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2020-09-30-accounts

COMPANY REGISTRATION NUMBER: 00711513 CHARITY REGISTRATION NUMBER: 313654

SHULEM B. ASSOCIATION LIMITED

Company Limited by Guarantee

FINANCIAL STATEMENTS

30 SEPTEMBER 2020

COHEN ARNOLD

Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

PAGE
Trustees' annual report (incorporating the director's report) 1
Independent auditor's report to the members 7
Consolidated statement of financial activities (including income and
expenditure account) 11
Parent statement of financial activities (including income and
expenditure account) 12
Consolidated statement of financial position 13
Parent balance sheet 14
Consolidated statement of cash flows 15
Notes to the financial statements 16

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 30 SEPTEMBER 2020

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 September 2020.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Shulem B. Association Limited
Charity registration number 313654
Company registration number 00711513
Principal office and registered New Burlington House
office 1075 Finchley Road
NW11 0PU
London
The trustees Mr Samuel Berger
Mrs Sarah Rachel Klein
Mrs Zelda Sternlicht
Auditor Cohen Arnold
Chartered accountants & statutory auditor
New Burlington House
1075 Finchley Road
LONDON
NW11 0PU
Solicitor Hamlins
Roxburge House
273-287 Regent Street
London
W1B 2AB
Bank Barclays Bank
1 Churchill Place
London
E14 5HP

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 30 SEPTEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Shulem B. Association Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 11th December 1961 and amended on 10th April 1995.

Appointment, Training and Recruitment of Trustees

As set out in the Articles of Association the members of the charity shall not exceed twenty-five. There are two classes of members:

Ordinary Members - subscribers and all persons subsequently admitted by the Council to membership. Honorary Members - persons the Council may admit from time to time with written consent.

No person shall be admitted to the membership of the company as an ordinary member unless:

All current trustees are ordinary members and no honorary members have been appointed. The organisation is run by the governors who are the trustees. Every trustee holds office until death or shall cease to hold office by virtue of Article 49 of the Articles of Association.

It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures.

Employee and Trustee Remuneration

The charity has no staff other than the 3 trustees and secretary, all of whom give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2019: £nil).

The charity did not meet any expenses (2019: £nil) incurred by the trustees for services provided to the charity.

Group Structure and Relationships

The Charity holds the share capital of six subsidiary undertakings, namely Bitover Limited, Crown View Estates Limited, Davecourt Limited, Honeyvale Properties Limited, Lysville Limited and Tripknoll Limited.

All the subsidiary holdings are engaged in property investment, or are parent undertakings for property investment companies, and their results are incorporated in the consolidated financial statements.

Details of the subsidiary undertakings may be found in the note 20 to the financial statements.

Risk Management

The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity and are satisfied that systems are in place to mitigate those risks.

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 30 SEPTEMBER 2020

Financial risk management and policies

The charity holds or issues financial instruments in order to achieve three main objectives being:

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the charity's operations.

Credit risk

The charity monitors credit risk closely and considers that its current policies of credit risk checks meet its objectives of managing exposure to credit risk.

The charity has no significant concentrations of credit risk. Amounts shown in the balance sheet represent the maximum anticipated credit risk exposure.

It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Covid-19 Pandemic

The trustees have considered the impact of the Covid-19 pandemic on the income of the charity and the valuation of its assets. The current downturn in the UK economy may lead to a fall in investment and dividend income of the group resulting in the charity limiting its grant making activities. The full financial effects of the pandemic on the valuation of assets cannot currently be quantified.

Notwithstanding the uncertainties mentioned, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity and available sources of finance. The Trustees recognise that they have the ability to exercise control over the charity's grant making charitable activities due to the absence of any legally binding obligations.

OBJECTIVES AND ACTIVITIES

Charity Objects

The charity is established for charitable purposes only and (without prejudice to the generality of the foregoing words) in particular to do, perform and carry out all or any of the following objects:

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 30 SEPTEMBER 2020

Grant making policy

This charity was established to support the activities of Jewish religious organisations, especially in the field of education. Donations are made to organisations providing a sound religious education in accordance with the doctrines and principles of traditional Judaism, with a view to achieving the objects of the charity.

Shulem B. Association Limited regularly supports charitable organisations and institutions both in respect of revenue expenditure and capital projects and there has been a continual call for funding for capital projects together with a concomitant need for increased revenue support.

Applications for grants are made in writing to the charity or in person to the Trustees by voluntary and community organisations. Donations are provided through bank transfer, after making the necessary checks, proportional to the level of funding involved.

Direct charitable activity

Besides the grant making activities, the charity also hold two functional properties which it uses as spare capacity for the constantly expanding schools in the local community. The premises are also used for summer camps and activities for younger members of the community.

