| Name: | Keren Association Limited |
Keren Association Limited |
||
|---|---|---|---|---|
| Status: | Incorporated; 1"November |
1961 | ||
| Registered Charity Number: |
313119 | |||
| Company Registration |
Number; | 00707087 | ||
| Principal Oflice: | 129Stamford Hill |
|||
| London N16 5TW | ||||
| Registered Office: | New Burlington House |
|||
| 1075Finchley Road | ||||
| London NW11 0PU | ||||
| Charity Trustees: | Mr EEnglander (Chairman) |
|||
| Mr PN Englander | ||||
| Mr SZ Englander | ||||
| Mr JSEnglander | ||||
| Mrs H Z Weiss | ||||
| Mrs N Weiss | ||||
| Mr A I Perelman | ||||
| Mr JStern | ||||
| Secretary: | Mrs H Z Weiss | |||
| Auditors: | Cohen Arnold | |||
| Chartered Accountants |
||||
| &Statutory Auditor |
||||
| New Burlington House |
||||
| 1075Finchley Road | ||||
| London NW11 OPU | ||||
| Bankers: | Barclays Bank Pic | |||
| Mile End &Bow Branch | ||||
| 240 Whitechapel Road |
||||
| London E1 1BS |
| ~Com an |
Com an | Re 'stratian | Number | Percenfa | a Sharehotdtn |
|---|---|---|---|---|---|
| Adagio Estates Limited | 11229159 | 100% | |||
| Btustart Co.Limited | 00844475 | 100% | |||
| E d'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% |
| 2023 | 2022 | ||
|---|---|---|---|
| Grants and donations received |
239,934 | 223,574 | |
| Grants and donations paid |
11669743 | 9,089,868 | |
| Net investment | income | 1,058,187 | /,328,202 |
| Gains/(Losses) | on investments | (1,721,614) | (456697) |
| Net movement | in funds —(deficit)/surplus | (11,410,756) | (7,0/8,277) |
| Total funds | 9,459,166 | 20,869,922 |
| Uarestricted | Funds | ||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| Note | f | ||||||
| Income and endowments | from: | ||||||
| Donations and legacies |
239,934 | 223,574 | |||||
| Investments | 2,149,549 | 2,504,462 | |||||
| Total income | 2,389,483 | 2,728,036 | |||||
| Expenditure on: |
|||||||
| Investment management |
costs | 1,091,362 | 1,176,260 | ||||
| Charitable activities |
11,825,403 | 9,220, 075 | |||||
| Total expenditure | 12,916&765 | 10,396,335 | |||||
| Surplus/(Deficit) on investment |
valuations | and disposals | (1,721)614) | (456,697) | |||
| Net expenditure before |
taxation | (12+48,896) | (8,124,996) | ||||
| Taxation | 484,045 | 848,369 | |||||
| Net expenditure after taxation |
(11,764,851) | (7,276,627) | |||||
| Attributable to non-controlling |
interest | 354,095 | 258,350 | ||||
| Net movement in funds |
10 | (11,410,756) | (7,018,277) | ||||
| Reconciliation offunds |
|||||||
| Total funds brought forward |
20,869,922 | 27,888,199 | |||||
| Total funds carried forward | 9,459,166 | 20,869,922 |
| AS A | T 31MARCH | 2023 | |||||
|---|---|---|---|---|---|---|---|
| Charitable | Charitable | ||||||
| ~Grou | ~Grou | ~Com an | ~Cont an |
||||
| 2023 | 2022 | 2022 | |||||
| Note | |||||||
| Fixed assets | |||||||
| investments | 11 | 53,588,345 | 57,IOI,088 | 25,682,154 | 37,9I8,645 | ||
| Total fixed assets | 53&588445 | 57, IOI,088 | 25,682,154 | 37,9)8,645 | |||
| Current assets | |||||||
| Debtors | 12 | 4,153,683 | I,998,354 | 98,148 | 77,138 | ||
| Cash at bank and in | hand | 1,805,890 | JI,254,682 | 312,627 | 233,243 | ||
| Total current assets | 5,959,573 | l3,253,036 | 410,775 | 3I0,38I | |||
| Current Liabilities | |||||||
| Creditors: Amounts | falling due | ||||||
| within one year | 13 | (1,729,569) | (2,545,2)3) | (537,101) | (I,232,9)8) | ||
