KEREN ASSOCIATION LIMITED (LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Number: 00707087 Charity Number: 313119 COHEN ARNOLD CHARTEIIED ACCOUNTANTS & STATUTORY AUDITOR LONDON NWI I OPU
KEREN ASSOCIATION LIMITED INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administrative Details Trustees, Report 7-10 Auditor's Report Consolidated Statement of Financial Activities 12 Consolidated Balance Sheet and CharTtable Company Balance Sheet 13 Consolidated Statement of Cash Flows 14-24 Notes to the Financial Statements
KEREN ASSOCtATION LIMITED REFERENCE AND ADMll¥ISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Name: Keren Association Limited Status.. Incorporated: 1st November 1961 Registered Charity Number.. 313119 Company Registration Number.. 00707087 Principal Offiee: 129 Stamford Hill London N16 5TW Registered Offi¢e'. New Burlington House 1075 Finchley Road London NWI I OPU Charlty Trustees: Mr E Englander (Chainnan) Mr P N Englander Mr S Z Englander Mr J S Englander Mrs H Z Weiss Mrs N Weiss Mr A I Perelman Mr J Slern Secretary: Mrs H Z Weiss Auditor$: Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NWI I OPU Bankers: Barclays Bank PIC Mile End & Bow Branch 240 Whitechapel Road London El IBS
KEREN ASSOCL4TION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also directors for the purposes of Company law, have pleasure in presenting their report. including a Strategic Report, together with the consolidated Financial Ststements of the Charitable Company and its subsidiaries for the year ended 31 March 2024 which are also prepared to meet the requirements for a Directors, report for Companies Act purposes. The financial statements cornply with the Charities Act 201 I, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). REFERENCE AND ADMINISTRATIVE DETAILS Reference and Administrative details of the Company are shown on Page l of the Financial Statements which fornis part of this report, STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Documefti Keren Associalion Limited is a Company limited by guarantee governed by its Memorandum and Articles of Association. It 15 registered as a chariry with the Charity Commission. Organlsallon The Charitable Company is administered by the Trustees. Every Trustee holds office until helshe shall die or shall cease to hold office by virtue of the Articles of Association. The day-to-day affairs of the Charitable Company are administered by the Trustees whose Chaimian is Mr E Englander. All Trustees give their time voluntarily and no benefit or expenses were paid to them in the year. Appoinlmenl of Truslees Where there is a requirement for new Trustees, these would be identified and appointed by the remaining Trustees. Truslee Inducllon and Tralnlng The Chairnian of the Trustees would be responsible for the induction of any new Trustee, which involves awareness of a Trustee's responsibilities, the governing document. administrative procedures, the history and philosophical approach of the Charity. A new Trustee would receive a"Trustee Welcome Pack" which incorporates copi¢s of the previous year's annual report and accounts, and copies of ihe Charity's policies. Group Slruclure and Relalionslilps The Charity has the following non-charitable operating subsidiaries: Com BIu5tart Co. Limited E & S Property Trading Co. Limited Englander Cotnpany Limited Gerrone Properties Limited Hollow-ware Products Limited Manhill Co. Limited an Com an istration Number 00844475 00987960 00507585 00842663 00381945 00804321 Percenta e Shareholdin IOOO/o IOOO/o 50.450/0 I OOQ/o I OOO/o During the period the Charity donated ihe IOOO/o shareholdings of Grangepoint Limited (Company reg. no. 01338359) and Adagio Estates Limited (Company reg. no. 11229159) to a related Charity, Parkwill Limited. The subsidiary undertakings are administered by the Directors of those companies.
KEREN ASSOCIATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Charitable Company also owns (directly and indirectly) 19.9 % of ordinary shares and ordinary B shares in The Development & Property Holding Company Limited (a Holding Company). The Development & Property Holding Company Limited controls a number of wholly owned subsidiary companies. The Directors of these Companies are also Trustees of the Charitable Company. Relaled Party Trdnsacllons Details of transactions with Related Parties are disclosed in Note 20 to the Financial Statements. The Charitable Company has taken advantage of the exemption in FRS 102 Section 33 - Related Party Disclosures to dispense with the requirement to disclose transactions with members of the Keren Association Limited group of Companies. OBJECTIVES AND ACTIVITIES FOR THE BENEFIT OF THE PUBLIC The Charitable Company is established to further those pUoSeS both in the United Kinodom and abroad recognised as haritable by English Law. In furtherance of these objects. the Charitable Company receive5 income from its investment propertie5, cash deposits. fixed asset investments. subsidiary and associated undertakings and voluntary income from companies connected with the Trustees whtch il utilises in the provision and distribution of gramts and donations to organisations that fall within the objectives of the Charitable Company. It ha5 concentrated its activities in promoting charitable activities of institutions teaching the principles of traditional Judaism, and the giving of philanthropic aid to the needy. The Trustees confirni their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charitable Company's aims and objectives and in planning future activities. Grani Maklng Pollcy The Trustees are approached for donations by a wide variety of charitable institutions operating in the United Kingdom and abroad. The Trustees consider all requests which they receive and make donations based on ihe level of funds available to charities whose purpose fall within the objects of the Charitable Company. In making grants and donations, the Trustees use their personal knowledge of the relevant institutions, their representative5, operational efficiency and reputation. The Trustees monitor the application of the grants and donations by meeting with representatives of the institutions and obiaining infomiation as to the utilisation of funds. INVESTMENTS The movements in Investments are fully reflected in Note I I to the Financial Statements. The Group's investment properties are included in ihe Financial Statements at fair value. The properties are valued by the Trustees. The Charitable Company's investments in subsidiary undertakings are included in the Financial Siatements at fair value, based on the value of their underlying assets les5 liabilities. The valuation of properties and other assets in these Companies ha5 been Caled out by the Trustees. STRATEGIC REPORT Acliievements and Performance During the year the Charitable Company has continued its philanthropic tIvItieS and has mainlained its support of organi5ations engaging in education, advancement of religion and the giving of philanthropic aid. The reserves remain available to organisations engaging in activities compatible with the aim5 and objectives of the Charitable Company. The Truslees expect such demands to increase in fitture years. The financial results of the Charitable Company and its Subsidiary Undertakings for the year ended J l March 2024 are Ily reflected in the attached Financial Statements together with the Notes thereon. Grants and donations in the year totalled £13,198,641 (202J £11,669,743).