Aims, objectives and activities for public benefit

The trustees confirm that they have referred to the guidelines contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objects and in planning future activities and setting the grant making policies for the year.

This charity was established for general charitable purposes and in particular to support the activities of Jewish religious organisations, especially in the field of education. Donations are made to organisations providing a sound religious education in accordance with the doctrines and principles of traditional Judaism, with a view to achieving the objects of the charity and in doing so the charity has complied with its duty to act for the public benefit in accordance with Section 4 of the Charities Act 2006. The number of organisations and institutions which are regularly supported by Shulem B. Association Limited is large and thus there has been a continual call for funding for both capital projects and revenue support.

Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit provided that funds so utilised are not immediately required for use in connection with any of its objects. The trustees regularly review the charity's position and needs in respect of the investment policy.

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SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 30 SEPTEMBER 2020

STRATEGIC REPORT

The group invests in property portfolios and listed investments to generate income with which it makes grants, donations and loans to charities and institutions that fall within the objectives of the charity.

Achievements and performance

The charity is dependent on the investment income generated by the subsidiary companies. This has decreased in the year (see note 6 to the financial statements). Rental Income increased by 5.5% but lease extension income decreased by 92% due to fewer extensions in the current year. The Group did not receive donations and legacies in the current year (2019: £1,583,200). The charity itself received donations of £2,482,831 (2019: £4,083,840) from its subsidiaries – See note 5 on page 20 for further information.

During the year under review £3,496,250 (2019: £4,996,700) was distributed in furtherance of the charity's objectives. As with the prior year, the deficit for the year was funded from past reserves.

The movement in Investments is shown in Note 20 to the financial statements.

FINANCIAL REVIEW

The charity is dependent for its income on the income from its investment properties and on the commercial activities of its subsidiaries. During the year, income arising from the commercial activities of the subsidiaries was £3,370,419 (2019: £4,720,780), with a further £527,342 (2019: £522,216) arising from the charity’s investment properties.

Various investment properties worth £378,500 were disposed in the subsidiaries which resulted in a surplus of £199,476 (2019: £nil).

The Charity holds the share capital of six subsidiary undertakings. All the subsidiary holdings are engaged in property investment and the trustees consider their results for the year ended 30th September 2020 to be satisfactory.

Key performance indicators (KPIs)

The Trustees monitor the Charity's performance progress against its strategic objectives and the financial performance of its operations on a regular basis. Performance is assessed against the strategy and expectations using financial and non-financial measures. The most significant KPIs used by the charity are as follows:

follows:
2020 2019
£ £
Grants and donations paid out 3,496,250 4,996,700
Net income from commercial undertakings 2,314,841 3,257,982
Net rental income from investment properties 350,821 366,805
Investment property at fair value 72,610,684 72,868,535
Listed investments at fair value 5,307 9,634

Plans for future periods

The charity plans continuing the activities outlined above in the coming years subject to incoming resources being maintained at a satisfactory level.

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 30 SEPTEMBER 2020

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year. The free reserves of the charity are the current assets minus current liabilities. At the year end, the charity had £2,730,129 (2019: £4,142,158) of free reserves.

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR

Each of the persons who is a trustee at the date of approval of this report confirms that:

The trustees' annual report and the strategic report were approved on 8[th] December 2021 and signed on behalf of the board of trustees by:

Mrs Zelda Sternlicht Trustee

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED

YEAR ENDED 30 SEPTEMBER 2020

OPINION

We have audited the financial statements of Shulem B. Association Limited (the 'group') for the year ended 30 September 2020 which comprise the consolidated statement of financial activities (including income and expenditure account), company statement of financial activities, consolidated statement of financial position, company balance sheet, consolidated statement of cash flows 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 Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS OF 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

EMPHASIS OF MATTER

In forming our opinion of the financial statements, which is not modified, we would draw attention to the material uncertainty as reported in the Trustees' Report: Covid-19 Pandemic. Uncertainties related to the effects of Brexit and Covid-19 are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by the directors, such as the valuation of investment property and related disclosures, and the appropriateness of the going concern basis of preparation of the financial statements. These depend on assessments of the future economic environment and the company's future prospects and performance.

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED (continued)

YEAR ENDED 30 SEPTEMBER 2020

Brexit and Covid-19 are most significant economic events for the UK, and at the date of this report their effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. We applied a standardised firm-wide approach in response to that uncertainty when assessing the company's future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a company and this is particularly the case in relation to Brexit and Covid-19.

