2023-09-30-accounts - Shulem B. Association Limited

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

financial statements ofthe charity for the year ended 30 S	financial statements ofthe charity for the year ended 30 S	financial statements ofthe charity for the year ended 30 S	financial statements ofthe charity for the year ended 30 S	financial statements ofthe charity for the year ended 30 S	eptember 2	023.
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			1075Finchley	Road
			NW11 OPU
			London
The trustees			Mr Samuel Berger
			Mrs Sarah Rachel Klein
			Mrs Zelda Stemlicht
Auditor			Cohen Arnold
			Chartered accountants		tk statutory	auditor
			New Burlington	House
			1075Finchley	Road
			LONDON
			NW11 OPU
Solicitor			Hamlins LLP
			1 Kingsway
			London
			WC2B 6AN
Bank			Barclays Bank
			1 Churchill Place
			London
			B145HP

ations using financial and non-fina follows:	ncial measures. The m	ost significant KPIs used b	y the charity
		2023	2022
		8
Grants and donations paid out Net income f'rom commercial undertakings		3,728,600 3,597,494	3,424,600 4,397,159
Net rental income from investment	properties	326,084	263,169
Investment property at fair value Listed investments at fair value		75,089,890 6,296	73,070,007 6,546

				2023	2023	2022
				Unrestricted
				funds	Total funds	Total funds
			trots	8
Income and endowments
Donations and legacies			5
Commercial Operations			6	5,133,364	5,133,364	5,617,724
Investment income			7	603,342	603,342	559,061
Total income				5,736,706	5,736,706	6,176,785
Expenditure
Expenditure on raising funds:
Commercial Operations			8	(1,535,870)	(1,535,870)	(1,220,565)
Investment management		costs	9	(413,465)	(413,465)	(420,337)
Expenditure on charitable	activities		10,11	(4,138,031)	(4,138,031)	(3,928,307)
Interest payable and similar charges Taxation			14 15	(929,310) (3,020,131)	(929,310) (3,020,131)	(504,435) 63,083
Total expenditure				(10,036,807)	(10,036,807)	(6,010,561)
Net gains on investments			17			296,096
Net income/(deficit) for	the	year		(4,300,101)	(4,300,101)	462,320
Other recognised gains Fair value movements	and	losses	18	1,761,345	1,761,345	(2,075)
Net movement in funds				(2,538,756)	(2,538,756)	460,245
Reconciliation offunds
Total funds brought forward				54,037,588	54,037,588	53,577,343
Total funds carried forward				51,498,832	51,498,832	54,037,588

				2023	2023	2022
				Unrestricted
				funds	Total funds	Total funds
			Note
Income and endowments
Donations and legacies			5	3,393,942	3,393,942	3,435,439
Investment income			7	602,340	602,340	559,061
Total income				3,996,282	3,996,282	3,994,500
Expenditure
Expenditure on raising funds:
Investment management costs Expenditure on charitable activities			9	(276,223) (4,138,164)	(276,223) (4,138,164)	(295,892) (3,898,307)
Total expenditure				(4,414,387)	(4,414,387)	(4,194,199)
Net gains on investments			17			296,096
Net income				(418,105)	(418,105)	96,397
Other recognised gains Fair value movements	and	losses	18	(4,203,285)	(4,203,285)	2,446,482
Net movement in funds				(4,621,390)	(4,621,390)	2,542,879
Reconciliation offunds
Total funds brought forward				56,142,231	56,142,231	53,599,352
Total funds carried forward				51,520,841	51,520,841	56,142,231

	30SEPTEMBER2023
			2023	2022
		Note	g
FIXEDASSETS
Tangible fixed assets		20	3,780
Investments		21	75,096,186	73,076,553
			75,099,966	73,076,553
CURRENT ASSETS
Debtors		22	5,897,157	5,404,382
Cash at bank and in hand			556,349	1,585,659
			6,453,506	6,990,041
CREDITORS: amounts	falling due within one year	23	(3,771,498)	(16,265,995)
NET CURRENT ASSETS			2,682,008	3,829,587
TOTAL ASSETSLESS	CURRENT LIABILITIES		77,781,974	63,800,599
CREDITORS: amounts	falling due after more than one year	24	(13,516,218)	(16,218)
PROVISIONS		26	(12,766,924)	(9,746,793)
NET ASSETS			51,498,832	54,037,588
FUNDS OFTHE CHARITY
Unrestricted funds		27	51,498,832	54,037,588
Total charity funds		28	51,498,832	54,037,588