KEREN ASSOCIATION LIMrrED REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 MARCH 2024 Financial Revlew Financial Position The financial position of the Charitable Company and its subsidiaries is satlsfactory. The Charitable Company's Consolidated Statement of Financial Activities shows a net Deficit of £7,699,739 (2023: net Deficit of £11,410,756) and total reserves of £1,759,427 (2023: £9,459,166). Reserves Polic The Reserves Policy of the Trustees is to maintain unrestricted funds, which are the free reserves of the Charitable Company. at a level they consider appropriate to the Charitable Company's needs taking into account likely future requirements. The Charitable Company holds long tenn investments to allow it to generate sufficient income on an ongoing basis. A proportion of the reserves is held in readily realisable forni to cover on-going grant-making activities and contingencies arising from additional calls made upon the Charitable Company for th¢ support of organisations in t1rn¢5 of need. The Charitable Company's reserves are represcnted by unrestricted funds arising from past operating results. The Trustees are satisfied that the present balance of distributable reserves is sufficient to support anticipated expenditure. Princi al Fundin Source The Charitable Company's principal funding sources in the year were its investment portfolio, togeiher with donations received from subsidiaries. Iiivestment olic and ob'ectives Under the Memorandum and Articles of Association, the Charitable Company has the power to make any investment which the Trustees see fit provided any moneys are not immedialely required for use in connection with any of its objects. The Charitable Company's investmeni policy is to maximise its income and gains so that its charitable objectives are maintained and expanded. However, having regard to liquidity requirements. the TNstees have al50 operated a policy of keeping available funds in interest bearing deposit accounts. Key Perfurmrtnce Indicalors The Trustees monitor the group'5 perforniance against the strategic objectives on a regular basis. Performance is &ssessed against the strategy and expectations using financial and non-financial indicatOTS. The key financial performan¢¢ indicators used by th¢ group are as follows: 2024 2023 Grants and donations received Grants and donations paid Net investment income Gainsl(Losses) on investsnents Net movement in funds - (deficitysurplus Total funds 2,051,000 239,934 13,198,641 Jl,669, 743 722,728 1,058, 187 1,127.189 (1, 721.614) (7.699.739) (11,410,756) 1,759,427 9,459,166 The Charity ha5 continued to raise funds and was able to continue its grant funding activities in furtherance of its haritable objects. Plunsfor Future Periods The Truslees plan to continue making distributions in accordance with their grant-making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end. The Charity is realising its investments for its grant-making activity.