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, 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:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in 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:

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED (continued)

YEAR ENDED 30 SEPTEMBER 2020

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity 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 misstatement, 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 ISAs (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 on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHULEM B. ASSOCIATION LIMITED (continued)

YEAR ENDED 30 SEPTEMBER 2020

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

USE OF OUR REPORT

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

_____

Moshe Broner-Cohen (Senior Statutory Auditor) Date

For and on behalf of Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 30 SEPTEMBER 2020

2020 2020 2019
Unrestricted
funds Total funds Total funds
Note £ £ £
Income and endowments
Donations and legacies 5 – – 1,583,200
Commercial Operations 6 3,370,419 3,370,419 4,720,780
Investment income 7 530,365 530,365 523,149
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Total income 3,900,784 3,900,784 6,827,129
=============================================== =============================================== ===============================================
Expenditure
Expenditure on raising funds:
Commercial Operations 8 (1,055,578) (1,055,578) (1,462,798)
Investment management costs 9 (373,084) (373,084) (322,478)
Expenditure on charitable activities 10,11 (3,957,760) (3,957,760) (5,434,260)
Interest payable and similar charges 14 (473,718) (473,718) (510,741)
Taxation 15 (8,326) (8,326) (365,342)
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Total expenditure (5,868,466) (5,868,466) (8,095,619)
=============================================== =============================================== ===============================================
Net gains on investments 17 199,476 199,476 –
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Net expenditure (1,768,206) (1,768,206) (1,268,490)
=============================================== =============================================== ===============================================
Other recognised gains and losses
Fair value movements 18 85,673 85,673 2,060,731
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Net movement in funds (1,682,533) (1,682,533) 792,241
Reconciliation of funds
Total funds brought forward 54,163,781 54,163,781 53,371,540
---------------------------------------------------- ---------------------------------------------------- ----------------------------------------------------
Total funds carried forward 52,481,248 52,481,248 54,163,781
==================================================== ==================================================== ====================================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 16 to 29 form part of these financial statements.

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

PARENT STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 30 SEPTEMBER 2020

2020 2020 2019
Unrestricted
funds Total funds Total funds
Note £ £ £
Income and endowments
Donations and legacies 5 2,483,831 2,483,831 4,083,840
Investment income 7 527,366 527,366 522,216
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Total income 3,011,197 3,011,197 4,606,056
=============================================== =============================================== ===============================================
Expenditure
Expenditure on raising funds:
Investment management costs 9 (176,521) (176,521) (155,411)
Expenditure on charitable activities 11 (3,957,800) (3,957,800) (5,434,300)
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Total expenditure (4,134,321) (4,134,321) (5,589,711)
=============================================== =============================================== ===============================================
Net gains on investments 17 96,976 96,976 295,056
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Net expenditure (1,026,148) (1,026,148) (688,599)
=============================================== =============================================== ===============================================
Other recognised gains and losses
Fair value movements 18
(656,385)
(656,385)		 1,480,732
----------------------------------------------- ----------------------------------------------- -----------------------------------------------
Net movement in funds (1,682,533)
(1,682,533)		 792,133
Reconciliation of funds
Total funds brought forward 54,185,786 54,185,786 53,393,653
---------------------------------------------------- ---------------------------------------------------- ----------------------------------------------------
Total funds carried forward 52,503,253 52,503,253 54,185,786
==================================================== ==================================================== ====================================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 16 to 29 form part of these financial statements.

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30 SEPTEMBER 2020

2020 2019
Note £ £
FIXED ASSETS
Investments 20 72,615,991 72,878,169
CURRENT ASSETS
Debtors 21 4,811,610 5,252,399
Cash at bank and in hand 1,066,834 1,600,852
----------------------------------------------- -----------------------------------------------
5,878,444 6,853,251
CREDITORS: amounts falling due within one year 22 (3,148,315) (2,711,093)
----------------------------------------------- -----------------------------------------------
NET CURRENT ASSETS 2,730,129 4,142,158
---------------------------------------------------- ----------------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 75,346,120 77,020,327
CREDITORS: amounts falling due after more than one year 23 (13,016,218) (13,016,218)
PROVISIONS 25 (9,848,654) (9,840,328)
---------------------------------------------------- ----------------------------------------------------
NET ASSETS 52,481,248 54,163,781
==================================================== ====================================================
FUNDS OF THE CHARITY
Unrestricted funds 52,481,248 54,163,781
---------------------------------------------------- ----------------------------------------------------
Total charity funds 27 52,481,248 54,163,781
==================================================== ====================================================

These financial statements were approved by the board of trustees and authorised for issue on 8[th] December 2021, and are signed on behalf of the board by:

Mr Samuel Berger Trustee

Mrs Zelda Sternlicht Trustee

The notes on pages 16 to 29 form part of these financial statements.

