 North End Road, London, NW I17RJ. All the subsidiary undertakings carry on the business of property investment with the exception of Dominion Associates Limited, which carries on the business of property trading, The financial statements of all subsidiary undertakings are made up annually to 31 March, with the exception of those of Concorda Limited. which are made up to 30 November. The financial statements of the subsidiary undertaking used in preparing ihe consolidated accounts, whose financial slaÈement5 are noJ)-cotenninous with those of the charity, are those closest to the reporting dale of the charity. 25
CHARITWORTH LIMITED AND SIIBSIDIARY UNDERTAKINGS MANAGF.MENT INFORMATION FOR THE YEAR F.NDED 31 MARCH 21)24 17. IIYVESTMENT EIYTITIES (Continued) The aggi'egate assets. liabilities, capital and reserves for tlie subsidi¢iries as at 31 March 2024 were as follows: Dominion Associat¢5 Limited Opulent Properties Limiled Brandnow Limited Alphachoice Limiied Concorda Ltmited Fixed assets Current assels Currenl liabilities Non-currenl liabilities Provisions 350,001 7.335,000 21,883,316 8,563,284 60,764 2,746,909 (7.777,635) (1.587,408) (4,213,022) (928,012) (997.000) (3,400,000) 4.811,356 16,089,191 2,250,000 820 (720) (2,231,146) (114,000) (95,146) Nel assets 1.135,650 100 Aggregate capital and reserve5 1,135,650 4,811,356 16.089.191 loo (95,146) Mosaic Property Merrona Devclopmen15 Limited Limited A8tOTh¢ights Limited Fleadbright Limited Tomen5tar Limited Fixed assets Current assets Currenr liabilities Non-current liabilitie5 Provisions 550,000 1,800.000 655,000 4,400,000 714,155 880,023 984.139 13,544 77,564 (1,200} (19,463) (49.368) (384.258) (2,209,618) (337,000) (74,000) (200,000) 712,955 1,410,560 2.397,771 210,286 2,067,946 Net assels Aggregate capital and reserves 210.286 2,067,946 712,955 1.410,560 2.397.771 26
CHARITWORTH LIMTTF.D AND SUBSIDJARY UNDERT AKINGS MATr4AGEMEIYT INFORMATION FOR TFif YEI AR ENDED 31 MARCH 2024 17. INVESTMENT ENTITIES (Continued) A summary of turnover, expendiiure and profit/(Ios5) for the year ended 31 March 2024 is as follows.. Domillion Associates Liinited Opulent Properties Limited Brandnow Limited Alpha¢hoice Limited Concorda Limiied Tiirnover Cost of sales Administrative ¢xpenses Nel valliation gains/(losses) on investinent property Intei'est receivable and similar incoine Intei'est payable aiid siiy)ilar charges Tax 28,400 396,737 1,176,133 1,422 (9,353) (183,669) (5,881) (17.221) (29,138) (6,994) (1,440) (22,500) 3.716.359 800,072 821,100 480,027 (81.561) (43,000) (273,401) 6,000 (937,000) (114,000) Profil for financial y¢ar 763.480 310,663 3,949,311 677,638 Mosaic Property Me¢rona Developinenls Limited Limited Aslorheight5 Limited H¢adbi"ight Limiied Tomens(ar Limited Turnover Cost of sales Admiiiistruiive expenses Net valuatioi) gains/{losses) on inv¢slm¢iit property Inieresl receivable and similar in¢oine Interest payable and similar charges Tax 42,000 165,000 201.364 (2,901) (75,988) (5,938) (158,800) (5,595) (1.214) (2,256) 237.019 373,136 50,000 17,500 14,000 (61,000) (74,000) (93,000) 1,318 338,917 Profit for finaiicial year 48.786 57,244 173,062
CHAR]TWORTH LIMITED AND SUBSIDIARY UNDERTAK_INC:S MANACIMENT INFORMATION FOR THE YEAR EI NDF.D 11 MARCH 2024 18. DEBTORS Group ChArity 2024 2024 2023 2023 Prepayments and a¢erued income Othei. debtors 585,628 23,696 3,221,933 4,876,877 3,807,S61 4,900,573 313,755 104,999 119,952 104,999 224,951 418,754 Other debtors are comprised as follows.. Group Charity 2024 2024 2023 2023 Loan debtors Other debtors 1,390,144 2.554.361 1.831,789 2,322,516 3221,933 4,876.877 i 00,000 4,999 104,999 100,000 4,999 104,999 Group Loan debtors are effectively repayable on demand and include a loan for charitable purpose5 of £IOO,000 (2023: £100,000). Other debtors include amounts of £603,S26 (2023.. £574,191) due from companies of which Mr D M Halpein and Mrs l R Halpern are directors. The amounts are inlere5t free and repayable on demand with the exception of £524,526 which bears interest at 3.50/0 per annum. Charity Loan debtors comprise a loan for charitable purposes. 19. CREDITORS: amounts falling due within one year Group Charity 2024 2024 2023 2023 Bank loans and overdrafts Amount due to group undertakings Taxation and social security Accrudls and deferred income Other creditor5 1,715,436 2,402.817 265,741 1,800 44,433 25,842 5,700 86,996 51,748 653,191 2J6,484 5,771,254 6,089,847 69,508 3,600 8,226,877 8,780,896 337,816 78,808 28