			2023	2022
		Note
FIXEDASSETS
Investments		21	51,200,531	55,403,816
			51,200,531	55,403,816
CURRENT ASSETS
Debtors		22	724,997	607,604
Cash at bank and in hand			19,279	225,652
			744,276	833,256
CREDITORS: amounts	falling due within one year	23	(423,966)	(94,841)
NET CURRENT ASSETS			320,310	738,415
TOTAL ASSETSLESS	CURRENT LIABILITIES		51,520,841	56,142,231
NET ASSETS			51,520,841	56,142,231
FUNDS OFTHE CHARITY
Unrestricted funds		27	51,520,841	56,142,231
Total charity funds			51,520,841	56,142,231

YEARENDED 30SEPTEMB	ER2023
		2023	2022
	Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		(4,300,101)	462,320
Adjustments for:
Depreciation oftangible fixed assets		1,260
Net gains on investments Dividends, interest and rents fmm investments		(602,845)	(296,096) (559,061)
Other interest receivable and similar income		(497)
Gains on disposal oftangible assets		(1,857,846)
Taxation		3,020,131	(63,083)
Accrued expenses		135,925	(49,183)
Changes in: Trade and other debtors		(492,775)	(38,535)
Trade and other creditors		48,539	11,951
Cash generated from operations		(4,048,209)	(531,687)
Interest received		497
Net cash used in operating activities		(4,047,712)	(531,687)
CASH FLOWS FROM INVESTING AC11VITIES
Dividends, interest and rents from investments		602,845	559,061
Purchase oftangible assets Purchases ofother investments		(5,040) (195,965)	(1,199,678)
Proceeds from sale ofother investments		2,116,562	990,996
Net cash trom investing activities		2,518,402	350,379
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings		500,000
Net cash )rom financing activities		500,000
NET DECREASE IN CASH AND CASH EQUIVALENTS		(1,029,310)	(181,308)
CASH AND CASH EQUIVALENTS AT BEGINNING OF	YEAR	1,585,659	1,766,967
CASH AND CASH EQUIVALENTS AT END OFYEAR	29	556,349	1,585,659

5.	DONATIONS AND LE	GACIES
	~Grou		Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2023	Funds	2022
					g	6
	Donations
	Donations received
	Cath(		Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
				K
	Donations
	Donations received
	Donations - Gift Aid Receipts		3,393,942	3,393,942	3,435,439	3,435,439
6.	COMMERCIAL OPERATIONS
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2023	Funds	2022
					g
	Rent and charges receivable		5,133,364	5,133,364	5,617,724	5,617,724
			5,133,364	5,133,364	5,617,724	5,617,724
7.	INVESTMENT INCOME
	~Grou		Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2023	Funds	2022
				g		8
	Income from investment	properties	602,307	602,307	559,061	559,061
	Income from listed investments		538	538
	Other interest receivable		497	497
			603,342	603,342	559,061	559,061
	Ch~ty		Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
	Income from investment	properties	602,307	602,307	559,061	559,061
	Interest receivable		33	33
			602,340	602,340	559,061	559,061

						Unrestricted	Total Funds	Unrestricted	Total Funds
						Funds	2023	Funds	2022
									I
	Costs ofcommercial			operations		1,535,870	1,535,870	1,220,565	1,220,565
9.	INVESTMENT		MANAGEMENT			COSTS
	~Grou					Unrestricted	Total Funds	Unrestricted	Total Funds
						Funds	2023	Funds	2022
	Administrative		expenses			137,242	137,242	124,445	124,445
	Investment	management			costs	276,223	276,223	295,892	295,892
						413,465	413,465	420,337	420,337
	Charity					Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
	Portfolio management					276,223	276,223	295,892	295,892
10.	EXPENDITURE ON CHARITABLE ACTIVITIES BYFUND TYPE
						Unrestricted	Total Funds	Unrestricted	Total Funds
						Funds	2023	Funds	2022
							I	I
	Donations paid Support costs					4,094,453 43,578	4,094,453 43,578	3,866,920 61,387	3,866,920 61,387
						4,138,031	4,138,031	3,928,307	3,928,307

EXPENDI	TURE ON	CHARITABLE	ACTIVITIE	S BYACTIVI	TY TYPE
		Activities	Grant
		undertaken	funding of		Total funds	Total fund
		directly	activities I	Support costs	2023	2022
Donations Governance	paid costs	365,853	3,728,600	43,578	4,094,453 43,578	3,866,920 61,387
		365,853	3,728,600	43,578	4,138,031	3,928,307