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

PARENT BALANCE SHEET

30 SEPTEMBER 2020

2020 2019
Note £ £
FIXED ASSETS
Investments 20 53,110,376 54,067,761
--------------------------------------------------------- ---------------------------------------------------------
53,110,376 54,067,761
CURRENT ASSETS
Debtors 21
611,709		 739,435
Cash at bank and in hand 249,036 108,580
---------------------------------------------------- ----------------------------------------------------
860,745 848,015
CREDITORS: amounts falling due within one year 22
(1,467,868)
(729,990)
---------------------------------------------------- ----------------------------------------------------
NET CURRENT ASSETS (607,123)
118,025
--------------------------------------------------------- ---------------------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 52,503,253 54,185,786
--------------------------------------------------------- ---------------------------------------------------------
NET ASSETS 52,503,253 54,185,786
========================================================= =========================================================
FUNDS OF THE CHARITY
Unrestricted funds 52,503,253 54,185,786
---------------------------------------------------- ----------------------------------------------------
Total charity funds 27 52,503,253 54,185,786
==================================================== ====================================================

These financial statements were approved by the board of trustees and authorised for issue on 8[th] December 2021, and are signed on behalf of the board by:

Mr Samuel Berger Trustee

Mrs Zelda Sternlicht Trustee

The notes on pages 16 to 29 form part of these financial statements.

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 30 SEPTEMBER 2020

2020 2019
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net expenditure (1,768,206) (1,268,490)
Adjustments for:
Net gains on investments (199,476) –
Dividends, interest and rents from investments (527,591) (523,046)
Other interest receivable and similar income (2,774) (103)
Taxation 8,326 365,342
Changes in:
Trade and other debtors 440,789 477,503
Trade and other creditors 437,222 (776,320)
----------------------------------------------- -----------------------------------------------
Cash generated from operations (1,611,710) (1,725,114)
Interest received 2,774 103
----------------------------------------------- -----------------------------------------------
Net cash used in operating activities (1,608,936) (1,725,011)
=============================================== ===============================================
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments 527,591 523,046
Purchases of other investments (30,649) (131,559)
Proceeds from sale of other investments 577,976 151,500
----------------------------------------------- -----------------------------------------------
Net cash from investing activities 1,074,918 542,987
=============================================== ===============================================
NET DECREASE IN CASH AND CASH EQUIVALENTS (534,018) (1,182,024)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,600,852 2,782,876
----------------------------------------------- -----------------------------------------------
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,066,834 1,600,852
=============================================== ===============================================

The notes on pages 16 to 29 form part of these financial statements.

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

1. GENERAL INFORMATION

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, NW11 0PU, London.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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)) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

No Material Uncertainty Exists

The outbreak of the Covid-19 pandemic in the first six months of 2020 and the associated lockdown has had a negative impact on the macro economy and the particular market that the group companies operate in. The directors have placed a particular focus on the charity’s going concern assessment and have considered the principal risks to the charity. This assessment has considered the various probable outcomes of the pandemic on the charity group’s operations and its future financial performance over the next 12 months, including a decline in revenues, an increase in impairments and a reduction in property values. Uncertainty surrounding Brexit and the associated potential financial costs may also have a negative impact. These risks are beyond the control of the charity and represent uncertainty to the revenue and cash flow of the charity group for the foreseeable future.

Notwithstanding these uncertainties, the directors have concluded that it is appropriate for the financial statements to be prepared in accordance with the accounting principles appropriate to a going concern and that there is no material uncertainty to this position, as the directors have a reasonable expectation that the charity group has adequate resources under all plausible circumstance to continue in operational existence for the foreseeable future by meeting its liabilities and commitments as they fall due.

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SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

3. ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Governance costs

Governance costs include the cost of the preparation and audit of the financial statements and the cost of any legal advice to the trustees on governance or constitutional matters.

Taxation

The Charity is not liable to direct taxation (Income Tax) on its income which falls within the various exemptions available to registered charities. As a result, no Deferred Tax is provided on timing differences. The Charity is not registered for Value Added Tax (VAT) and is therefore unable to reclaim any input tax it suffers on its purchase. Expenditure in the accounts is therefore shown inclusive of VAT where appropriate.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period for the subsidiaries.

Current tax is recognised on taxable income or expenditure for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred 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 reversal of the timing difference.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred 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 reversal of the timing difference.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

- 17 -

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

3. ACCOUNTING POLICIES (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

- 18 -

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

3. ACCOUNTING POLICIES (continued)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in income or expenditure unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period it arises and is allocated to the appropriate expenditure heading.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

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.

