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2020-11-30-accounts

REGISTERED COMPANY NUMBER: 01828540 (England and Wales) REGISTERED CHARITY NUMBER: 298359

Report of the Trustees and

Financial Statements for the Year Ended 30 November 2020

for

Bourneheights Limited

Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ

Bourneheights Limited

Contents of the Financial Statements for the Year Ended 30 November 2020

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 20
Detailed Statement of Financial Activities 21

Bourneheights Limited

Report of the Trustees for the Year Ended 30 November 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity was formed for the advancement of the education of persons expressing the orthodox Jewish faith, the advancement of the orthodox Jewish faith, and the relief of poverty in the orthodox Jewish community.

The charity is also actively involved in raising funds for general education, and relief of poverty, and to this end made substantial grants in the year under review.

Significant activities

There were no significant activities to report.

Public benefit

The trustees confirm their compliance with the duty to have regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.

Grantmaking

Bourneheights Limited has within its Articles of Association the ability to make donations.

Volunteers

During the year, the charity did not have any volunteers to help with the objective of the charity.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from contributions received from donors.

The Statement of Financial Activities shows a net surplus of £796,942 after making total grants of £1,603,020 and the reserves stand at £11,606,028.

Investment performance

The trustees are currently satisfied with the investment performance of the assets. The Company has not expanded its activities during the current year, but is always looking at opportunities, the current investment property portfolio is producing good results which enhances its charitable activities.

Internal and external factors

The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.

FINANCIAL REVIEW

Principal funding sources

Bourneheights is pleased and fortunate to receive donations from a number of organisations. Also through its investment policy the returns from the investments have produced good rental income.

Overall the charity has experienced a good year and hopes it will continue to do so next year.

Investment policy and objectives

Under the memorandum and articles of association, the charity has the power to make any investment, which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that investments in property meets their requirements to generate both income and capital growth.

Page 1

Bourneheights Limited

Report of the Trustees for the Year Ended 30 November 2020

FINANCIAL REVIEW

Reserves policy

The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.

FUTURE PLANS

There are no significant future developments to report.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005. The company was formed on 28 June 1984. The charity is managed and controlled by the directors who are the trustees, who meet regularly.

Recruitment and appointment of new trustees

The trustees are appointed according to the Articles of Association.

Organisational structure

The Chief Executive of the charity is Mr S Rand, to whom day to day management of the charity has been delegated.

The Board of Trustees must, as per the governing document, have at least 3 trustees serving at anyone time.

The entire board meets on a regular basis, at least quarterly, or more if required.

Induction and training of new trustees

All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charities views of its progression.

New trustees undergo a briefing to ensure they are aware of both their legal and professional responsibilities under charity and company law.

Wider network

At present Bourneheights Limited does not consider itself part of a wider network.

Related parties

Full details of the Related Party Transactions during the year ended 30 November 2019 can be found in Note 21 of the Financial Statements.

Risk management

The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01828540 (England and Wales)

Registered Charity number

298359

Registered office

10 Palm Court Queen Elizabeth's Walk London N16 5XA

Page 2

Bourneheights Limited

Report of the Trustees for the Year Ended 30 November 2020

Trustees E Berger (resigned 1.7.20) Y Chersky C Rand S Rand Company Secretary S Rand Auditors Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ Solicitors Bude Storz 220 Stamford Hill London N16 6RA Read Roper & Read Alberton House 30 St Mary's Parsonage Manchester M3 2WJ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Bourneheights Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 3

Bourneheights Limited

Report of the Trustees for the Year Ended 30 November 2020

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ S Rand - Trustee

Page 4

Report of the Independent Auditors to the Members of Bourneheights Limited

Opinion

We have audited the financial statements of Bourneheights Limited (the 'charitable company') for the year ended 30 November 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 5

Report of the Independent Auditors to the Members of Bourneheights Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr A Heller (Senior Statutory Auditor) for and on behalf of Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ

Date: .............................................