KEREN ASSOCIATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Principal RLsks and Uncertainties The Trustees have identified and reviewed Éhe major risks to which the group is exposed, in particular those related to the operations and fmance of the group, and are satisfied that systems are in place to manage those risks. The principal risks to which the group is exposed are: The availability of liquid funds to make grants and donations Liabilities arising from propety investment activity Tenant defaults Damage to property frorn flood, fire or t¢rrorist action The economic Cycle generally The group seeks to manage or mitigate such risks wherever possible through measures including insurance, tenant screening and monitoring, rigorous reviews of acquisition and investment opportunities, extemal expert advice, monitoring cash and regular monitorinb7 of the ecoT)omi¢ outlook. It is recognis¢d that systems can only provide reasonable but not absolute assurance that major risks have been adequately manag¢d. TRUSTEES, RESPONSIBILITIES I]Y RELATIOIY TO THE FINANCIAL STATEMENTS The Trustees (who are also the directors of Keren Association Limited for the purposes of Company law) are responsible for preparing the Trustees, Report and the Financial Statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and the group and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Group for that period. Under company law the Ttvstees must not approve the financial statements unles5 they are satisfied that they give a tNe and fair view of the slate of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the Trustees are required to: select suitable accountinL' policies and then apply them consistently, observe the methods and principles in the Charities SORP. make judgernent5 and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare th¢ financial statement5 on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable a¢¢ur&cy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006 and Charity legislation. The Trustees are also responsible for safeguarding the assels of the Charitable Company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
KEREN ASSOCIATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF DISCLOSURE TO AUDITORS In so far as the Trustees are aware at the time of approving the Trustees, Report.. there is no relevant inforniation, being infornlation needed by the auditor in connection with preparing their report, of which the group's auditor is unaware, and the trustees, having made enquiries of fellow directors and the group's auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves awar¢ of any relevant audit inforniation and to establish that the auditor is aware of that infomiation. AUDITORS The auditors, Cohen Arnold, are deemed to be re-appointed under Section 487(2) of the Companies Act 2006. Approved by the Trustees on Report contained therein. anuary 2023, includin& in their capacity as Company Directors, the Strategic On behalf of the Board of Trustee5, Mr E Engll d¢r (Trustee)
KEREN ASSOCIATION LIMITED INDEPEI¥DENT AUDITOR'S REPORT TO THE IVtEMBERS AND TRUSTEES OF KEREN ASSOCIATION LIMITED FOR THE YEAR ENDED 31 MARCH 2024 OPINION We have audited the financial statements of Keren Association Limited (the 'parent charitable company,) and its subsidiaries ('the group,) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom G¢n¢rally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including ils income and expenditure. and of the group's cash flows for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In audiling the financial statements, we have concluded that the Trust¢es' use of the going Concern basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have nol identified any material uncertainties relating Éo events or conditions that. individually or collectively, may cast significant doubt on the group's or the parent charitable ompany's ability to continue a5 a going concern for a p¢riod of at least twelve months from when the financial statements are authorised for issue, Our responsibilitie5 and the responsibilities of the Trustees with respect to going concern are described in the relevant section5 of this report.
KEREN ASSOCIATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF KEREN ASSOCIATION LIMITED (Con(inued) FOR THE YEAR ENDED 31 MARCH 2024 OTHER INFORMATION The other inforniation comprises the infomiation included in the annual report, other thall the financial statements and our auditor's report thereon. The Trustees are responsible for the other inforn)ation. Our opinion on the fmancial statements does not cover the other infomiation and, except to the extent othenvise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial slatements, our responsibility is to read the other tnforniation and, in doing so, consider whether the other infomation is materially inconsistent with the financial statcments or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to deterniine whether there is a mat¢rial misstatement in the financial statements or a material misstatement of the other information. If, based OD the work we have perfornied, we conclude thal there is a Tnaterial misstatement of this other inforn)atioD, we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report, which includes the Directors, Report and the Strdtegic Report prepared for the purposes of company law. for the financial year for which the financial statement5 are prepared is consistent with the financial statements. and the Trustees. Report and the Strategic Report included within the Trustees, Report have been prepared in accordance with applicable legal requirements. MATTERS OLY WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in th¢ Directors, Report or the Strategic Report included within the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate ac¢ounting records have not been kept, or returns adequate for our audit have noi been received from branches not visited by us. or the parent company financial statements are not in agreement with the accounting records and returns. or certain disclosures of Trustees, remuneration specified by law are not made, or we have not received all the information and explanations we require for our audit.
KEREN ASSOCIATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF KEREN ASSOCIATION LIMITED (Corttlrtued) FOR THE YEAR ENDED 31 MARCH 2024 RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustee5' responsibilities statement, the Trustees who are also the Direclors of the parent charitable company for the purposes of company law are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detern]ine is necessary to enable the preparation of financial statements that are free from material misslatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group's and parent charilable company's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISA5 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of. users taken OTJ the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the management and identified which were most significant with respect lo the financial statements. We identified Companies Act 2006 (including associated regulations), Charities Act 201 l. Charities SORP (FRS 102), Financial Reporting Standard 102, Taxation Laws and Regulations. The Landlord and Tenant Act and Health & Safety Regulations as being most significant to these financial statements. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-¢ompliance throughout the audit. We ensured that the engagement team had sufficient competence and Capability to identify or recognise non-compliance with laws and regulations. We discussed with the management the policies and procedures regarding compliance with the legal and regulatory framework. We assessed the 5usceplibility of the group's financial statements to material misstatement due to non- cornpliance with legal and regulatory framework, including how fraud might occur, by enquiry with the management during the planning and finalisation stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was deternined to be low. Based on this understanding, we designed our audit procedure5 to identify non-cornpliance with the identified legal and regulatory framework, which were part of our procedures on the related financial statement items. Our procedures included reviewing the group's internal controls policies and procedures, reviewing the minutes of board meetings aT]d correspondence with regulatory bodies including HM Revenue & Customs, testing transactions outside the nornial course of the business and journal entries. and discussions with the management.
