2021-03-31-accounts - Keren Association Limited

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Name:	Keren Association Limited	Keren Association Limited
Status:	Incorporated: I"November		1961
	Registered Charity Number:		313119
	Company Registration	Number: 00707087
Principal Office:	129Stamford Hill
	London N16 5TW
Registered Office:	New Burlington House
	1075Finchley Road
	London NW11 OPU
Charity Trustees:	Mr E Englander (Chairman)
	Mrs SEnglander (Passed away 23 September 2020)
	Mr PN Englander
	Mr SZ Englander
	Mr JSEnglander
	Mrs H Z Weiss
	Mrs N Weiss
	Mr A I Perelman
	Mr J Stern (Appointed	6 August 2020)
Secretary:	Mrs SEnglander (Passed away 23 September 2020)
Auditors:	Cohen Arnold
	Chartered Accountants
	4 Statutory Auditor
	New Burlington House
	1075Finchley Road
	London NW11 OPU
Bankers:	Barclays Bank Pic
	Mile End dt Bow Branch
	240 Whitechapel Road
	London El IBS

~Com an	istration Number	eShareholdin
Adagio Estates Limited	11229159	100%
Blustart Co.Limited	00844475	100%
Egt SProperty Trading Co. Limited	00987960	100%
Englander Company Limited	00507585	50.45%
Gerrone Properties Limited	00842663	100%
Grangepoint Limited	01338359	100%
Hollow-ware Products Limited	00381945	100%
Manhill Co.Limited	00804321	100%

		2021	2020
Grants and donations received		588,000	79,035
Grants and donations paid		10,752,611	/3,834,570
Net investment	income	1,189,450	/,279,3/2
Gains/(Losses)	on investments	3,500,901	(4,600,438)
Net movement	in funds —(deficit)/surplus	(5,728,477)	(/2, 877,397)
Total funds		27,888,199	33,6/6, 676

						Unrestricted	Funds
						2021	2020
					Note
Income and endowments	from:
Donations and legacies						588,000	79,035
Investments						2,416,733	2,825,456
Total income						3,004,733	2,904,491
Expenditure on:
Investment management	costs					1,227,283	1,546,144
Charitable activities						10,951,869	14,1/0,473
Total expenditure						12,179,152	15,656,617
Surplus/(Deficit) on investment			valuations	and disposals		3,500,901	(4,600,438)
Net expenditure before	taxation					(5,673,518)	(17,352,564)
Taxation						(206,354)	2,942,750
Net expenditure after taxation						(5,879,872)	(14,409,814)
Attributable to non-controlling		interest				151,395	1,532,417
Net movement in funds					10	(5,728,477)	(12,877397)
Reconciliation offunds
Total funds brought forward						33,616,676	46,494,073
Total funds carried forward						27,888,199	33,616,676

			AS A	T31MARCH	2021
						Charitable	Charitable
				Garou	~Grou	~Com n	~Com an
				2021	2020	2021	2020
			Note			8
Fixed assets
Investments			11	72,740,234	71,834,2/7	43,192,432	45,503,/27
Total fixed assets				72,740,234	7/,834,2/7	43,192,432	45,503,127
Current assets
Debtors			12	2,199,645	1,963,465	114,111	/31,400
Cash at bank and in	hand			944,223	1,885,042	899,431	1,858,574
Total current assets				3,143,868	3,848,507	I&013)542	1,989,974
Current Liabilities
Creditors: Amounts	falling due
within one year			13	(2,141,835)	(2,288, 742)	(616,110)	(627,987)
Net current assets				1,002,033	1,559,765	397,432	1,361,987
Total assets less current		liabilities		73,742,267	73,393,982	43,589,864	46,865,114
Creditors: Amounts	falling due after
more than one year			14	(34,435,994)	(28,4/4, /9/)	(15,701,665)	(13,248,438)
Provisions for liabilities			15	(7,617,637)	(7,411,283)
Net assets				31,688,636	37,568,508	27,888,199	33,616,676
Less: non-controlling	interest			(3,800,437)	(3,951,832)
Net assets attributable		to the
parent Charitable	Company		16	27,888,199	33,6/6, 676	27,888,199	33,616,676
The funds ofthe Charitable
Company:
Unrestricted funds			16	27,888,199	33,616;676	27,888,199	33,616,676
				27,888,199	33,6/6,676	27,888,199	33,6/6, 676