- 19 -

SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

4. LIMITED BY GUARENTEE

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £1.

5. DONATIONS AND LEGACIES

5. DONATIONS AND LEGACIES
Group Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Donations
Donations – – 1,583,200 1,583,200
================ ================ =============================================== ===============================================
Charity Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Donations
Donations - Gift Aid Receipts 2,483,831 2,483,831 4,083,840 4,083,840
=============================================== =============================================== =============================================== ===============================================
6. COMMERCIAL OPERATIONS
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Rent and charges receivable 3,370,419 3,370,419 4,720,780 4,720,780
----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -----------------------------------------------
3,370,419 3,370,419 4,720,780 4,720,780
=============================================== =============================================== =============================================== ===============================================
7. INVESTMENT INCOME
Group Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Income from investment properties 527,342 527,342 522,216 522,216
Income from listed investments 249 249 830 830
Other interest receivable 2,774 2,774 103 103
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
530,365 530,365 523,149 523,149
===================================== ===================================== ===================================== =====================================
Charity Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Income from investment properties 527,342 527,342 522,216 522,216
Other interest receivable 24 24 – –
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
527,366 527,366 522,216 522,216
===================================== ===================================== ===================================== =====================================

- 20 -

SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

8. COMMERCIAL OPERATIONS

8. COMMERCIAL OPERATIONS
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Costs of commercial operations 1,055,578 1,055,578 1,462,798 1,462,798
=============================================== =============================================== =============================================== ===============================================
9. INVESTMENT MANAGEMENT COSTS
Group Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Administrative expenses 196,563 196,563 167,067 167,067
Investment management costs 176,521 176,521 155,411 155,411
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
373,084 373,084 322,478 322,478
===================================== ===================================== ===================================== =====================================
Charity Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Portfolio management 176,521 176,521 155,411 155,411
===================================== ===================================== ===================================== =====================================
10. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Donations paid 3,914,279 3,914,279 5,376,193 5,376,193
Support costs 43,481 43,481 58,067 58,067
----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -----------------------------------------------
3,957,760 3,957,760 5,434,260 5,434,260
=============================================== =============================================== =============================================== ===============================================

11. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

Activities Grant
undertaken funding of Total funds Total fund
directly activities Support costs 2020 2019
£ £ £ £ £
Donations paid 418,029 3,496,250
–		 3,914,279 5,376,193
Governance costs – –
43,481		 43,481 58,067
------------------------------------- ----------------------------------------------- ------------------------------------- ----------------------------------------------- -----------------------------------------------
418,029 3,496,250
43,481		 3,957,760 5,434,260
===================================== =============================================== ===================================== =============================================== ===============================================

Activities undertaken directly

The amounts paid during the year represent rents and maintenance expenditure on the charity’s two functional properties.

- 21 -

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

12. ANALYSIS OF SUPPORT COSTS

Accountancy Accountancy General Legal &
Total		 Legal &
Total		 Total
fees Audit fees expenses Professional
2020		 2019
£ £ £ £
£		 £
Governance costs 10,000 15,000 961 17,520
43,481
58,067
================================================ =================================== =================================== ==========================================
========================================== ==========================================
ANALYSIS OF GRANTS
2020 2019
£ £
GRANTS TO INSTITUTIONS
Be’er Yitzchok Trust 25,000 52,000
Centurian Charities Limited – 250,000
Chevras Mo'oz Ladol 72,000 220,000
British Friends of Rabbi Meir Baal Haness Charity (Kollel Shomrei
Hachomos) 50,000 50,000
M & R Gross Charities 70,000 75,000
Palmcourt Limited 50,000 50,000
Rookwood Foundation Limited – 300,000
Tehilois Yoel 285,000 –
United Talmudical Associates Limited 1,806,000 2,511,000
UTRY 50,000 50,000
Yesamach Levav Trust 35,000 65,000
Yetev Lev London Jerusalem Trust 100,000 95,000
Yeshiva Gedolah Torah Veyirah Sevenoaks Limited 50,000 –
Other grants below £50,000 903,250 1,278,700
---------------------------------------------------- ----------------------------------------------------
3,496,250 4,996,700
---------------------------------------------------- ----------------------------------------------------
Total grants 3,496,250 4,996,700
==================================================== ====================================================
ANALYSIS OF GRANTS TO INSTITUTIONS:
2020 2019
£ £
General charitable purposes 1,480,694 2,150,224
Advancement of the Jewish Religion 1,384,098 2,084,080
Advancement of Jewish Education 631,458 762,396
----------------------------------------------- -----------------------------------------------
Total 3,496,250 4,996,700
=============================================== ===============================================