KEREN ASSOCIATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF KEREN ASSOCIATION LIMITED (Confvnued) FOR THE YEAR ENDED 31 MARCH 2024 AUDITOR'S RESPOIYSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (Cortlliiued) Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detecied some material misstatements in the financial statements, even though we have properly planned and perfornied our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions refle¢ted in the financial statements, the less likely the inherently imited procedures required by auditing standards would identify it. In addition. as with any audit, there remained a higher risk of non-detection of inegularities, as these may involve collusion, forgery. intentional omissions, misrepresentations. or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to dete¢t non-cornplian¢e with all laws and regulations. A further desoription of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www,frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. USE OF OUR REPORT This report Ts made solely to the company's rn¢mbers, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we miLYht state to the company'5 members those matters we are required to state to them in an auditor'5 report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the company and the company'5 members as a body, for our audit work. for this report, or for the opinions we have formed. Asher Sternlieht (Scnior Statutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Stalutory Auditor New Burlington House 1075 Finchley Road London NWI I OPU Our audit was completed on'!?January 2025 and our opinion was expressed at that date. 10
KEREN ASSOCIATION LIMITED CONSOLIDATED STATEMENT OF Fll¥ANCIAL ACTIVITIES (llYCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds 2024 2023 Note Income and endowments from: Donations and legacies Investments 2,051,000 1,479.634 239,934 2, J49,549 Total income 3,530,634 2,389.483 Expenditure on: Investment management costs Charitable activities 756,906 13,298,905 1.091,362 11.825,403 Total expenditure 14,055,811 J2.916, 765 Surplu51(Deficit) on Investment valuations and dlsposals 1,127,189 (J, 721,614) Nel expenditure before taxation (9,397,988) (12,248,896) Taxalion 1.127,060 484, 045 Net expenditure after taxatlon (8,270,928) (11,764,851) Attributable to non-controlling interest 571,189 354,095 Net movement in fund5 io {7,699,739) (IJ,410,756) Reeoneiliartion of funds Total funds brought forward 9,459,166 20,869,922 Total funds cgrried forward 1,759,427 9,459, 166 The Statement of Financial A¢tivities includes all gains and losses recognised in the year. All in¢ome and expenditur¢ derive from continuing activities. The relaled notes forni part of these Financial Statemenls.
KEREN ASSOCLITION LIMITED Company No.. 00707087 Charity No.. 313119 CONSOLIDATED BALANCE SHEET AND CHARITABLE COIWIPANY BALANCE SHEET AS AT 31 IIIARCH 2024 Charitable Com an Charilable Com 2023 Grou 2024 Gro 2023 2024 Note Fixed assets Investments 27,521,175 53,588,345 15,287,141 25, 682, 154 TotAI fixed assets 27,521,175 53,588,345 15,287,141 25,682,154 Current assets Debtors Cash at bank and in hand 12 1,699,333 5,719,681 4, 153,683 1,805,890 167,323 3,196,492 98,148 312,627 Total current assets 7,419,014 5, 959,573 3,363,815 410,775 Current Llabllltles Creditors.. Amounts falling due within one ye 13 (1,185,633) (1. 729,569) (494,804) {537,101) Net current assets/{liabilities) 233J81 4,230,004 2,869,011 (126,326) Total assets less current liabilities 33,754,556 57,818,349 18,156,152 25,555,828 Creditors- Amounts falling due after more than one year 14 (26,963,936) {38,888, 462) (16,396,725) [16,096,662) (2,414,390) (6,282, 729) Provisions for liabilities 15 Net assets 12,647,158 12,647, 158 1,759,427 9.459,166 Less: non-¢ontrolling interest (2,616,803) (3,187,992) Net assets attrlbutable to the parent Charltable Company 16 ,759,427 9,459,166 1,759,427 9,459,166 The funds of the Charitable Company: Unrestricted funds 16 1,759,427 9,459,166 1,759,427 9,459, 166 1,759,427 9,459,166 1,759,427 9,459, 166 The Trustees have prepared group Financial Statements in accordance with section 399 of the Companies Act 2006. These Financial Statements constitute the annual accounts required by the Cornpanies Act 2006 and are for circulation to the members of the company. The Financial Statement5 were approved by the Trustees on >January 2025 and sioned o eir behalf by.. MR E ENCLAN R (TRUSTEE) The related notes forni part of these Financial Statement5. 12
KEREN ASSOCIATION LIMrrED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities.. Net eash used in opernting activities 18 (4,970,853) (13,938,565) Cash flows from investing activities: Interest received Net rents and commissions received Purchase ofllmpr()vements to investments Proceeds from sale of investments 78,062 945,276 (152,741) 9,060.270 27,521 1,519. 700 (138, 183) 1,929,312 Net eash provided by investlng activities 9,930067 3J38J50 Cgsh flows from financlng activities: Interest paid Cash inflows from bank bOowingS Repayment of bank borrowings Increasel(Decrease) in other loan creditors (372,819) (470.153) 1,473,930 (60,559) (612.845) 147.646 Net Cash provlded byl(used in) flnanelng activities (1,046,223) 1,151.423 Change in cash and cash equivalents in the year 3,913,791 (9,448, 792) Cash and cash equivalents at the beginning of the year 1,805,890 11,254,682 Cash and eash equivalenl$ at the end of the year 18 5,719,681 1,805,890 The related notes forni part of these Financial Statements. 13