Page 6

Bourneheights Limited

Statement of Financial Activities for the Year Ended 30 November 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Donations to Institutions
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 30.11.20
Unrestricted
funds
£
1,914,875
769,943
2,684,818
277,856
1,603,020
7,000
1,887,876
796,942
10,809,086
11,606,028		 30.11.19
Total
funds
£
2,016,679
801,630
2,818,309
278,437
1,407,747
6,000
1,692,184
1,126,125
9,682,961
10,809,086

The notes form part of these financial statements

Page 7

Bourneheights Limited

Balance Sheet 30 November 2020

Notes
FIXED ASSETS
Investments
Investments
12
Investment property
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
19
Unrestricted funds
TOTAL FUNDS		 30.11.20
Unrestricted
funds
£
2,354
15,554,038
15,556,392
1,800,687
3,775
1,804,462
(2,316,480 )
(512,018)
15,044,374
(3,438,346 )
11,606,028
11,606,028
11,606,028		 30.11.19
Total
funds
£
2,354
14,965,628
14,967,982
1,801,723
4,645
1,806,368
(2,454,650 )
(648,282)
14,319,700
(3,510,614 )
10,809,086
10,809,086
10,809,086

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. S Rand - Trustee

The notes form part of these financial statements

Page 8

Bourneheights Limited

Cash Flow Statement

for the Year Ended 30 November 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of investment property
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 30.11.20
£
862,092
(206,218)
655,874
(588,410)
(588,410)
(68,334)
(68,334)
(870)
4,645
3,775		 30.11.19
£
896,635
(209,787)
686,848
(624,330)
(624,330)
(115,882)
(115,882)
(53,364)
58,009
4,645

The notes form part of these financial statements

Page 9

Bourneheights Limited

Notes to the Cash Flow Statement for the Year Ended 30 November 2020

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Interest paid
Decrease/(increase) in debtors
Decrease in creditors
Net cash provided by operations
2.
ANALYSIS OF CHANGES IN NET DEBT
At 1/12/19
£
Net cash
Cash at bank
4,645
4,645
Debt
Debts falling due within 1 year
(68,337)
Debts falling due after 1 year
(3,510,614 )
(3,578,951 )
Total
(3,574,306 )		 30.11.20
£
796,942
206,218
1,036
(142,104)
862,092
Cash flow
£
(870)
(870)
(3,934)
72,268
68,334
67,464		 30.11.19
£
1,126,125
209,787
(146,386)
(292,891)
896,635
At 30/11/20
£
3,775
3,775
(72,271)
(3,438,346 )
(3,510,617 )
(3,506,842 )

The notes form part of these financial statements

Page 10

Bourneheights Limited

Notes to the Financial Statements for the Year Ended 30 November 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

During the year, all costs incurred were in general nature and were expended from unrestricted fund.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Legal status

The company is limited by guarantee and does not have a share capital. The liabilty of every member is limited to £1 in the event of winding up.

continued...

Page 11

Bourneheights Limited

Notes to the Financial Statements - continued for the Year Ended 30 November 2020

2.
DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Rents received
Dilapidations received & lease extensions
4.
RAISING FUNDS
Investment management costs
Legal and professional fees
Commission & letting fees paid
Repairs to property
Rent, rates, insurance and services
Postage, stationery and advertising
Bank charges
Cleaning
Exchange differences
Interest payable and similar charges
5.
CHARITABLE ACTIVITIES COSTS
Donations to Institutions		 30.11.20
£
1,914,875
30.11.20
£
712,643
57,300
769,943
30.11.20
£
13,447
3,612
14,514
37,991
-
998
1,052
24
206,218
277,856		 30.11.19
£
2,016,679		 30.11.19
£
2,016,679
30.11.19
£
723,546
78,084
801,630
30.11.19
£
27,390
2,013
19,856
16,405
870
1,054
1,052
10
209,787
278,437
Grant
funding of
activities
(see note
6)
£
1,603,020		 30.11.19
£
723,546
78,084
801,630
30.11.19
£
27,390
2,013
19,856
16,405
870
1,054
1,052
10
209,787
278,437

continued...

Page 12

Bourneheights Limited

Notes to the Financial Statements - continued for the Year Ended 30 November 2020