				2021	2020
			Note	f.	6
Cash flows from operating activities:
Net cash used in operating activities			18	(10,507,469)	(14,251,102)
Cash flows from investing activities:
Interest received				23,033	15,387
Net rents and commissions received				1,606,142	2,176,895
Purchase of/Improvements to investments				(460,124)	(3,415,839)
Proceeds from sale ofinvestments				3,055,008	15,941,986
Net cash provided by investing activities				4,224,059	14,718,429
Cash flows from financing activities:
Interest paid				(687,353)	(642,841)
Repayment ofbank boirowings				(36,234)	(200,483)
Increase in other loan creditors				6,066,178	1,096,465
Net cash provided by financing activities				5/42,591	253,141
Change in cash and cash equivalents	in	the year		(940,819)	720,468
Cash and cash equivalents at the beginning		ofthe year		1,885,042	1,164,574
Cash and cash equivalents at the end	of	the year	18	944,223	1,885,042

						2021	2020
	Unrestricted donations		received			588,000	79,035
	No restrictions were attached to			any	donations received.
	INVESTMENT	INCOME
						2021	2020
						g
	Rents receivable	from	investment	properties		2,345,223	2,755,423
	Interest receivable					20,855	15,354
	Commissions receivable					50,655	54,679
						2,416,733	2,825,456
4.	INVESTMENT	MANAGEMENT			COSTS
						2021	2020
	Property outgoings					801,732	833,169
	Interest payable					425,551	712,975
						1,227,283	1,546,144

				2021	2020
Grant funding	activities	(Institutional	grants)	10,752,611	/3,834,570
Support and	governance	costs (note	6)	199,258	275,903
				10,951,869	/4, //0, 473

ANALY	SIS OFSUP	PORT AND GOVERNANCE	COSTS
			2021	2020
			8
Legal 6'c	professional	fees	129,317	/96,4/0
Auditor's	remuneration		56,880	62,800
General	expenses		13,061	/6,693
			199,258	275,903

SURPLUS/(DEFICIT) ON	SURPLUS/(DEFICIT) ON	INVESTMKNT VALUATIONS	AND DISPOSALS
			2021	2020
Profit/(Loss) on disposal			57,052	(/,040,84/)
Gains/(Losses) on	revaluation		3,884,960	(4,284, 060)
Amounts (written	offl/written	back on investments	(441,111)	724,463
			3,500,901	(4,600,438)

		Shares in
~Grou	~pro erties	Related C~*i	Ci) P ii i	Total
Fair Value at 1 April 2020	58,776,950	1,961,025	11,096,242	71,834,217
Additions	469,021		(8,897)	460,124
Disposals	(2,997,956)			(2)997,956)
Revaluations	(111,015)	3,995,975		3,884,960
Fair Value at 31March 2021	56,137,000	5,957,000	11,087,345	73,181,345
Impairments
At 1 April 2020
Impairment losses			(441,111)	(441,111)
At 31March 2021			(441)111)	(441,111)
Carrying Amount
Net book value at 31March 2021	56,137,000	5,957,000	10,646,234	72,740,234
Net book value at 1 April 2020	58,776,950	1,961,025	11,096,242	71,834,217
Historical Cost at 31March 2021	16,626,585	232,531	11,087,345	27,946,461
		Shares ia	Shares in
		Subsidi~ru)	Related
~Ch ii bi C	~Pro erties		.CCC 1	Total
Fair Value at I April 2020	8,300,000	35,713,773	1,489,354	45,503,127
Additions	229,254			229,254
Disposals	(2,318,500)			(2)318,500)
Revaluations	(58,754)	(2,320,357)	2,157,662	(221,449)
Fair Value at 31March 2021	6,152,000	33,393,416	3,647,016	43,192,432
Historical Cost at 31 March 2021	5,895,563	2,852,771	61,148	8,809,482

	an R istration	~d
~Com an	Number	d~bb tdt
Adagio Estates Limited	11229159	100%
Blustart Co. Limited	00844475	100%
E& SProperty Trading Co.Limited	00987960	100%
Englander Company Limited	00507585	50.45%
Gerrone Properties Limited	00842663	100%
Grangepoint Limited	01338359	100%
Hollow-ware Products Limited	00381945	100%
Manhill Co. Limited	00804321	100%

