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2022-03-31-accounts

Name: Karen Association
Limited		 Karen Association
Limited
Status: Incorporated:
le 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 EEnglander
(Chairman)
Mr PN Englander
Mr SZ Englander
MrJSEnglander
Mrs H Z Weiss
Mrs N Weiss
Mr A I Perelrnan
Mr JStern
Secretary: Mrs H Z Weiss (Appointed 25 January 2022)
Auditors: Cohen Arnold
Chartered
Accountants
dc Statutory
Auditor
New Burlington
House
1075Finchley Road
London NWI I OPU
Bankers: Barclays Bank Pic
Mile End dt Bow Branch
240 Whitechapel
Road
London EI IBS

~Com
an		 Com n istration Number ereenta eShareholdin
Adagio Estates Limited 11229159 100%
Blustart Co.Limited 00844475 100%
E gc 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%

2022 2021I
Grants and donations
received		 223,574 588,000
Grants and donations
paid		 9,089,868 10,752,6/I
Net investment income 1,328,202 I,189,450
Gains/(Losses) on investments (456,697) 3,500,901
Net movement in funds —(deficit)/surplus (7,018,277) (5, 728,477)
Total funds 20,869,922 27,888,199

Unrestricted Funds
2022 202/
Note 6
Income and endowments from:
Donations
and legacies		 223,574 588,000
Investments 2,504,462 2,4/6, 733
Total income 2,728,036 3,004,733
Expenditure
on:
Investment
management		 costs 1,176,260 1,227,283
Charitable
activities		 9,220,075 10,951,869
Total expenditure 10496435 12,179,152
Surplus/(Deficit)
on investment		 valuations and disposals (456,697) 3,500,901
Net expenditure
before		 taxation (8,124,996) (5,673,518)
Taxation 848,369 (206;354)
Net expenditure
after taxation		 (7,276,627) (5,879,872)
Attributable
to non-controlling		 interest 258,350 151,395
Net movement
in funds		 10 (7,018,277) (5,728,477)
Reconciliation offunds
Total funds brought forward 27,888,199 33,6/6, 676
Total funds carried forward 20,869,922 27,888,199

AS A T31MARCH 2022
Charitable Charitable
~Gros ~Gros ~Com sn ~Com an
2022 202/ 2022 202/
Note 6 6
Fixed assets
1nvestinents 11 57,101,088 72,740,234 37,918,645 43,/92,432
Total fixed assets 57&10L088 72,740,234 37~918~645 43,192,432
Current
assets
Debtors 12 1,998,354 2,199,645 77,138 114,11/
Cash at bank and in hand 11,254,682 944,223 233,243 899,431
Total current assets 13,253,036 3,/43,868 310,381 1,013,542
Current
Liabilities
Creditors: Amounts falling due
within one year 13 (2,545,213) (2,141,835) (1,232,918) (616,110)
Net current assets/(hsbtlities) 10,707,823 /, 002,033 (922,537) 397,432
Total assets less current liabilities 67,808,911 73,742,267 36,996,108 43,589,864
Creditors: Amounts falling due after
more than one year 14 (36,627,970) (34,435,994) (16,126,186) (15,70/,665)
Provisions
for liabilities		 15 (6,768,932) (7,6/7,637)
Net assets 24,412,009 31,688,636 20,869,922 27,888,199
Less: non-controlling interest (3,542,087) (3,800,437)
Net assets attributable to the
parent Charitable Company 16 20,869,922 27,888,/99 20,869,922 27,888,/99
The funds ofthe Charitable
Company:
Unrestricted
funds		 16 20,869,922 27,888,199 20,869,922 27,888,199
20,869,922 27,888,/99 20,869,922 27,888,199

FORTHE YEAR ENDED 31MARCH FORTHE YEAR ENDED 31MARCH FORTHE YEAR ENDED 31MARCH 2022
2022 2021
Note 8 6
Cash flows from operating activities:
Net cash used ia operating activities 18 (9,127485) (10,507469)
Cash flows from investing activities:
Interest received 9,797 23,033
Net rents and commissions received 1,854,868 1,606,142
Purchase
of/Improvements		 to investments (57,243) (460,124)
Proceeds from sale ofinvestments 15,239,692 3,055,008
Net cash provided
by investing
activities		 17,047,114 4,224,059
Cash flows from financing activities:
Interest paid (440,025) (687,353)
Repayment ofbank borrowings (100,483) (36,234)
Increase in other loan creditors 2,931,138 6066178
Net cash provided by financing activities 2,390,630 5,342,591
Change in cash and cash equivalents in the year 10410,459 (940,819)
Cash and cash equivalents atthe beginning ofthe year 944,223 1,885,042
Cash and cash equivalents atthe end ofthe year 18 11,254,682 944,223

2022 2021
Unrestricted
donations		 received 223,574 588,000
No restrictions
were attached to		 any donations received.
INVESTMENT INCOME
2022 2021
f
Rents receivable from investment properties 2,398,378 2,345,223
Interest receivable 10,595 20,855
Commissions
receivable		 95,489 50,655
2,504,462 2,416,733
4. INVESTMKNT MANAGEMENT COSTS
2022 2021f
Property
outgoings		 782,906 801,732
Interest payable 393,354 425,551
1,176,260 1,227,283