13. ANALYSIS OF GRANTS

- 22 -

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

14. INTEREST PAYABLE AND SIMILAR CHARGES

Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Loan interest 382,926 382,926 420,249 420,249
Finance costs 90,752 90,752 90,452 90,452
Bank charges 40 40 40 40
------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
473,718 473,718 510,741 510,741
===================================== ===================================== ===================================== =====================================
15. TAXATION
Deferred tax:
2020 2019
£ £
Origination and reversal of timing differences 8,326 365,342
-------------------------- -------------------------------------
Taxation 8,326 365,342
========================== =====================================
16. NET EXPENDITURE
Net expenditure is stated after charging/(crediting):
2020 2019
£ £
Fees payable for the audit of the financial statements 40,520 45,140
=============================== ===============================
17. NET GAINS ON INVESTMENTS
Group Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Gains/(losses) on investment property 199,476 199,476 – –
===================================== ===================================== ================ ================
Charity Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Gains/(losses) on investment property 96,976 96,976 295,056 295,056
=============================== =============================== ===================================== =====================================
18. FAIR VALUE MOVEMENTS
Group Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Gains/(losses) on investment property 90,000 90,000 2,063,251 2,063,251
Gains/(losses) on listed investments (4,327)
(4,327)		 (2,520) (2,520)
------------------------------------- ------------------------------------- ----------------------------------------------- -----------------------------------------------
85,673 85,673 2,060,731 2,060,731
===================================== ===================================== =============================================== ===============================================
Charity Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Gains/(losses) on subsidiary
undertakings (656,385)
(656,385)		 (1,480,732) (1,480,732)
------------------------------------- ------------------------------------- ----------------------------------------------- -----------------------------------------------
(656,385)
(656,385)		 (1,480,732) (1,480,732)
===================================== ===================================== =============================================== ===============================================

- 23 -

SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

19. TRUSTEE REMUNERATION AND EXPENSES

The parent Charity has no staff other than its 3 Trustees and secretary all of whom give freely their time and expertise without any form of remuneration or other benefit in cash of kind (2019: £nil).

The charity did not meet any expenses (2019: £nil) incurred by the trustees for services provided to the charity

20. INVESTMENTS

Group Listed Investment
investments properties Total
£ £ £
Cost or valuation
At 1 October 2019 9,634 72,868,535 72,878,169
Additions – 30,649 30,649
Disposals – (378,500) (378,500)
Fair value movements (4,327) 90,000 85,673
-------------------------- ---------------------------------------------------- ----------------------------------------------------
At 30 September 2020 5,307 72,610,684 72,615,991
========================== ==================================================== ====================================================
Impairment
At 1 October 2019 and 30 September 2020 –
====================================================
Carrying amount
At 30 September 2020 5,307 72,610,684 72,615,991
========================== ==================================================== ====================================================
At 30 September 2019 9,634 72,868,535 72,878,169
========================== ==================================================== ====================================================
Charity Shares in
Investment group Other
properties undertakings investments Total
£ £ £ £
Cost or valuation
At 1 October 2019 7,845,916 46,221,095 750 54,067,761
Additions 24,000 – – 24,000
Disposals (325,000)
–		 – (325,000)
Fair value movements – (656,385) – (656,385)
----------------------------------------------- ---------------------------------------------------- ---------------- ----------------------------------------------------
At 30 September 2020 7,544,916 45,564,710 750 53,110,376
=============================================== ==================================================== ================ ====================================================
Impairment
At 1 October 2019 and
30 September 2020 – – –
==================================================== ================ ====================================================
Carrying amount
At 30 September 2020 7,544,916 45,564,710 750 53,110,376
=============================================== ==================================================== ================ ====================================================
At 30 September 2019 7,845,916 46,221,095 750 54,067,761
=============================================== ==================================================== ================ ====================================================

- 24 -

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

20. INVESTMENTS (continued)

All investments shown above are held at valuation.

Investment properties

The group's investment property comprises of residential and commercial portfolio. The fair value of the investment property has been arrived at on the basis of valuation carried out at 30th September 2020 by the trustees who are considered to have the experience and expertise required to undertake such an exercise. The valuation is made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location taken account of their age and condition.

Financial assets held at fair value

The Listed investments have been valued at open market value based on stock exchange values.