~Com an			~Edit	tttt	tttt	~Donation	Net retained
				~d'	t t	~a'd to	Brofitor
						Parent	loss
						~Charit
Adagio Estates Limited		66,637	(63,948)		(46,360)		(43,671)
Blustart Co.	Limited	7,149	(4,417)		22,640		25,372
E&SProperty Trading
Co. Limited		120,166	(78,499)		1,843	(245,000)	(201,490)
Englander Company
Limited		440,569	(161,497)		(259,611)	(325,000)	(305,539)
Gerrone Properties
Limited		133,433	(32,907)		(17,758)	(157,000)	(74,232)
Grangepoint	Limited	599,845	(218,016)		(214,050)	(650,000)	(482,221)
Hollow-ware	Products
Limited			(8,720)		(441,111)	(2,800,000)	(3,249,831)
Manhill Co.	Limited	589,354	(295,786)		381,952	(300,000)	375,520

The assets, liabilities and funds ofeach subsi	diary undertakings as a	t 31March 2021 were	as follows:	as follows:
			C~il t
~Com an	Assets	Liabilities	Reserves
Adagio Estates Limited	5,209,770	(5,829,506)		(619,736)
Blustart Co.Limited	1,104,905	(65,897)		1,039,008
E&SProperty Trading Co.Limited	3,775,906	(1,322,692)		2,453,214
Englander Company Limited	9,626,466	(1,956,562)		7,669,904
Gerrone Properties Limited	5,193,558	(2,291,599)		2,901,959
Grangepoint Limited	19,699,159	(9,239,174)		10,459,985
Hollow-ware Products Limited	13,075,633	(12,163,492)		912,141
Manhill Co. Limited	15,035,106	(4,442,309)		10,592,797
DEBTORS
	~Grou	~CC	it	it C
	2021	2020 2021		$020
	8		8
Rent and service charges	345,728	355,199 3,	133	23,735
Amounts due from related companies	375,372	357,869
Loan debtors	601,575	601,575 46,500		4I5,500
Interest receivable	9,532	II,710
Other debtors and prepayments	867,438	637,112 64,478		61,165
	2,199,645	I,963,465 114,111		13I,400

				~Grou		C~h't
				2021	2020	2021	2020
Current	instalments	oflong term loans		128,500	128,500	28,500	28,500
Rent and service charges charged			in advance	341,694	339,169	31,583	31,191
Amounts	due to related companies			297,104	297,J04	297,104	297,104
Loan creditors				537,204	529,063	157,000	157,000
Taxation				8,430	7,416	8,430	7,416
Other creditors and		accruals		828,903	987,490	93,493	106,776
				2,141,835	2,288,742	616,110	627,987

									~Grou		C~bil	C
B kb		I	B						2021 f	2020	2021	2020f
Secured bank		loan (instalments				terminating		in
less than	5 years)								5,569,895	5,606,129	697,389	704,243
									5,569,895	5,606,129	697,389	704,243
Less: Amounts			repayable		within	1 year			(128,500)	(128,500)	(28,500)	(28,500)
									5,441,395	5,477,629	668,889	675,743
Other amounts			fallin	due within 5			ears
Amounts	due	to related companies							28,994,599	22,936,562	9,685,485	9,625,404
Amounts	due	to subsidiary			undertakings						5,347,291	2,947,291
									34,435,994	28,414,191	15,701,665	13,248,438

		2021	2020
Balance at	1 April 2020	7,411,283	70,354,033
Movement	for the year	206,354	(2,942,750)
Balance 31	March 2021	7,617,637	7,41L283

~Grou
Balance at 1 April 2020		33,616,676
Net expenditure for the year		(9,380,773)
Surplus on investments		3,500,901
Attributable to non-controlling	interest	151,395
Balance at 31March 2021		27,888,199
Charitable Com an
Balance at 1 April 2020		33,616,676
Net expenditure for the year		(5,467,978)
Deficit on investments		(260,499)
Balance at 31March 2021		27,888,199