ANALYSIS	OFSUP	PORT COSTS
		Accountancy		General	Legal dc	Total	Total
		fees	Audit fees	expenses	Professional	2023	2022
		8
Governance	costs	10,000	15,750	661	17,167	43,578	61,387

ANALYSIS OF GRANTS
			2023	2022
GRANTS TO INSTITUTIONS
Amud Hatzdokoh Trust			32,500	23,000
Beis Ruchel D'Satmar (London) Limited			15,000	29,000
Castle Education Trust Limited			25,000
Chasdei Moishe Trust			24,000	22,000
Chevras Mo'oz Ladol			65,000	36,000
Collel Chibath Yerushalayim,	Rabbi Meir Baal Hanes Trust		30,800	35,600
Congregation Vyoel Moshe D'Satmar Charitable		Trust	27,000	35,000
Ezer Bekovoid Limited			45,000	14,000
Gerson Berger Association Limited				30,000
Karen Habinyan Limited KYL Central Shul Trust			60,000 35,000	30,000
Palmcourt Limited			30,000
United Talmudical Associates	Ltd		1,850,000	1,570,000
UTRY			45,000	35,000
VHLT				25,000
Vyoel Moshe Charitable Trust YGSYeshiva Gedola Seminar			25,000 25,000	27,500 18,000
YBPLimited				425,000
Yetev Lev London Jerusalem	Trust		78,500	60,000
Other grants below $20,000			1,315,800	1,009,500
			3,728,600	3,424,600
Total grants			3,728,600	3,424,600
ANALYSIS OF GRANTS TO INSTITUTIONS:
			2023	2022
General charitable purposes Advancement ofthe Jewish Religion			1,577,921 1,470,065	1,481,800 1,300,250
Advancement ofJewish Education			680,614	642,550
Total			3,728,600	3,424,600

14.	INTEREST P	AYA	BLE AND SIMILA	R CHARGE	S
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds	2023	Funds	2022
	Loan interest			839,770	839,770	414,230	414,230
	Finance costs			89,540	89,540	90,205	90,205
				929,310	929,310	504,435	504,435
15.	TAXATION
	Deferred tax:
						2023	2022
	Origination and reversal oftiming differences					3,020,131	(63,083)
	Taxation					3,020,131	(63,083)
	All tsx is recognised		in the Consolidated	Income and Expenditure Account.
	Reconciliation	oftax expense

rporation tax in the UKof22.0/e	(	2022: 19/o) by refer	ence to the analysis below.
			2023	2022
Net income before tax			(1,279,970)	399,237
Net income by rate oftax Income exempt trom tax			(281,593) 91,920	75,855
Expenses not deductible for tax Effect ofgift aid			2,873 (593,548)	(75,855)
Utilisation ofgroup losses Impact ofchange in tax rate			3 020 131	(63,083)
Capital allowances			(1,109)
Timing differences on unrealised Other adjustments	gains		746,931
Differences arising from chargeable		gains	34,526
Taxation			3,020, 131	(63,083)

16.	NET EXPEND	ITURE	ITURE
	Net expenditure	is stated after		charging/(crediting):
								2023	2022
	Fees payable for the audit ofthe financial				statements			44,370	40,940
17.	NET GAINS ON INVESTMENTS
	~Grou				Unrestricted	Total Funds		Unrestricted	Total Funds
					Funds		2023	Funds	2022
	Gains/(losses)	on investment		property				296,096	296,096
	Cath				Unrestricted Funds	Total Funds 2023		Unrestricted Funds	Total Funds 2022
					8
	Gains/(losses)	on investment		property				296,096	296,096
18.	FAIR VALUE	MOVEMENTS
	~Grou						Total
					Unrestricted		Funds	Unrestricted	Total Funds
					Funds		2023	Funds	2022
					8
	Deficit on listed investments				(250)		(250)	(2,075)	(2,075)
	Surplus on investment		property		2,082,634		2,082,634
	Fair value movements		on cash flow
	hedging instruments				(321,039)		(321,039)
					1,761,345		1,761,345	(2,075)	(2,075)
	Cath				Unrestricted Funds	Total Funds 2023		Unrestricted Funds	Total Funds 2022
							8
	Surplus/(deficit)	on subsidiary
	undertakings				(4,203,285)		(4,203,285)	2,446,482	2,446,482
					(4,203,285)		(4,203,285)	2,446,482	2,446,482