CHARITWORT14 LIMITF.D AND SUBSIDIARY UNI)F.RTAKINGS MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 19. CREDITORS: amounts falling due within one year {Continued) Other credilors are comprised as follows.. Group Charity 2024 2024 2023 2023 Loan creditors Other creditors 5,150,390 5,530,374 620,864 559,473 5,771,254 6.089,847 25,842 3,600 3,600 25,842 Group £1.705,259 of the bank loans are secured by fjrst legal charge over some of the group's investment pi'operties. £1,550.825 15 repayable by September 2024 and this loan has been refjnanced after the year end. Some of ihe trustees have given a personal guarantee of £300,000 in respect of the bank loans. Loan creditors incliide amounls of £5,150,390 (2023.. £5,530,374) due to companies of which Mr D M Halpern and Mrs R Halpem are directors. loan creditors are interest free and effectively repayable on demand. 20. CREDITORS: amounts falling due after mor¢ than one year Group Charity 2024 2024 2023 2023 Bank loans and overdrafts 928,Ol2 1,135,810 Included within creditors.. amounts falling due after more ihan one year is an amount of £166,756 (2023: £520,883) in respect of liabilities payable or repayable by instalments which fall due for paymeni after more than five years from the reporting date. The liabilities which fall due for payment after more than five years from the reporting date relate to a loan rep(iyable in instalments until December 2029 which bears interest al a rate of 1.5 % above the Bank of Israel base rate per annum. £914,059 of the bank loans are secured by a first legal charge over some of the group's inveslment properties and are repayable by December 2029. 29
CHARITWORI'H LIMITED AND SUBSIDIARY UNDERTAKINGS MANAC.EME4 NT If4FORMATION FOR THE YEAR ENDED 31 MARCH 2024 21. DEFERRED INCOME 2024 Ai l April 2023 Arnounl released to income Amount deferred in year At 31 MaTch 2024 149,388 (149,J88) 127.692 127.692 DeferTed income arises from rents received in advance. 22. PROVISIONS Deferred tax: Group Charity At l April 2023 Additions 3,910,000 ,212,000 5,122.000 At 31 March 2024 The deferred lax account consisls of ihe lax effect of timing differences in respect of fail. value adjuslmenl to investment property and rolled gaRns. There are no deferred tax provisions for the charity- it is exempt from tax due to its charitable status on the basis thal all income and ains are applied solely for qualifying charitable purposes. 23. ANALYSIS OF CHARITABLE FUNDS Unrestricted Funds At l April 2023 Gains and losses At31 March 2024 Group Income Expenditure General funds 43,129,771 3,416,221 (3.642,229) 5,104,086 48.007,849 At l April 2023 Cains losses At31 March 2024 Charity Income Expenditure General funds 42,556,324 2,792,560 (1.673,901) 4,437,000 48.111,983 30
CHARITWORTH LIMITED AND SUBSIDIARY UNDERTAKINGS MANAC.EMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 24. ANAL YSIS OF NET ASSETS BETWEEN FUNDS Group Charity Unrtstrbeted Total Funds Unrestricted Total Funds Funds 2024 Funds 2024 Inveslments Current assets Creditors less than l year Creditors greater Ihan l year Provisions 40,723,215 40,723,215 30,590,000 30,590,000 21,561,523 21,561,523 17,859,799 17,859,799 (8,226.877) (8,226,877} (337,816) (337,816) (928.012) (928,012) (5,122,000) (5,122,000) 48,007.849 48,007,849 48,111,983 48,111,983 Nel assets 25. FINANCIAL IIYSTRUMENTS The CaIng amount for each category of financial instrument is as follows: Group Charity 2024 2024 2023 2023 Financial assets measured at fair value through income and expeT)Iliture 51 28,740,000 24,303,000 26. OPERATING LEASE COMMITMENTS As lessor The total future rninimuJn lease payments receivable under non-cancellable operating lease are as follows: Group Charity 2024 2024 2023 2023 Not later than l year Later than l year and not later than 5 years Laler than 5 years 1,564,693 1.698,772 36,000 34.500 3,711,746 4,145,365 2,488,208 3,314,208 7,764,647 9,158,345 144,000 34,500 214,500 34,500
CFIARITWORTH LIMITED AND SIIBSIDJAIIY UNDERTAKINGS MANAGEMENT INFORMATIOIN FOR THE YEAR ENDF,D 31 MARCH 2024 27. RELATED PARTY TRANSACTIONS Group Included within interest receivable aTe amounts of £19,000 {2023- £11,000) receivable from a company of which Mr D M Halpem and Mrs l R Halpern, Iruslees of the charity, are directors. Details ol. other i'elated party disclosures can be found in notes 16, 17, 18 and 19. Charity Included within expenditure on charitable activities are arnounts totalling £15,000 (2023: £11,800) relating lo grants paid to a charity Ihat has a truslee in common with this charity. ANALYSIS OF CASH AND CASH EQUIVALENTS 28. 2024 2023 Cash at bank and in liand 17,704,236 16,602,440 17,704,236 16,602,440 29. ANALYSIS OF CHANGEI S IN NET DEBT At31 Non-cash March Movement 2024 At l April 2023 Cashflows Cash in hand and at bank Debi due wiihin one year Debi due after one year 16,602,440 1,101,796 (7,933,191) 1,067,365 (1.135.810) 207,798 7,533,439 2,376,959 17,704,236 (6,865,826) (1)28,012) 9,910,398 32