##
##
##
##
|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|||
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##
|~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%|
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##
|||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|
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||||||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|
##
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||||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|
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##
|||||||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|
##
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##
||||||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|
##
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##
##
##
##
|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|