TANGIBLE FIXED ASSETS
	Plant and
	machinery
Cost
At 1 October 2022
Additions	5,040
At 30September 2023	5,040
Depreciation
At 1 October 2022
Charge for the year	1,260
At30September 2023	1,260
Carrying amount At 30September 2023	3,780
At 30September 2022

INVESTMENTS
~Grou		Listed	Investment
		investments	properties	Total
Cost or valuation
At 1 October 2022		6,546	73,070,007	73,076,553
Additions			195,965	195,965
Disposals Fair value movements		(250)	(258716) 2,082,634	(258716) 2,082,384
At 30September 2023		6,296	75,089,890	75,096,186
Impairment
At 1October 2022 and 30September 2023
Carrying amount At 30September 2023		6,296	75,089,890	75,096,186
At 30 September 2022		6,546	73,070,007	73,076,553
Charity		Shares in
	Investment	group	Other
	properties	undertakings t	investments t:	Total
Cost or valuation
At I October 2022	7,242,206	48,160,860	750	55,403,816
Additions
Disposals Fair value movements		(4,203,285)		(4,203,285)
At 30September 2023	7,242,206	43,957,575	750	51,200,531
Impairment
At 1October 2022 and
30September 2023
Carrying amount At 30September 2023	7,242,206	43,957,575	750	51,200,531
At 30 September 2022	7,242,206	48,160,860	750	55403 816

are incorporated in En	gl	and are as	follows:
			Description	dtr	Proportion	Nature of
			OfShare		Capital	Owned Business
Bitover Limited			Ordinary		100o/o	Parent undertaking
			Preference		100'/
Crown View Estates		Limited	Ordinary		100'/o	Property investment
Davecourt Limited			Ordinary		100o/o	Parent undertaking
			Preference		100'/o
Honeyvale Properdes		Limited	Ordinary		100'/o	Property investment
Lysville Limited			Ordinary		100'/o	Property investment
Tripknoll Limited			Ordinary		100'/o	Parent undertaking
			Preference		100'/
Bitover Limited has the		following	active subsidiary undertakings:
			Description	tto Proportion		Nature of
			OfShare Capital			Owned Business
Vereneat Limited			Ordinary		100'/o	Parent undertaking
Parkchoice Limited			Ordinary		100'/o	Property investment
Evenley Investments		Limited	Ordinary		100'/o	Property investment
Vereneat Limited has	the following		active subsidiary undertaking:
Kolup Investments	Limited		Ordinary		100'/o	Property investment

INVESTMENTS (continued)	INVESTMENTS (continued)
Davecourt Limited has the following		subsidiary undertaking:
Codnore Estates Limited		Ordinary	99%o	Parent undertaking
Codnore Estates Limited has the following active subsidiary			undertaking:
Arnville Limited		Ordinary	100'/o	Property	investment
Marl)la Properties Limited		Ordinary	100'/o	Property	investment
Zeligrate Co.Limited		Ordinary	100'/o	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'/o	Property	investment
Hacienda Properties Limited		Ordinary	100'/o	Property	investment
The following material subsidiaries		have year ends coterminous with the		parent charity.		The 2023
figures are disclosed below:
		Qni n Number tt ~dlt 8 8			PrrQPoss f
Crown View Estates limited		02820344 1,276,599 (824,890)				452,038
Kolup Investments Limited		00769026 1,229,890 (1,290,668)				96,818
Lysville Limited		01384537	148,833 (51,691)			1,787,601
Parkchoice Limited		03106046	17,661 (44,123)			(16,463)
		Fixed Current	~Lt
		Assets Assets	~Ltab' es	Liabtttttes		Net Assets
Crown View Estates limited	20,764,085 7,003,785		(10,513,901)	(5,978,897)		11,275,072
Kolup Investments Limited	32,580,469 10,076,844		(14,217,826)	(5,370,277)		23,069,210
Lysville Limited		3,525,081 3,653,485	(648,489)	(4,276,442)		2,253,635
Parkcho ice Liinited		524,800 5,662,633	(125,814)	(3,680,379)		2,381,240