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEIIIENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Statement of Compliance The financial statements have been prepared in compliance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)). the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Charitable Company meet5 the definition of a public benefit entity under FRS 102. The presentational currency is UK Pound Sterling. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the Preparation of the financial statements are as follows: Colng Concern There are no material uncertainlies about the Charity's ability to continue as a going concern. Group Financial Statements These Financial Statements consolidate the results of the Charitable Company and its subsidiaries on a line-by-line basis. A separate statement of financial aclivities or income and expenditure account dealing with the results of the Company only has not been presented in accordance with Section 408 of the Companies Act 2006. Judgements and Key Sourees of Estimation Uneertainty In the application of the company's accounting policies. the trustees are required to make judgement5, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estirnates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future pertods. The valuation of investment properties is inherently subjective, depending on many factor5, including the individual nature of each property. its location and expected future net rental values, market yields and comparable market transaction5. Therefore the valuations are subject to a degree of uncertainty and are made on the basi5 of assumptions which may not prove to be accurate. particularly in periods of difficult market or economic conditions. Income All donations are recognised in ihe Statement of Financial Activities (SOFA) of the Charitable Company when the charity has unconditional entitlement to the resources. Donations represent voluntary amounts received during the year. All other income is recognised on a receivable basis. This includes income from investments and deposits, rentsls from property assets, and grants and donations received by the Charitable Company and Group. Investment Management Costs Investment management costs include costs relating to the investment properties on an a¢¢al basis. Governance Costs Governance costs include costs of the preparation and audit of financial Statements and cost of any legal advice to Trustees on governance or constitutional matters and is recognised on an accrual basis. 14
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (Cominued) Cash at bank and in hand Cash at bank and cash in hand includes cash and short terni highly liquid investments with a Short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Liability Reeognition Creditors are recognised as soon as there is a present obligation committing the entity to pay out resources, it is probable that a transfer of economic benefits will be required in settlement and the amount can be measured or estimated reliably. Fund Aeeounting General unrestricted ndS comprise the accumulated sun)lus or deficit on income and expenditure account. They ar¢ available for use al the discretion of the Trustees iT] furtherance of the general objectives of the Charity. Restricled funds are funds subject to specific restricted conditions imposed by donors. There are no restricted funds a5 at the Balance Sheet date. Designated fund5 are funds. which have been set-aside at the discretion of the Trustees for specific purposes. There are no designated ndS as at the Balance Sheet date. Investments Unlisted equity investmenls are initially recorded at cost, and subsequently measured at fair value. Fixed Assets All fixed assets are initially recorded at cost. Properties Held for Investment Propertie5 classified as investments are included in the Balance Sheet at fair value. Any gains or losses arising from changes in the fair value are recognised in the Statement of Financial Activities. In accordance with the FRS 102, no depreciation or amortisation is provided in respect of freehold or long- leasehold investm¢nt properties. Acquisitions and Disposals of Properties Acquisitions and Disposals of properties are considered to take place at the date of legal completion and are included in the Financial Statements accordingly. Financial Instruments A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially r¢cognised at the transaction price, unless the arrangement constilutes a financing transaction, where it is recogni5ed at the present value of the future payments discounted at a market rate of interest for a similar debt in5truTnent. Debt instruments are subsequently measured at amortised cost. Where investments in non-puttable ordinary shares including investments in subsidiary undertakings can be measured reliably. the investment is subsequenily measured at fair value WTth changes in fair value recognised in the Statement of Financial Activities. Otherwise such investments are subsequently measured at cost le55 impairnient. For all equity instnllnents regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairrnent. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairnient are recognised in profit or loss immediately, lo the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairn)ent not previously been recognised. 15