17.	FINANCIAL INSTRUME	NTS
							~Grou	~Ch	i	h1 C
							2021	2020 2021		2020
										f.
	Financial assets measured	atfair value
	tltrougli income and expenditures
	Unlisted investments (Note	11)				16,603,234		13,057,267 37,040,432		37,203,127
	Financial assets measured	at amortised cost:
	Debtors (Note 12)					2,199,645		1,963,465 114,111 131,400
	Financial liabilities measured			at amortlsed
	costs
	Creditors (Notes 13 8'c 14)					36,577,829		30,702,933 16,317,775		13,876,425
18.	NOTES TO THE CONSOLIDATED STATEMENT						OF CASH FLOWS
	Reconciliation ofnet income to			net cash flow		from o	cretin	activities
								2021		2020
	Net expenditure for the year							(5,879,872)	(14,409,814)
	Adjustments for:
	Interest receivable							(20,855)		(15,354)
	Net rents and commissions	receivable						(1,594,146)	(1,976,933)
	Interest payable							425,551		7/2, 975
	Taxation							206,354	(2,942,750)
	(Surplus)/DeRcit on investment		valuations		and	disposals		(3,500,901)		4,600,438
	(Increase)/Decrease in debtors							(247,829)		77
	Increase/(Decrease) in creditors							104,229		(2/9, 741)
								(10,507,469)	(14,251,102)
	Tax paid
	Net cash used in operating	activities						(10,507,469)	(14,251,102)
	Anal sis ofcash and cash	e uivalents
								2021		2020
	Cash bank and in hand							944,223		1,885,042
	Total cash and cash equivalents							944,223		1,885,042

ANA	LYSIS OFCHANGES IN NET DEBT
		At 1 Apr		At 31Mar
		2020	Cash flows	2021
Cash	at bank and in hand	1,885,042	(940,819)	944,223
		1,885,042	(940,819)	944,223
Loans	falling due within one year	(128,500)		(128,500)
Loans	falling due after more than one year	(5,477,629)	36,234	(5)441,395)
Total		(3,721,087)	(904,585)	(4,625,672)

				Unrestricted Funds
				2021
Income and endowments		from:
Donations and legacies				5,065,000
Investments				391,183
Total income				5,456,183
Expenditure on:
Investment management		costs		109,842
Charitable activities				10,814,319
Total expenditure				10,924,161
Deficit on investment	valuations		and disposals	(260,499)
Net movement in funds				(5,728,477)
Reconciliation offunds
Total funds brought forward				33,616,676
Total funds carried forward				27,888,199

Recipients ofInstitutional Grants
Friends ofMercaz Hatorah Belz Macnivka			2,007,541
China Vechisda			1,006,519
Mosdot Toras Aharon			872,568
Achisomoch Aid Company Limited			640,000
BeisAharon Trust Ltd			580,605
Heichalei Hakodesh			559,942
Parkwill Limited			536,000
The OJC Fund			360,722
Heichal Aharon Dchasidei Belz			326,270
Mosdos Kedushas Aharon D'Chasidei	Belz Machnovka	Elad	319,499
Mifalei Tzdokah V'chesed			302,582
Agudat Yeshivat Belz Machnovke			238,216
MLT Belz			212,500
Ichud Mosdos Gur Limited			204,758
Zera Aharon Machnovka Belz Yerushalayim			201,000
United Talmudical Academy "Torah	V'Yirah"		189,402
Collel Chibath Yerushalayim			180,160
The New Rachmistrivke Synagogue	Trust		154,200
Synagogue D'Chasidei Belz			140,800
Beth Jitschok VZW			140,700
The Beth Hamedrash Satmar Trust			100,000
Kolel Kedushas Aharon Belz VZW			95,938
Ezra Lecol Ma Detzarich			81,222
Kolel Belz Machnovkeh Limited			80,000
C and H Association Limited			75,000
Keren Hatzolo			72,850
Machon Oiz Vehudor			54,856
Side by Side School Ltd Other Grants (below f50,000)			50,000 968,761
			$10,752,611