| Net current assets/(liabilities) |
4,230,004 | IO,707,823 | (126426) | (922,537) | |||
| Total assets less current | liabilities | 57,818,349 | 67,808,9II | 25,555,828 | 36,996,)08 | ||
| Creditors: Amounts | faging due after | ||||||
| more than one year | 14 | (38,888,462) | (36,627970) | (16,096,662) | (I6,)26,186) | ||
| Provisions for liabilities | 15 | (6,282,729) | (6,768,932) | ||||
| Net assets | 12,647,158 | 24,4I2,009 | 9&459&166 | 20,869,922 | |||
| Less: non-controlling | interest | (3,187,992) | (3,542,087) | ||||
| Net assets attributable | to the | ||||||
| parent Charitable | Company | 16 | 9,459,166 | 20,869,922 | 9,459,166 | 20,869,922 | |
| The funds ofthe Charitable | |||||||
| Company: | |||||||
| Unrestricted funds |
16 | 9,459,166 | 20,869,922 | 9&459,166 | 20,869,922 | ||
| 9,459,166 | 20,869,922 | 9,459,166 | 20,869,922 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | ||||
| Cash flows from operating activities: | ||||
| Net cash used in operating activities |
18 | (13,938,565) | (9,127285) | |
| Cash ilows from investing activities: |
||||
| Interest received | 27,521 | 9,797 | ||
| Net rents and commissions received |
1,519,700 | 1,854,868 | ||
| Purchase of/Improvements to investments |
(138,183) | (57,243) | ||
| Proceeds from sale ofinvestments | 1,929,312 | 15,239,692 | ||
| Net cash provided by investiag activities |
3@38450 | 17j047114 | ||
| Cash flows from tiaancing activities: | ||||
| Interest paid | (470,153) | (440,025) | ||
| Cash inflows from bank borrowings | 1,473,930 | |||
| Repayment ofbank borrowings | (100,483) | |||
| Increase in other loan creditors | 147,646 | 2,931,138 | ||
| Net cash provided by financing nativities |
1,151,423 | 2,390,630 | ||
| Change in cash and cash equivalents | in the year | (9,448,792) | 10,310,459 | |
| Cash and cash equivalents at the beginning ofthe year |
11,254,682 | 944,223 | ||
| Cash and cash equivalents at the end |
ofthe year | 18 | 1,805,890 | 11,254,682 |
| 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| g | 6 | |||||||
| Unrestricted donations |
received | 239,934 | 223,574 | |||||
| No restrictions | were attached to | any | donations | received. | ||||
| INVESTMENT INCOME | ||||||||
| 2023 | 2022 | |||||||
| g | ||||||||
| Rents receivable | from | investment | properties | 1,903,992 | 2,398,378 | |||
| Interest | receivable | 36,045 | 10,595 | |||||
| Commissions receivable |
209,512 | 95,489 | ||||||
| 2,149,549 | 2,504,462 | |||||||
| INVESTMENT MANAGEMENT | COSTS | |||||||
| 2023 | 2022 | |||||||
| g | ||||||||
| Property | outgoings | 584,251 | 782,906 | |||||
| Interest | payable | 507,111 | 393,354 | |||||
| 1,091,362 | L 776,260 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Grant funding | activities | (institutional | grants) | 11,669,743 | 9,089,868 | |
| Support | and governance | costs (note | 6) | 155,660 | /30,207 | |
| 11,825,403 | 9,220,075 |
| ANALY | SIS OF SUP | PORT AND GOVERNANCE | COSTS | |
|---|---|---|---|---|
| 2023 | 2022 | |||
| f | ||||
| Legal @professional | fees | 78,275 | 38,002 | |
| Auditor's | remuneration | 62,013 | 66,255 | |
| General | expenses | 15,372 | 25,950 | |
| 155,660 | /30,207 |
| SURPLUS/(DEFICIT) ON | SURPLUS/(DEFICIT) ON | SURPLUS/(DEFICIT) ON | INVESTMENT VALUATIONS | AND DISPOSALS | |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| 6 | |||||
