##
##
##
##
|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|