6.
GRANTS PAYABLE
Donations to Institutions
The total grants paid to institutions during the year was as follows:
Chevras Mo'oz Ladol
Ezra Umarpeh Limited
The Gevurath Ari Torah Academy Trust
Hatzola Trust Limited
Mercaz Torah Vechesed Ltd
Moreshet Hatorah Ltd
Tchabe Kollel Limited
The Telz Talmudical Academy and Talmud Torah Trust
Belz Foundation Ltd
Chasdei Aharon Limited
Chasdei Sholom Trust
Clapton Support and Advice
Dover Sholem Community Trust
Ezer Leyoldos
Yeshivo Horomo Talmudical College
Keren Hatzolas Doros Alei Siach
Kollel Iyun
Mosdos Chernobil
Start Upright
Tchernobel Foundation Limited
UK Friends of Ahavas Chesed
Yesamach Levav
Yeshivat Geon Yaakov
Total Donations to Institutions less than £10,000
Adath Yisroel Bu
Friends of Eidah Chareidis Orthodox Council of Jerusalem
Friends of Ganei Geula
Mikve Oz Vechedva
Beis Aharon Trust Ltd
British Friends of Rinat Aharon
College for Higher Rabbinical Studies
Congregation Sharei Sholom Tchabe Limited
Kollel Tchernobel Trust
Notzar Chesed
Tomchei Yotzei Anglia
Vishnitz Girls School Limited
Mosdos Chaidut Chernobil Ltd		 30.11.20
£
1,603,020
30.11.20
£
127,429
10,000
30,000
14,000
16,265
61,000
100,000
80,000
35,700
50,000
-
15,250
27,300
-
11,000
10,072
91,476
138,108
122,495
35,749
18,375
62,945
10,000
254,221
-
10,000
-
-
15,260
15,000
50,000
67,000
25,071
18,100
32,471
10,000
38,733
1,603,020		 30.11.19
£
1,407,747
30.11.19
£
17,563
-
70,000
-
49,840
80,200
191,000
115,000
48,100
65,000
70,000
10,300
20,000
12,300
-
-
66,590
138,329
25,000
64,000
-
14,990
35,000
247,968
10,000
10,180
17,930
28,457
-
-
-
-
-
-
-
-
-
1,407,747

continued...

Page 13

Bourneheights Limited

Notes to the Financial Statements - continued for the Year Ended 30 November 2020

7. SUPPORT COSTS

7. SUPPORT COSTS
Governance
costs
£
Other resources expended 7,000
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
30.11.20 30.11.19
£ £
Auditors' remuneration 7,000 6,000

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 November 2020 nor for the year ended 30 November 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 November 2020 nor for the year ended 30 November 2019.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Donations to Institutions
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward		 Unrestricted
funds
£
2,016,679
801,630
2,818,309
278,437
1,407,747
6,000
1,692,184
1,126,125
9,682,961

continued...

Page 14

Bourneheights Limited

Notes to the Financial Statements - continued for the Year Ended 30 November 2020

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

TOTAL FUNDS CARRIED FORWARD
11.
TANGIBLE FIXED ASSETS
COST
At 1 December 2019 and 30 November 2020
DEPRECIATION
At 1 December 2019 and 30 November 2020
NET BOOK VALUE
At 30 November 2020
At 30 November 2019
12.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 December 2019 and 30 November 2020
NET BOOK VALUE
At 30 November 2020
At 30 November 2019
There were no investment assets outside the UK.
The trustees revalued the Investment on a Open Market valuation.		 Unrestricted
funds
£
10,809,086
Fixtures
and
fittings
£
359
359
-
-
Unlisted
investments
£
2,354
2,354
2,354

The Fixed Asset Investment is a shareholding in Overture Investments Limited a company incorporated in England & Wales. Mr C Rand and Mr S Rand are directors of the Company.

Page 15

continued...

Bourneheights Limited

Notes to the Financial Statements - continued for the Year Ended 30 November 2020

13. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
At 1 December 2019
Additions
At 30 November 2020
NET BOOK VALUE
At 30 November 2020
At 30 November 2019		 £
14,965,628
588,410
15,554,038
15,554,038
14,965,628

The trustees who are very experienced in the property sector revalued the Investment Properties Portfolio on a Open Market valuation.

Property valuations are inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments and accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 17)
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 30.11.20
£
61,421
1,709,989
29,277
1,800,687
30.11.20
£
72,271
45,854
9,312
2,042,420
146,623
2,316,480		 30.11.19
£
2,634
1,777,371
21,718
1,801,723
30.11.19
£
68,337
42,573
14,453
2,172,545
156,742
2,454,650

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Page 16

continued...