| Profit/(Loss) on |
disposal | 248,457 | (44,907) | ||
| Gains/(Losses) | on revaluation | (1,970,071) | (852,90/) | ||
| Amounts written |
back/(written | off) on investments | 44/, /// | ||
| (1,721,614) | (456,697) |
| INVESTMENTS | |||||
|---|---|---|---|---|---|
| Shares in | |||||
| Related | |||||
| ~Grou | ~Pro rties |
~Com anise |
Life Policies | Total | |
| 8 | |||||
| Fair Value at 1 April 2022 | 40,056,743 | 5,957,000 | 11,087,345 | 57,101,088 | |
| Additions | 138,183 | 138,183 | |||
| Disposals | (1,680,855) | (1,680,855) | |||
| Revaluations | (1,970,071) | (1,970,071) | |||
| Fair Value at 31March 2023 | 36,544,000 | 5,957,000 | 11,087,345 | 53,588,345 | |
| irnpairments | |||||
| At 1 April 2022 | |||||
| Reversal ofimpairments | |||||
| At 31 March 2023 | |||||
| Carrying Amount |
|||||
| Net book value at | 31 March 2023 | 36,544,000 | 5,957,000 | 11,087,345 | 53,588,345 |
| Net book value at | 1 April 2022 | 40,056,743 | 5,957,000 | 11,087,345 | 57,101,088 |
| Historical Cost at 31 March 2023 | 12,036,881 | 232,531 | 11,087,345 | 23,356,757 | |
| shares in | Silores lls | ||||
| Cherish leCam |
au | P~ro erties | Snhshtiarv n"" ' |
Related ~e |
Total |
| Fair Value at I April 2022 | 4,014,043 | 30,257,586 | 3,647,016 | 37,918,645 | |
| Additions | |||||
| Disposals | (1,025,625) | (1,025,625) | |||
| Revaluations | 79,582 | (11,290,448) | (11410,866) | ||
| Fair Value at 31 March 2023 | 3,068,000 | 18,967,138 | 3,647,016 | 25,682,154 | |
| Historical Cost at | 31 March 2023 | 2,567,735 | 2,852,771 | 61,148 | 5,481,654 |
| 18 |
| Com | n R lstratton |
~percenta | e | |
|---|---|---|---|---|
| ~Com an |
Number | S~be Ml | ||
| Adagio Estates Limited | 11229159 | 100% | ||
| Blustart Co. Limited | 00844475 | 100% | ||
| E&S Property 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 | e~egt | 0e | Donstians | Net retained | ||
|---|---|---|---|---|---|---|---|
| ~e | Iield to | grofrt or | |||||
| Parent | ~loss | ||||||
| ' | |||||||
| ~Cha | |||||||
| Adagio Estates Limited | 187,429 | (33,271) | (1,048,510) | (894,352) | |||
| Blustart Co. | Limited | 3,539 | (5,428) | 37,792 | (30,000) | 5,903 | |
| E& S Property Trading Co. Limited |
117,960 | (79,669) | 102,878 | (100,000) | 41,169 | ||
| Englander CompanY |
|||||||
| Limited | 472,335 | (198,056) | (460,402) | (528,500) | (714,623) | ||
| Gerrone Properties | |||||||
| Limited | 137,559 | (59,304) | (307,847) | (120,000) | (349,592) | ||
| Grangepoint | Limited | 688,510 | (161,695) | (1,518,614) | (608,000) | (1,599,799) | |
| Hollow-ware | Products | ||||||
| Liinited | (3,717) | I | (3,716) | ||||
| Manhill Co. | Limited | 48,003 | (50,968) | (229,787) | (9,635,000) | (9,867,752) |
| The assets, liabilities and funds ofeach subsi |
diary undertakings as |
at 31March 2023 wer | e as fo | e as fo | llows: |
|---|---|---|---|---|---|
| ~C' | I d |
||||
| ~Com an | Assets 8 |
Liabilities | Reserves f |
||
| Adagio Estates Limited | 3,830,328 | (5,684,002) | (1,853,674) | ||
| Blustart Co.Limited | 1,134,348 | (73,564) | 1,060,784 | ||
| E&SProperty Trading Co. Limited | 3,371,298 | (1,194,493) | 2,176,805 | ||
| Englander Company Limited |
8,401,057 | (I 967 169) | 6,433,888 | ||
| Gerrone Properties Limited |
4,422,212 | (2,004,374) | 2,417,838 | ||
| Grangepoint Limited |
18,016,335 | (12,166,307) | 5,850,028 | ||
| Hollow-ware Products Limited |