KEREIY ASSOCIATION LIMITED NOTES TO THE FllYANCIAL STATEMENTS FOR THE YEAR ENDED 31 IIIARCH 2024 ACCOUNTING POLICIES (Con(inued) Taxation The Charitable Company is not liable to direct taxation on its income as it falls within the various exemptions available to registered charities. The subsidiary undertakings are subject to Corporation Tax but it is expected that their income will be gifted for charitable PU1$eS and therefore no tax liability should arise. Notwithstanding the above. deferred tax is recognised in respect of all timing differences present in the non-charitable subsidiary undertakings. Unrelieved lax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of defeffed tax liabililies or other tUre taxable profils. Defed tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the r¢v¢rsal of the timing difference. Related Party Transactlons The Charitable Company has taken advantage of the exemption in FRS 102 Section 33 - Related Party Disclosures to dispense with the requirement to disclose transactions with members of the Keren Association Limited group of Companies. INCOME FROM DONATIOIYS AND LEGACIES 2023 Unrestricted donations received 2,051,000 239, 934 No restrictions were attached to any donations received. INVESTMENT INCOME 24 2023 Rents receivable from investment properties Interest receivable Commissions receivable 1,245,144 88,722 145,768 1, 903, 992 36,045 209,512 1,479,634 2,149,549 INVESTMENT MANAGEMENT COSTS 2024 2023 Property outgoings Interest payable 380,355 376,551 584,2) I 507.111 756.906 1,091.362 No commission has been paid in connection with management of the propertie5. 16
KEREIY ASSOCIATION LIMITED NOTES TO THE FllYANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Grant funding activities (Institutional grants) Support and governance costs (note 6) 13,198,641 100,2&1 11,669, 743 155, 660 13,298,905 11,825,403 All grants were paTd from unrestricted funds and were institutional grants. An analysis of institutional grants is attached to these financial statements. All grants were paid were for Education, Furtherance of Jewish Religion and Alleviation of Poverty. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS 2024 2023 Legal & professional fees Auditor's remuneration General expenses 27,107 56,864 16,293 78,275 62,013 15,372 100,264 155.660 STAFF COSTS AND EMOLUMENTS No salaries or wages have been paid to any employee or TNstee by the Charitable Company or any subsidiary undertaking. No Trustee expenses have been incurred. SURPLUSI(DEFICIT) ON INVESTMENT VALUATIONS AND DISPOSALS 2024 2023 Profitl(Loss) on disposal Gainsl(Losses) on revaluation 28,100 1,099,089 248,457 (1,970,071) 1,127,189 (1, 721,614) TAXATION No current tax was payable in respect of the Charitable Company. Cuent tax payable in respect of the non-charitable subsidiary undertaking5 was nil (2023: £2,158). The balance of the movement in the income and expenditure account represents provision for deferred tax (see Nofr 15). 17
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 io. NET MOVEMENT IN FUNDS Of the Net Movements of Funds of the Group £7,699,739 tkficit (2023.. £11,410,756 Deficit) has been dealt within the Statement of Financial Activities of the Charitable Company itself. INVESTMENTS Shares in Related Com anies Life Policies Pro erties Total Fair Value at l April 2023 Additions Disposals Revaluations 36,544,000 152,741 (27,319,000) 1,099.089 5,957.000 11,087,345 53,588J45 152.741 (27J19,000) 1,099.089 Fair Value at 31 March 2024 10,476,830 5,957,000 11,087,345 27,521,175 Impairnients At l April 2023 Reversal of impairnents At 31 March 2024 Carying Amount Net book value at 31 March 2024 10,476,830 5,957,000 11,087 J45 27,521,175 Net book value at l April 2023 36,544,000 5,957,000 11,087,345 53,588,345 Historical Cost at 31 March 2024 2,373,908 232,531 11,087,345 13,693,784 Shares in Related Com Charltable Com an Pro erties Fair Value at l April 2023 Additions Disposals Revaluations 3.068,000 18,967,138 3,647,016 25,682,154 (3.068,000) (5,771,096) (1.555,917) (8,839,096) (1,555,917) Fair Value at 31 March 2024 11,640,125 3,647,016 15287,141 Historical Cost at 31 March 2024 2,852.771 6l,148 2,913,919 18
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ii. INVESTMENTS (Continue The &ssets classified as investments are stated at Trustees, valuation at 3 l March 2024. The group's investment properties are valued by the Trustees in consultation with RICS qualified surveyors based on their understanding of property market conditions using a sales valuation approach, derived from recent comparable transactions and market yield5, adjusted by applying discounts to reflect status of occupation and condition. The fair value at 31 March 2024 of the Investments in Subsidiary Undertakings and unquoted Related Companies is based on the underlying value of ass¢ts less liabilities of these Companies. The valuation of properties and other assets in these Companies has been made by the Trustees. The Subsidiary Undertakings (all being propety investment companies) of the Charitable Company, all of which are incorporated in Great Britain and registered in England and included in the consolidated financial statements, are as follows: . Com an istration Number 00844475 00987960 00507585 00842663 00381945 00804321 Pereenta hareholdin IOOO/o Com Blustart Co. Limited E & S Property Trading Co. Limited Englander Company Limited Gerrone Properties Limited Hollow-ware Products Limited Manhill Co. Limited an loo% loo% The Charitable Company also owns (directly and indirectly) 19.lp/o of ordinary shares and ordinary B shares in The Development & Property