Subsidiaries and other investments

The company's direct active subsidiary undertakings (excluding dormant companies), all of which are incorporated in England are as follows:

Description & Proportion Description & Proportion Nature of
Of Share Capital Owned Business
Bitover Limited Ordinary 100% Parent undertaking
Preference 100%
Crown View Estates Limited Ordinary 100% Property investment
Davecourt Limited Ordinary 100% Parent undertaking
Preference 100%
Honeyvale Properties Limited Ordinary 100% Property investment
Lysville Limited Ordinary 100% Property investment
Tripknoll Limited Ordinary 100% Parent undertaking
Preference 100%

Bitover Limited has the following active subsidiary undertakings:

Description & Proportion Description & Proportion Nature of
Of Share Capital Owned Business
Vereneat Limited Ordinary 100% Parent undertaking
Parkchoice Limited Ordinary 100% Property investment
Evenley Investments Limited Ordinary 100% Property investment
Vereneat Limited has the following active subsidiary undertaking:
Kolup Investments Limited Ordinary 100% Property investment

- 25 -

SHULEM B. ASSOCIATION LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

20. INVESTMENTS (continued)

Davecourt Limited has the following subsidiary undertaking:

Codnore Estates Limited Ordinary 99% Parent undertaking
Codnore Estates Limited has the following active subsidiary undertaking
Arnville Limited Ordinary 100% Property investment
Marilla Properties Limited Ordinary 100% Property investment
Zeligrate Co. Limited Ordinary 100% Property investment
Tripknoll Limited has the following subsidiary undertaking:
Verelark Limited Ordinary 100% Parent undertaking
Verelark Limited has the following active subsidiary undertakings:
Belinda Properties Limited Ordinary 100% Property investment
Hacienda Properties Limited Ordinary 100% Property investment

The following material subsidiaries have year ends coterminous with the parent charity. The 2020. figures are disclosed below:

Company
Number
Crown View Estates limited
02820344
Kolup Investments Limited
00769026
Lysville Limited
01384537
Parkchoice Limited
03106046
Fixed
Assets
£
Crown View Estates limited
20,867,702
Kolup Investments Limited
32,416,400
Lysville Limited
4,055,824
Parkchoice Limited
507,100		 Company Turnover
Expenditure
£
£
1,283,512
(501,528)
1,163,033
(746,737)
263,556
(553,507)
24,684
(49,197)
Current
Assets
Long term
Liabilities
Liabilities
£
£
£
5,879,745
(9,493,694)
(5,087,991)
9,523,037
(12,118,959)
(4,676,768)
3,412,993
(582,793)
(4,106,755)
3,859,570
(91,571)
(3,620,509)		 Profit/Loss
£
106,493
1,183,758
(59,896)
(122,494)
Net Assets
£

12,165,762

25,143,710

2,779,269

654,590



Full disclosure for the remaining subsidiary undertakings can be found in the financial statements of those subsidiary undertakings, copies of which are available upon request.

- 26 -

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

21. DEBTORS

DEBTORS
Group 2020 2019
£ £
Trade debtors 722,950 649,478
Prepayments and accrued income 59,459 75,735
Other debtors 4,029,201 4,527,186
----------------------------------------------- -----------------------------------------------
4,811,610 5,252,399
=============================================== ===============================================
Charity 2020 2019
£ £
Trade debtors 128,757 278,686
Prepayments and accrued income 42,952 20,749
Other debtors 440,000 440,000
------------------------------------- -------------------------------------
611,709 739,435
===================================== =====================================
CREDITORS: amounts falling due within one year
Group 2020 2019
£ £
Trade creditors 36 36
Social security and other taxes 205 1,123
Loan Creditors 2,235,210 1,648,330
Other creditors 912,864 1,061,604
----------------------------------------------- -----------------------------------------------
3,148,315 2,711,093
=============================================== ===============================================
Charity 2020 2019
£ £
Trade creditors 36 36
Accruals and deferred income 115,395 179,730
Other creditors 1,352,437 550,224
----------------------------------------------- -------------------------------------
1,467,868 729,990
=============================================== =====================================
CREDITORS: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 13,000,000 13,000,000
Other creditors 16,218 16,218
---------------------------------------------------- ----------------------------------------------------
13,016,218 13,016,218
==================================================== ====================================================
2020 2019
Analysis of loans £ £
Wholly repayable within 5 years – –
Not wholly repayable within 5 years 13,000,000 13,000,000
Included in current liabilities – –
---------------------------------------------------- ----------------------------------------------------
13,000,000 13,000,000
==================================================== ====================================================

22. CREDITORS: amounts falling due within one year

23. CREDITORS: amounts falling due after more than one year

- 27 -

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

24. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

2020 2019
£ £
Included in provisions (note 25) 9,848,654
9,840,328
=============================================== ===============================================
25. PROVISIONS
Deferred tax
(note 24)
£
At 1 October 2019 9,840,328
Additions 8,326
-----------------------------------------------
At 30 September 2020 9,848,654
===============================================

26. PENSIONS AND OTHER POST RETIREMENT BENEFITS

Defined contribution plans

Group

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £951 (2019: £463).