13,609,641 | (12,264,869) | 1,344,772 | ||
| Manhill Co.Limited | 3,640,636 | (2,438,747) | 1,201,889 | ||
| DEBTORS | |||||
| ~Grou | ~Ch | I | I | C | |
| 2023 | 2022 f 2023 f. |
2()22f | |||
| Rent and service charges | 211,834 | I94,904 2,260 |
|||
| Amounts due from related companies |
611,481 | 624,72I | |||
| Loan debtors | 384,688 | 366,689 64,500 |
4I5,500 | ||
| Interest receivable | 18,854 | I0,330 | |||
| Other debtors and prepayments | 2,926,826 | 80I,7I0 31,388 |
30,638 | ||
| 4,153,683 | I,99&354 98,148 |
77,)38 |
| ~Grou | O~Hbt | C | |||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | ||||
| 8 | 6 | 6 | |||||
| Current | instalments | oflong tenn loans | 125,000 | 769,412 | 676,285 | ||
| Rent and service charges charged | in advance | 342,154 | 334,777 | 32,153 | 32,700 | ||
| Amounts | due to related companies | 297,104 | 297,104 | 297,104 | 297,104 | ||
| Loan creditors | 540,467 | 534,971 | 157,000 | 157,000 | |||
| Taxation | 11,176 | 9,651 | 11,176 | 9,651 | |||
| Other creditors and | accruals | 413,668 | 599,298 | 39,668 | 60,178 | ||
| 1,729,569 | 2,545,213 | 537,101 | 1,232,9/8 |
| ~Grou | ~Ch | i | Dg | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||||||
| ~ak | 6 | |||||||||||
| Secured bank loan (instalments | terminating | in | ||||||||||
| less than 5years) | 6,943,342 | 5,469,412 | 67',285 | |||||||||
| 6,943,342 | 5,469,4/2 | 670,285 | ||||||||||
| Less: Amounts | repayable | within | 1 year | (125,000) | (769,412) | (676,285) | ||||||
| 6,818,342 | 4,700,000 | |||||||||||
| Other amounts | fallin | due within 6 | ears | |||||||||
| Amounts | due to related companies | 32,070,120 | 31,927,970 | 10,656,413 | 10,685,937 | |||||||
| Amounts | due to subsidiary | undertakings | 5,440,249 | 5,440,249 | ||||||||
| 38,888,462 | 36,627,970 | 16,096,662 | 16,126,186 |
| 2023 | Z022 | ||
|---|---|---|---|
| Balance at | 1 April 2022 | 6,768,932 | 7,617,637 |
| Movement | for the year | (486,203) | (848,705) |
| Balance 31 | March 2023 | 6,282,729 | 6,768,932 |
| Balance at 1 April 2022 | 20,869,922 | |
|---|---|---|
| Net expenditure for the year |
(10,043,237) | |
| Deficit on investments | (L72L614) | |
| Attributable to non-controlling |
interest | 354,095 |
| Balance at 31March 2023 | 9,459,166 | |
| ~Ch ht bl C | ||
| Balance at 1 April 2022 | 20,869,922 | |
| Net expenditure for the year |
(305,993) | |
| Deficit on investments | (11,104,763) | |
| Balance at 31March 2023 | 9,459,166 |
| FINANCIAL INST | RUME | NTS | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| ~Grou | C~h' | bl C | |||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||
| 8 | |||||||||||
| Financial assets measured | atfair value | ||||||||||
| through income und | expenditure: | ||||||||||
| Unlisted investinents |
(Note | 11) | 17,044,345 | 17,044,345 22,614,154 |
33,904,602 | ||||||
| Financial assets measured | a( amortised cost: | ||||||||||
| Debtors (Note 12) | 4,153,683 | 1,998,354 | 98,148 | 77,138 | |||||||
| Financial liabilities |
measured | at amortlsed | |||||||||
| costi | |||||||||||
| Creditors (Notes 13 | &14) | 40,618,031 | 39,173,183 16,633,763 |
17,359,104 | |||||||
| NOTES TO THE CONSOLIDATED STATEMENT | OF CASH FLOWS | ||||||||||
| Reconciliation ofnet income to | net | cash | flaw | from o | ratin | nativities | |||||
| 2023 | 2022 | ||||||||||
| Net expenditure for the year |