Holding Company Limited (a UK registered Holding Company). The Development & Property Holding Company Limited controls a number of wholly owned subsidiary companies. The Directors of these Companies are also Trustees of the Charitable Company. A summary of the turnover, expenditure and net profit or loss for the year ended 31 March 2024 of each subsidiary undertaking is as follows: Com an Turnover E¥ endlture Other uslments Donations aid to Parent Charit Net retained rofit or Ioss Adagio Estate5 Limited BIu5tart Co. Limited E & S Property Trading Co. Limited Englander Cotnpany Limited Gerrone Properties Limited Grangepoint Limited Hollow-ware Products Limited Manhill Co. Limited 87,782 12,329 {8,278) {5,584) (79.377) 100,494 127 (82,761) (190,000) 95,543 (102,385) 319,777 (331,000) (18,065) 487,643 (155,214) I,316,819 (2,802,000) (1,152,752) 70,747 400,601 (7.202) {93.915) 676,788 (295,971) (1,440,000) (86.000) (699,667) (75.285) 1,166 48,301 (3,616) (46,123) (2,445) (96,258) 26,564 (125,000) On 6 September 2023, the Charity donated the 100 % shareholdings of Grangepoint Limited (Company reg. no. OlJ38359) and Adagio Estates Limited (Company reg. no. 11229159) to a related Charity. Parkwill Limited. The figures above are the turnover, expenditure and net profit or loss attributable to this Charity for the period. 19
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 TrtARCH 2024 ii. INVESTMENTS (Conlinued) The assets, liabilities and funds of each subsidiary undertakings as at 31 March 2024 were as follows: ital and Reserves Com Assets Liabilities Blustart Co. Limited E & S Property Trading Co. Limited Englander Company Limited Gerrone Properties Limited Hollow-ware Products Limited Manhill Co. Limited 1,008,623 3,023,026 6,714,091 2,477.110 13,609.617 3,542,049 (30,600) (864,286) (1,432,955) (758,939) (12,267,290) (2,436,418) 978,023 2,158,740 5.281,136 1,718,171 1.342,327 ,105,631 At the date the shares were gifted to Parkwill Limited. the assets and liabilities of the subsidiary undertakings were., Gran Limiled Ada io Estates Limited Investment properties Debtors Cash at bank Bank loans Other creditors < l year Other creditors > l year Provisions Net Assets/(Liabilities) 14,486.830 2,025,292 138,301 (6,882,783) (251,618) { 1,000,000) (2,741,279) 5,774,743 J,800,000 23,833 (84,932) (5,592,448) (1,853,547) 12. DEBTORS Grou 2024 Charitable Com 2024 an 2023 2025 Rent and service charges Amounts due from r¢lated companies Loan debtors Interest receivable Other debtors and prepayments 60.672 842,992 474,813 29,514 291,342 211,834 611, 481 384, 688 18,854 2.926,826 2,073 2.260 152,000 64,500 13.250 31,388 1,699,333 4,153, 683 167,323 98,148 Amounts due from related companies represents amounts of £608,106 due from Better Properties Limited, and £234,886 due from The Development & Property Holding Company Limited of which certain of the Trustees of the Charitable Company are also Directors. The loan due from Better Properties Limited bore interest of 2.5 % above the Bank of England Base Rate and is repayable after more than twelve months. The loan due from The Development & Property Holdingcompany Limited is interest free and is repayable on demand. the opinion of the Trustees the amounts are llY recoverable. 20
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grou 2024 Charitable Com 2024 an 2023 2023 Current instalments of long tem loans Rent and service charges charged in advance Amounts due to related companies Loan creditors Taxation Other creditors and accruals 125, 000 342, J54 297.104 540.407 11,176 4J3,668 178,735 297,104 541,358 9.190 297,104 157,01)O 32,153 297.104 157,000 168,436 31,510 39, 668 1.185,633 1, 729,569 494,804 537,JOI Amounts due to related companies represent amounts due to companies of which certain Directors are also Trustees of the Charitable Company, 14. CREDITORS: AMOUNTS FALLING DUE AER MORE THAN ONE YEAR Crou 2024 harltable Com 2024 an 2023 2023 Bank borrowin Secured bank loan (instalments terminating in less than 5 years) 6, 943,342 6, 943.342 (125, 000) Less.. Amounts repayable within l year 6,818,342 Other amounts fallin due within S ears Amounts due to related companies Amounts due to subsidiary undertakings 26,963.936 32,070,129 12,284,598 4,112,127 10,656,413 5,440,249 26,963,936 38,888,462 16,396,725 16, 096, 662 Th¢ bank loans (notes 13 & 14) are secured by legal charges over certain of the Group's properties. Amounts due to related companies represents £23,085,936 due to B¢ttei Properties Limited (£8,406,598 of which 15 owed by the Charitable Company), £3,428,000 due to Rimex Investtnents Limited and £450.000 due to Overpier Limited (both of which are owed by the Charitable Company). Certain Truslees of the Charitable Company are also Directors of these related companies. No interest was paid by the Charitable Company to Better Properties Limited, although certain subsidiary undertakings paid interest at 2.5010 above the Bank of England Base Rate. These amounts due to related companies are loans with no written contracts and no fixed repayment dates. FRS 102 requires such amounts to be disclosed as falling due within one year. In the opinion of the Directors, these loans are unlikely to be demanded within one year of the balance sheet date and such a disclosure would be misleading. The Directors have concluded that a departure from FRS 102 is necessary in order to give a true and fair view. Accordingly, these loans are disclosed as falling due after more than one year. 21
KIREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 15. PROVISIONS FOR LIABILITIES 2024 2023 Balance at l April 2023 Movement for the year Disposal of Subsidiaries 6,282,729 (1,127.060) (2,741,279) 6, 768, 932 {486,203) Balance 31 March 2024 2,414,390 6,282, 729 Deferred tax is recognised in respect of timing differences arising from the revaluation of assets classified as inve5tm¢nts in the non-charitable subsidiary undertakings. Although the provision has been in recognised in accordance with FRS 102, it is expecfrd that the majority of the gains will be gifted for charitable purposes and such tax should not become payable. Deferred t&x has not been recognised in respect of revaluation of investments by the parent Charitable Company on the basis that all such gains will be applied for charitable purposes. 16. UNRESTRICTED FUNDS Grou Balance at l April 2023 9,459,166 Net expenditure for the year (9,398,117) Surplus on investments 1,127,189 Attributable to non-controlling interest 571,189 Balance at 31 M8r¢h 2024 1,759,427 Charit2 le Com an Balance at l April 2023 9.459,166 Net expenditure for the year (6,096,412) Deficit on investments (1,603,327) Balance at 31 March 2024 1,759,427 22
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. FINANCIAL INSTRUMENTS Grou 2024 Chai'itable Co 2024 an 2023 2023 Financlal a,¥sets measured alfalr value Ihrougli Income and PendI1re.. Unlisted investment5 (Note I l ) 17.044,345 17,044,345 15,287,141 22,614, 154 Finanelal assels measured al amorllsed cosl.. Debtors (Note 12) 1,699,333 4,153,683 167,323 98,148 Flnancial liabllltles measured al athorltsed cosl.. Creditors (Notes 13 & 14) 28,149,569 40.618,031 16,891,529 16,633, 763 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS Reeonciliation of net income to net eash flow fro eratin activities 2024 2023 Net expenditure for the year (8,270,928) (11, 764.851) Adjustments for: Interest receivable Net rents and commissions receivable Non-cash grants Interest payable Taxation (Surplus)IDeficit on investment valuations and disposals (Increase)IDecrease in debtors Increasel(Decrease) in creditors (88,722) (1.010,557) 5,632,795 376,551 (1.127.060) (1,127,189) 659,204 (14,947) (36, 045) (1,529,253) 507,111 (484,045) 1, 721,614 (2,129,875) (22J, 063) (4,970,853) (13,936,407) (2, 158) Tax paid Net Cash used in operating activities {4,970,853) (13.938,565) Anal sis of cash and cash e uivalents 2024 2023 Cash bank and in hand 5,719,681 1,805,890 Total cash and eash ¢quivalentS 5,719,681 1,805,890 23
KEREN ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. ANALYSIS OF CHANGES IN NET DEBT AtIApr 2023 Disposal of Subsidiaries At 31 Mar 2024 Cash flows Cash at bank and in hand 1,805,890 4,052,092 (138,301) 5,719,681 1,805,890 4,052,092 (138,301) 5,719,681 Bank loans falling due within one year (125,000) Bank loans falling due after more than one year (6,818,342) Other creditors (32,070,120) 125,000 6,757,783 2,925,471 (26,963,936) 60,559 2,180,713 Total (37.207,572) 6,293,364 9.669,953 (21.244,2SS) 20. RELATED PARTY TRANSACTIONS Donations totalling £2,031,000 were received from companies connected with the Trustees. Certain Trustees of the Charitable Company are also Directors of those related companies. No conditions were attached to any of the donations. During the year donations were made totalling £6,083,096 to Parkwill Limited, £2l,000 to Crownhost Limited, £105,933 to Collel Chibath Yerushalayim Trust, £22,886 to Bels Brucha Ltd, £10,000 to Dina Perelman Trust Limited, £18,000 to Ridgesave Limiied, £24,000 to Thornbirch Limikd, £24,000 to Melcren Limited, and £89,500 to Wychville Limited. Certain Trustees of the Charitable Company are also Trustees of those related Charitable Entities. Certain of the group's properties are managed by Better Properties Limited. Additional Related Party inforniation is given in Notes 11, 12, 13 & 14. 21. GENERAL INFORMATION The Charitable Company is incorporated in England and is limited by guarantee, The address of its principal place of business is shown at page l. 24
KEREN ASSOCIATIOIY LIMtTED STATEMENT OF FtNANCIAL AcTIVIEs (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds 2024 Income and endowments from: Donations and legacies Investments 7,025,000 61,423 Total income 7,086,423 Expendlture on.. Investment management Costs Charitable activities 15,622 13,167,213 Total expenditure 13,182035 Deficit on investment valuations and disposals (1,603,327) Net movement in funds (7,699.739) Reconciliation of funds Total funds brought forwaTd 9,459,166 Total funds carried forward 1,759,427 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
KEREN ASSOCIATION LIMITED ANALYSIS OF GRANTS FOR THE YEAR ENDED 31 MARCH 2024 Recipients of Institutional Grants Part(will Limited Friends of Mercaz Hatorah Belz Macnivka The OJC Fund Achisomoch Aid Company Limited China Vechisda Bels Aharon Trust Ltd Ezra Lecol Ma Detzarich Mosdot Toras Aharon Mosdos Kedushas Aharon D'chasidei Belz Machnovka Elad Zera Aharon Machnovka Belz Yerushalayim MLT D'chasidei Belz BA Belz Heichal Aharon Dchasidei Belz Synagogue D'chasidei Belz Mosdos Belz Machnovka Bels Shemesh Collel Chibath Yerushalayim Agudat Yeshivat Belz Machnovke Ichud Mosdos Gur Limited Wychville Limiled DoiTOS Oilom,Israel ChasdeT Aharon Limited Keren Hatzolo Trust Other Grants (below £50,000) 6,083,096 1,358,144 949,957 648,000 515,935 411,750 287,750 278.783 201.884 187,951 179.300 164.000 153,814 120,850 115,355 105,933 105,758 104,532 89.500 86,517 85,100 64,800 899,932 13 198 641