Bourneheights Limited

Notes to the Financial Statements - continued for the Year Ended 30 November 2020

16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.20
£
Bank loans (see note 17)
3,438,346
17.
LOANS
An analysis of the maturity of loans is given below:
30.11.20
£
Amounts falling due within one year on demand:
Bank loans
72,271
Amounts falling between one and two years:
Bank loans - 1-2 years
76,433
Amounts falling due between two and five years:
Bank loans - 2-5 years
256,663
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
3,105,250
18.
SECURED DEBTS
The following secured debts are included within creditors:
30.11.20
£
Bank loans
3,510,617
All bank loans are secured on specific investment properties owned by Bourneheights Limited.
19.
MOVEMENT IN FUNDS
Net
At
movement
1/12/19
in funds
£
£
Unrestricted funds
General fund
10,809,086
796,942
TOTAL FUNDS
10,809,086
796,942		 30.11.19
£
3,510,614
30.11.19
£
68,337
72,271
242,767
3,195,576
30.11.19
£
3,578,951
At
30/11/20
£
11,606,028
11,606,028

continued...

Page 17

Bourneheights Limited

Notes to the Financial Statements - continued for the Year Ended 30 November 2020

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
2,684,818
(1,887,876 )
TOTAL FUNDS
2,684,818
(1,887,876 )
Comparatives for movement in funds
Net
At
movement
1/12/18
in funds
£
£
Unrestricted funds
General fund
9,682,961
1,126,125
TOTAL FUNDS
9,682,961
1,126,125
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
2,818,309
(1,692,184 )
TOTAL FUNDS
2,818,309
(1,692,184 )
A current year 12 months and prior year 12 months combined position is as follows:
Net
At
movement
1/12/18
in funds
£
£
Unrestricted funds
General fund
9,682,961
1,923,067
TOTAL FUNDS
9,682,961
1,923,067		 Movement
in funds
£
796,942
796,942
At
30/11/19
£
10,809,086
10,809,086
Movement
in funds
£
1,126,125
1,126,125
At
30/11/20
£
11,606,028
11,606,028

continued...

Page 18

Bourneheights Limited

Notes to the Financial Statements - continued for the Year Ended 30 November 2020

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS
20.
CAPITAL COMMITMENTS
Contracted but not provided for in the financial statements		 Incoming
resources
£
5,503,127
5,503,127		 Resources
expended
£
(3,580,060 )
(3,580,060 )
30.11.20
£
-		 Movement
in funds
£
1,923,067
1,923,067
30.11.19
£
-

21. RELATED PARTY DISCLOSURES

During the year, transactions took place with related organizations, where some of the trustees of this charity also act as trustees/directors of the related organizations. These were as follows:

Donations received: 2020 £ Redbrick Investments Limited 1,600,000 (C.Rand & S.Rand) Groveway Investments Ltd 250,000 (S Rand) Donations paid: 2020 £ Belz Foundation Ltd 35,700 (S.Rand) Cosmon (Belz) Limited 4,576 (S.Rand) Clapton Common Boys Club 6,750 (S Rand) The Friends of OHR Yechiel Trust 125 (Y.Chersky)

Included in other debtors and other creditors are loan balances where some of the trustees of this charity also act as trustees/directors of the related organizations. These were as follows:

Other debtors: 2020 £ Cosmos (Belz) Limited 23,600 (UK Registered Charity) Ranbell Ltd 164,517 (UK Registered Charity)

continued...

Page 19

Bourneheights Limited

Notes to the Financial Statements - continued for the Year Ended 30 November 2020

21. RELATED PARTY DISCLOSURES - continued

Other creditors: 2020 £ Thornmead Securities Ltd 1,928,906 (C.Rand & S.Rand) Bessemer Estates Ltd 25,800 (S.Rand)

Page 20

Bourneheights Limited

Detailed Statement of Financial Activities for the Year Ended 30 November 2020

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Rents received
Dilapidations received & lease extensions
Total incoming resources
EXPENDITURE
Investment management costs
Legal and professional fees
Commission & letting fees paid
Repairs to property
Rent, rates, insurance and services
Postage, stationery and advertising
Bank charges
Cleaning
Exchange differences
Mortgage interest
Charitable activities
Grants to institutions
Support costs
Governance costs
Auditors' remuneration
Total resources expended
Net income		 30.11.20
£
1,914,875
712,643
57,300
769,943
2,684,818
13,447
3,612
14,514
37,991
-
998
1,052
24
206,218
277,856
1,603,020
7,000
1,887,876
796,942		 30.11.19
£
2,016,679
723,546
78,084
801,630
2,818,309
27,390
2,013
19,856
16,405
870
1,054
1,052
10
209,787
278,437
1,407,747
6,000
1,692,184
1,126,125

This page does not form part of the statutory financial statements

Page 21