(11,764,851) | (7,276;627) | |||||||||
| Adjustments for: |
|||||||||||
| Interest receivable | (36,045) | (10,595) | |||||||||
| Net rents and commissions | receivable | (1,529,253) | (1,710,961) | ||||||||
| Interest payable | 507,111 | 393,354 | |||||||||
| Taxation | (484,045) | (848,369) | |||||||||
| (Surplus)/Deficit on |
investment | valuations | and | disposals | 1,721,614 | 456,697 | |||||
| (Increase)/Decrease | in debtors | (2,129,875) | 51,265 | ||||||||
| Increase/(Decrease) | in creditors | (221,063) | (18/, 7/3) | ||||||||
| (13,936,407) | (9,126,949) | ||||||||||
| Tax paid | (2,158) | (336) | |||||||||
| Net cash used in operating | activities | (13,938,565) | (9,127,285) | ||||||||
| Anal sisofcash and tush | e uivnle | ts | |||||||||
| 2023 | 2022 | ||||||||||
| 8 | |||||||||||
| Cash bank and in hand | 1,805,890 | 11,254,682 | |||||||||
| Total cash and cash equivalents | 1,805,890 | 11,254,682 |
| At 1 Apr | At 31Mar | |||
|---|---|---|---|---|
| 2022 | Cash flows | 2023 | ||
| g | 8 | |||
| Cash | at bank and in hand | 11,254,682 | (9 448 792) | ly805y890 |
| 11,254,682 | (9,448,792) | 1,805,890 | ||
| Loans | falling due within one year | (769,412) | 644,412 | (125,000) |
| Loans | falling due afler more than one year | (4 700 000) | (2 118342) | (6i818y342) |
| Total | 5,785,270 | (10,922,722) | (5,137,452) |
| U~it& d |
||||
|---|---|---|---|---|
| 2023 | ||||
| Income and eadowments | from: | |||
| Donations and legacies |
11,261,434 | |||
| Investments | 265,221 | |||
| Total income | 11,526,655 | |||
| Expenditure on: |
||||
| Investment management |
costs | 55,462 | ||
| Charitable activities |
11,777,186 | |||
| Total expenditure | 11,832,648 | |||
| Deficit on invesunent | valuations | and disposals | (11,104,763) | |
| Net movement in funds |
(11,410,756) | |||
| Reconciliation offunds | ||||
| Total funds brought | forward | 20,869,922 | ||
| Total funds carried | forward | 9,459,166 |
| Recipients ofInstitutional | Grants | 8 | ||||
|---|---|---|---|---|---|---|
| Friends ofMercaz Hatorah Belz Macnivka | 2,114,400 | |||||
| China Vechisda | 884,195 | |||||
| Parkwill Limited |
836,000 | |||||
| Mosdot Torse Aharon | 806,039 | |||||
| The OJC Fund | 798,391 | |||||
| Achisomoch Aid Company |
Limited | 663,000 | ||||
| Ezra Lecol Ma Detzarich | 459,245 | |||||
| TTBA Belz | 408,600 | |||||
| Heichalei Hakodesh |
385,594 | |||||
| Mosdos Kedushas Aharon |
D'Chasidei | Belz Machnovka | Elad | 361,800 | ||
| Beis Aharon Trust Ltd | 310,320 | |||||
| Heichal Aharon Dchasidei |
Belz | 298,367 | ||||
| Zera Aharon Machnovka | Belz Yerushalayim | 286,000 | ||||
| lchud Mosdos Gur Limited | 275,800 | |||||
| Kollel Belz Machnovke Limited |
250,000 | |||||
| Agudat Yeshivat Belz Machnovke UTRY Limited |
223,394 200,000 |
|||||
| MLT D'Chasidei Belz | 188,300 | |||||
| Mosdos Belz Machnovka | Beis Shemesh | 187,086 | ||||
| The New Rachrnistrivke Synagogue |
Trust (NRST) | 143,550 | ||||
| Synagogue D'Chasidei Belz Doiros Oilom, israel |
112,300 103,641 |
|||||
| Beis Brucha | 100,317 | |||||
| Crownhost Limited |
94,000 | |||||
| Chasdei Aharon Limited | 81,100 | |||||
| Collel Chibath Yerushalayim |
80,540 | |||||
| Amud Hatzdokoh Trust |
61,920 | |||||
| Belz Machnovka Manchester |
Limited | 53,400 | ||||
| Keren Hatzolo Trust | 50,400 | |||||
| Other Grants (below $50,000) | 852,044 | |||||
| 11,669,743 |