2022 2021
8
Grant funding activities (institutional grants) 9,089,868 10,752,61/
Support and governance costs (note 6) 130,207 /99,258
9,220,075 10,951,869

2022 2021
Legal /k professional fees 38,002 /29,317
Auditor's remuneration 66,255 56,880
General expenses 25,950 13,061
130,207 199,258

SURPLUS/(DEFICIT) ON INVESTMENT VALUATIONS AND DISPOSALS
2022 2021
6
(Loss)/Profit
on disposal		 (44,907) 57,052
(Losses)/Gains
on revaluation		 (852,901) 3,884,9I50
Amounts
written back/(written		 off) on investments 441,111 (441,111)
(456,697) 3,500,901

INVESTMENTS
Shares in
~Grou Pro e Related
~ct		 upp
tt
t		 Total
8
Fair Value at I April 2021 56,137,000 5,957,000 11,087,345 73,181,345
Additions 57,243 57,243
Disposals (15,284,599) (15,284,599)
Revaluations (852,901) (852,901)
Fair Value at 31March 2022 40,056,743 5,957,000 11,087,345 57,101,088
lmpairments
At 1 April 2021 (441,111) (441,111)
Reversal ofimpairments 441,111 441,111
At 31March 2022
Carrying
Amount
Net book value at 31March 2022 40,056,743 5,957,000 11,087,345 57,101,088
Net book value at I April 2021 56,137,000 5,957,000 10,646,234 72,740,234
Historical Cost at 31March 2022 12,982,839 232,531 11,087,345 24402,715
Shapes in Shares in
~uldils Related
~Ch*'
Pt
C		 ~pro erties gaadc~k4s ~c Total
Fair Value at 1 April 2021 6,152,000 33,393,416 3,647,016 43,192,432
Additions 1,543 1,543
Disposals (2,139,500) (2,139,500)
Revaluations (3,135,830) (3,135,830)
Fair Value at 31 March 2022 4,014,043 30,257,586 3,647,016 37,918,645
Historical Cost at 31March 2022 3,624,151 2,852,771 61,148 6,538,070
18

Com n
R		 ration ~Percents ~Percents e
~Com
an		 Number ~Sh h
hCh
Adagio Estates Limited 11229159 100%
Blustart Co. Limited 00844475 100%
E hh'c 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 ~KCht 0 C Donations Net retained
~d )caid to ~rofit or
Parent ~loss
Charitlh
8
Adagio Estates Limited 181,392 (26,872) (494,106) (339,586)
Blustart Co. Limited 6,593 (4,221) 13,501 15,873
EEeSProperty Trading
Co.Limited 112,937 (113,587) (80,928) (236,000) (317,578)
Englander
Company
Limited 462,639 (152,543) (288,489) (543,000) (521,393)
Gerrone Properties
Limited 136,715 (24,474) (246,770) (134,529)
Grangepoint Limited 685,495 (261,475) (1,123,136) (404,000) (1,103,116)
Hollow-ware Products
Limited (4,764) 441,111 436,347
Manhill Co. Limited 529,207 (191,456) 1,960,093 (1,821,000) 476,844

The assets, liabilities
and funds ofeach subsid		 iary
undertakings
as at		 31March 2022 wer e as fo llows:
~Ci I
C
~Com
an		 Assets Lrabrlrtres Reserves
Adagio Estates Limited 4,812,408 (5,771,730) (959,322)
Blustart Co.Limited 1,127,861 (72,980) 1,054,881
E&SProperty
Trading Co. Limited		 3,473,400 (1,337,764) 2,135,636
Englander
Company
Limited		 9,364,767 (2,216,256) 7,148,511
Gerrone Properties
Limited		 4,956,609 (2,189,179) 2,767,430
Grangepoint
Limited		 17,420,346 (9,970,519) 7,449,827
Hollow-ware
Products Limited		 13,609,671 (12,261,183) 1,348,488
Manhill Co.Limited 13,459,063 (2,389,422) 11,069,641

DEBTORS
'
~Grou ~Ch hl C
2022 202I 2021
6
Rent and service charges 194,904 345,728 3,133
Amounts
due from related companies		 389,835 375,372
Loan debtors 601,575 601,575 46,500 46,500
Interest receivable 10,330 9,532
Other debtors and prepayments 801,710 867,438 30,638 64,478
1,998,354 2,199,645 77,138 114,111

~Grou Charita eCom
an
2022 2021 2022 2021
g f
Current instalments oflong term loans 769,412 128,500 676,285 28,500
Rent and service charges charged in advance 334,777 341,694 32,700 31,583
Amounts
due to related companies		 297,104 297,104 297,104 297,104
Loan creditors 534,971 537,204 157,000 157,000
Taxation 9,651 8,430 9,651 8,430
Other creditors and accruals 599,298 828,903 60,178 93,493
2,545,213 2,141,835 1,232,918 616,110