22.	DEBTORS
	~Grou			2023 f	2022 f
	Trade debtors			733,115	829,298
	Prepayments and accrued		income	81,442	78,337
	Other debtors			5,082,600	4,496,747
				5,897,157	5,404,382
	Charity			2023	2022
	Trade debtors			189,951	193,744
	Prepayments and accrued		income	15,046	33,860
	Other debtors			520,000	380,000
				724,997	607,604
23.	CREDITORS: amounts		falling due within one year
	~Grou			2023	2022
	Bank loans and overdratts				13,000,000
	Trade creditors			374	36
	Accruals and deferred	income		755,782	619,857
	Other creditors			3,015,342	2,646,102
				3,771,498	16,265,995
	C&rity			2023	2022 f
	Trade creditors			36	36
	Accruals and deferred	income		129,709	94,697
	Other creditors			294,221	108
				423,966	94,841
24.	CREDITORS: amounts		falling due alter more than one year
				2023	2022
	Bank loans and overdraits			13,500,000
	Other creditors			16,218	16,218
				13,516,218	16,218
				2023	2022
	Analysis ofloans
	Wholly repayable within 5 years Not wholly repayable within 5 years Included in current liabilities			13,500,000	13,000,000
				13,500,000	13,000,000

DEFERRED TAX	DEFERRED TAX	DEFERRED TAX
The deferred tax included			in the statement	offinancial	position is as follows;
						2023	2022
						f
Included in provisions		(note 26)				12,766,924	9,746,793
PROVISIONS
						Deferred tax
							(note 25) f
At 1 October	2022						9,746,793
Additions							3,020, 131
At 30September 2023							12,766,924
ANALYSIS OF CHARITABLE FUNDS
Unrestricted	funds
~Grou			At 1				At 30
			October			Gains and	September
			2022	Income	Expenditure	losses	2023 f
General funds			12,527,142	5,736,706	(10,036,807)		8,227,041
Fair value reserve			41,510,446			1,761,345	43,271,791
			54,037,588	5,736,706	(10,036,807)	1,761,345	51,498,832
			At 1				At 30
			October			Gains and	September
			2021 f	Income f	Expenditure f	losses	2022
General funds			12,064,822	6,176,785	(6,010,561)	296,096	12,527,142
Fair value reserve			41,512,521			(2,075)	41,510,446
			53,577,343	6,176,785	(6,010,561)	294,021	54,037,588
Unrestricted	funds
Ch~ith			At 1				At 30
			October			Gains and	September
			2022	Income	Expenditure	losses	2023
				f	f	f,
General funds			56,142,231	3,996,282	(4,414,387)	(4,203,285)	51,520,841
			At 1				At.30
			October			Gains and	September
			2021 f	Income f	Expenditure f	losses f	2022 f
General funds			53,599,352	3,994,500	(4,194,199)	2,742,578	56,142,231

ANALYSIS OFNET	ASSETS BETWEEN FU	NDS
		Unrestricted	Total Funds
		Funds	2023
		8
Tangible fixed assets		3,780	3,780
Investments		75,096,186	75,096,186
Current assets		6,453,506	6,453,506
Creditors less than 1year		(3,771,498)	(3,771,498)
Creditors greater than	1 year	(13,516,218)	(13,516,218)
Provisions		(12,766,924)	(12,766,924)
Net assets		51,498,832	51,498,832
		Unrestricted	Total Funds
		Funds	2022
Tangible fixed assets
Investments		73,076,553	73,076,553
Current assets		6,990,041	6,990,041
Creditors less than 1	year	(16,265,995)	(16,265,995)
Creditors greater than	1 year	(16,218)	(16,218)
Provisions		(9,746,793)	(9,746,793)
Net assets		54,037,588	54,037,588

		At		At
		1 Oct 2022	Cash flows	30Sep 2023
			8
Cash	at bank and in hand	1,585,659	(1,029,310)	556,349
Debt Debt	due within one year due after one year	(13,000,000) 13,000,000 —(13,500,000)		(13,500,000)
		(11,414,341)	(1,529,310)	(12,943,651)

		2023	2022
Cash at bank and in hand		556,349	1,585,659
Overdraft facility repayable	on demand	(-)	(-)
Total cash and cash equivalents		556,349	1,585,659

FINANCIAL INTR	UMENTS
The carrying amount	for each	category offinancial		instrument is as follows:
							2023	2022
							8
Financial assets that are debt instruments			measured		at amortised	cost
Financial assets that	are debt instruments measured			at	amortised
cost							6,372,064	6,911,704
Financial liabilities	measured	at amortised	cost
Financial liabilities	measured	at amortised cost					17,287,716	16,282,213
Financial assets measured at		fair value through		income and expenditure
Listed investments							6,296	6,546
Financial liabilities	measured	at fair value	through		other recognised		gains and	losses
Cash flow hedge							321,039