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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|||
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##
|~Com
an|istration Number|Percenia|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%|
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##
##
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##
##
##
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##
|||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|
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##
|||||||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|
##
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##
|||||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|
##
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##
|||||||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|
##
##
##
##
||Com|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||T||~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|bl C||
|---|---|---|---|---|---|---|---|---|
|||||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|bl|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|