~Grou ~Cb
i		 bl C
2022 2021 2022 2021
~bk b g f
Secured bank loan (instalments terminating in
less than 5years) 5,469,412 5,569,895 676,285 697389
5,469,412 5,569,895 676,285 697,389
Less: Amounts repayable within 1 year (769,412) (128,500) (676,285) (28,500)
4,700,000 5,441,395 668,889
Otheram untsfailin duawithinS ears
Amounts due to related companies 31,927,970 28,994,599 10,685,937 9,685,485
Amounts due to subsidiary undertakings 5,440,249 5,347,291
36,627,970 34,435,994 16,126,186 15,701,665

2022 2027
f f
Balance at 1 April 2021 7,617,637 7,471,283
Movement for the year (848,705) 206,354
Balance 31 March 2022 6,768,932 7,617,637

~Grou
Balance at 1 April 2021 27,888,199
Net expenditure for the year (6,819,930)
Deficit on investments (456,697)
Attributable
to		 non-controlling interest 258,350
Balance at31 March 2022 20,869,922
C~hlt
bt C
Balance at 1April 2021 27,888,199
Net expenditure for the year (5,744,988)
Deficit on investments (1,273,289)
Balance at 31 March 2022 20,869,922

17. FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
~Grou ~Ch I bl C
2022 2021
2022		 2021
8
Financial assets measured atfair value
through income and expenditure:
Unlisted
investments
(Note		 11) 17,044,345 16,603,234
33,904,602		 37,040,432
Financial assets measured at amortised costi
Debtors (Note 12) 1,998354 2199,645
77,138		 114,111
Financial
liabilities
measured		 at amortised
costi
Creditors (Notes 13gc 14) 39,173,183 36577,829
17,359,104		 163/7, 775
18. NOTES TO THE CONSOLIDATED STATEMENT OFCASH FLOWS
ReconciTia 'on ofnet incometo net cash tlow from o ratin activities
2022 2021
6
Net expenditure
for the year		 (7,276,627) (5,879,872)
Adjustments
for:
Interest receivable (10,595) (20,855)
Net rents and commissions receivable (1,710,961) (I,594,146)
Interest payable 393,354 425,551
Taxation (848,369) 206,354
Deficit/(Surplus)
on investment		 valuations and disposals 456,697 (3,500,901)
Decrease/(Increase)
in debtors		 51,265 (247,829)
(Decrease)/Increase
in creditors		 (181,713) 104,229
(9,126,949) (10,507,469)
Tax paid (336)
Net cash used in operating activities (9,127485) (I0,507,469)
Anal sisofcashandcashe uivaients
2022 2021
6
Cash bank and in hand 11,254,682 944,223
Total cash and cash equivalents 11,254,682 944,2Z3

ANA LYSIS OFCHANGES IN NET DEBT
At 1 Apr At 31Mar
2021 Cash flows 2022
8
Cash at bank and in hand 944,223 10310459 11454682
944,223 10,310,459 11,254,682
Loans falling due within one year (128,500) (640,912) (769,412)
Loans falling due afler more than one year (5,441,395) 741,395 (4,700,000)
Total (4,625,672) 10,410,942 5,785,270

1Jnrestricted
Funds
2022
Income and endowments from:
Donations
snd legacies		 3,227,574
Investments 284,380
Total income 3,511,954
Expenditure
on:
Investment
management		 costs 124,129
Charitable
activities		 9,132,813
Total expenditure 9,256,942
Income from shares in subsidiary undertakings 1,907,042
Deficit on investment valuations and disposals (3,180,331)
Net movement
in funds		 (7,018477)
Reconciliation offunds
Total funds brought forward 27,888,199
Total funds carried forward 20,869,922

Recipients ofInstitutional Grants
Friends ofMercaz Hatorah BelzMacnivka 1,632,315
Achisomoch
Aid Company		 Limited 831,000
Parkwill
Limited		 800,000
The OJC Fund 748,964
Beis Aharon Trust Ltd 699,450
China Vechisda 693,880
Mosdot Toras Aharon 480,326
Mosdos Kedushas
Aharon		 D'Chasidei Belz Machnovka Elad 307,751
Ezra Lecol Ma Detzarich 240,241
Zera Aharon Machnovka Belz Yerushalayim 234,250
M.L.T.Belz 218,260
Heichal Aharon Dchasidei Belz 196,370
Agudat Yeshivat Belz Machnovke 156,496
ichud Mosdos Gur Limited 135,000
Machon Oiz Vehudor 122,753
Synagogue
D'Chasidei Belz		 107,750
TTBA Belz 91,600
Beth Jitschok VZW 89,300
The Beth Hamedrash
Satmar Trust		 80,000
Hatzola Trust Limited 72,000
Friends ofMosdos Torah Veyirah 63,000
Chasdei Aharon Ltd 56,000
Kollel Mishkon Yakov 53,000
Side by Side School Ltd
Other Grants (below 850,000)		 50,000
930,162
$9,089,868