- 28 -

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

27. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds
Group At 1 At 30
October Gains and September
2019
Income		 Expenditure losses 2020
£ £ £ £ £
General funds 12,990,347
4,100,260		 (5,868,466) – 11,222,141
Fair value reserve 41,173,434
–		 – 85,673 41,259,107
---------------------------------------------------- ----------------------------------------------- ----------------------------------------------- ------------------------------- ----------------------------------------------------
54,163,781
4,100,260		 (5,868,466) 85,673 52,481,248
==================================================== =============================================== =============================================== =============================== ====================================================
At 1 At 30
October Gains and September
2018
Income		 Expenditure losses 2019
£ £ £ £ £
General funds 14,258,837
6,827,129		 (8,095,619) – 12,990,347
Fair value reserve 39,112,703
–		 – 2,060,731 41,173,434
---------------------------------------------------- ----------------------------------------------- ----------------------------------------------- ----------------------------------------------- ----------------------------------------------------
53,371,540
6,827,129		 (8,095,619) 2,060,731 54,163,781
==================================================== =============================================== =============================================== =============================================== ====================================================
Unrestricted funds
Charity At 1 At 30
October Gains and September
2019 Income Expenditure losses 2020
£ £ £ £ £
General funds 54,185,786 3,011,197 (4,134,321) (559,409) 52,503,253
==================================================== =============================================== =============================================== ===================================== ====================================================
At 1 At 30
October Gains and September
2018 Income Expenditure losses 2019
£ £ £ £ £
General funds 53,393,653 4,606,056 (5,589,711) 1,775,788 54,185,786
==================================================== =============================================== =============================================== =============================================== ====================================================
ANALYSIS OF CHANGES IN NET DEBT
At At
1 Oct 2019 Cash flows 30 Sep 2020
£ £ £
Cash at bank and in hand 1,600,852 (534,018)
1,066,834
Debt due after one year (13,000,000) – (13,000,000)
---------------------------------------------------- ------------------------------------- ----------------------------------------------------
(11,399,148) (534,018) (11,933,166)
==================================================== ===================================== ====================================================

28. ANALYSIS OF CHANGES IN NET DEBT

- 29 -

SHULEM B. ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2020

27. Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2020 2019
£ £
Cash at bank and in hand 1,066,834 1,600,852
Overdraft facility repayable on demand (-) (-)
----------------------------------------------- -----------------------------------------------
Total cash and cash equivalents 1,066,834 1,600,852
=============================================== ===============================================

28. Related party transactions

Group

Grants to institutions include the following donations to charities where the Trustees are family members with the Trustees in this charity: The Beth Hamedrash Satmar Trust £8,000 (2019: £Nil), Beis Ruchel D’Satmar (London) Limited £35,000 (2019: £27,000), Keren Chomoh Betzuroh Limited £Nil (2019: £2,500), M and R Gross Charities Limited £70,000 (2019: £75,000), Palmcourt Limited £50,000 (2019: £50,000), Satmar Nursery Trust £10,000 (2019: £Nil), UTRY £50,000 (2019: £50,000), Vyoel Moshe Charitable Trust £30,000 (2019: £30,000), Y G S Yeshiva Gedola Seminar £35,000 (2019: £35,000), Yeshiva Gedolah Torah Veyirah Seven Oaks Limited £18,000 (2019: £10,000).

Included in other debtors is £2,611,607 (2019: £1,443,107) due from companies under control of the trustees and/or their families. These loans are interest free and repayable on demand. Also included in other debtors are concessionary loans of £132,916 (2019: £132,916) due from Siva Charitable Fund, and £44,000 (2019: £44,000) due from Aldentower Limited, charities with whose Trustees and/or their families are connected with the Trustees of this group. The loans are interest free and repayable on demand.

Other creditors include loans of £2,020,055 (2019: £1,529,675) due to companies under the control of the Trustees and/or their families. These loans are interest free and repayable on demand. Also included in other creditors is a concessionary loan of £215,069 (2019: £118,569) due to Wiseheights Limited, a charity whose Trustees are connected to the Trustees in this charity. The loan is interest free and repayable on demand.

Charity

Included in the charity’s other creditors is a concessionary loan of £215,069 (2019: £118,569) due to Wiseheights Limited, a charity whose Trustees are connected to the Trustees of this charity. The loan is interest free and repayable on demand.

Also included in other creditors is £14,427 (2019: £431,647) due to companies under control of the Trustees and/or their families. The loans are interest free and repayable on demand.

- 30 -