## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## Company No: 688212 

CONSOLIDATED FINANCIAL STATEMENTS 

for the year ended 31 MARCH 2021 

COHEN ARNOLD CHARTERED ACCOUNTANTS & STATUTORY AUDITOR LONDON NW11 0PU 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## TRUSTEES 

Mr B S E Freshwater (Chairman) Mr D Davis Mr S IJ Freshwater Mr R Fischer 

## SECRETARIES 

MrJ S Southgate MrM DE Bale 

## REGISTERED OFFICE 

Freshwater House 158-162 Shaftesbury Avenue LONDON WC2H 8HR 

## AUDITORS 

Cohen Arnold New Burlington House 1075 Finchley Road LONDON NW11 OPU 

## PRINCIPAL BANKERS 

Barclays Bank ple 

## COMPANY NUMBER 

688212 

## REGISTERED CHARITY NUMBER 

313890 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## INDEX TO THE FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31 MARCH 2021 


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Page<br>1-6 Trustees’ Report<br>7-10 Auditors' Report<br>11 Consolidated Statement of Financial Activities<br>12 Consolidated Balance Sheet<br>13 Company Balance Sheet<br>14 Consolidated Statement of Cash Flows<br>15 - 35 Notes to the Financial Statements<br>**----- End of picture text -----**<br>




## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT 

The Governors, hereafter referred to as Trustees, who are also directors for the purposes of company law, have pleasure in presenting their Annual Report together with the Consolidated Financial Statements of the Company for the year ended 31 March 2021. 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISORS 

The official name of the Charity is The Raphael Freshwater Memorial Association Limited, a Company limited by guarantee. Its company registration number is 688212 and its registered charity number is 313890. 

The registered address of the Company is: Freshwater House 158 - 162 Shaftesbury Avenue LONDON WC2H 8HR 

The Trustees of the Company who served during the year and who are still in office are: Mr B S E Freshwater (Chairman) 

Mr D Davis Mr S I Freshwater MrR Fischer 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

The day to day affairs of the Company are administered by an Executive Committee, the Chairman of which is Mr BSE Freshwater. 

All Trustees give their time voluntarily and no benefits or expenses were paid to them during the year. 

New trustees are appointed based on personal competence, specialist skills, availability and knowledge of and contact with institutions professing and teaching the principles of traditional Judaism and the advancement of religion in accordance with the Jewish faith. New trustees are inducted into the workings of the Company by the existing trustees. 

As the Charity is a Company limited by guarantee, its governing documents are its Memorandum and Articles of Association. 

## Group Structure and Relationships 

The charity has the following non-charitable operating subsidiaries:- 

Bastion Products Limited — a property investment company Brigade Properties Limited — a property investment company Charles Development Company Limited —a share investment company Cherry Orchard Properties Limited — a property investment company Endsleigh Court Services Limited — a property management company ‘ Kayville Properties Limited — a property investment company L KB Investments Limited — a property investment company ; LKB (Endsleigh) Limited — a property investment company Metropolitan Properties Co (Cloisters) Limited — a property investment company Newprop Company Limited — a property investment company 

Certain of the Trustees of this Company are also directors of the above companies. 

] 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT 

## STRUCTURE, GOVERNANCE AND MANAGEMENT (cont'd) 

Related Party Transactions Details of transactions with 'Related Parties' are disclosed in Notes 10, 11, 12, 18, 19 and 22 to the Financial Statements. 

## OBJECTIVES AND ACTIVITIES 

The Company was established to support the activities of religious Jewish organisations recognised as charitable by English Law both in the United Kingdom and abroad, especially those in the field ofeducation and relief of poverty. The Trustees regularly support a significant number of institutions and organisations both in the United Kingdom and abroad which meet the Company’s criteria. 

The Company is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families through both financial and non-financial grants and distributions. 

The Company receives income from its investment properties, cash deposits, fixed asset listed investments and subsidiary and associated undertakings which it utilises in the provision and distribution of grants, donations and loans to organisations that fall within the objectives ofthe Company. 

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charitable Company’s aims and objectives and in planning future activities and setting the grant making policy for the year. 

## TRUSTEES' RESPONSIBILITIES 

The Trustees are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and regulations. 

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and the income and expenditure of the Group for that period. 

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

- e select suitable accounting policies and then apply them consistently; 

- e observe the methods and principles in the Charities SORP; 

- e make judgements and accounting estimates that are reasonable and prudent; and 

- ¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company 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. 

2 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT 

## AUDITORS 

The auditors, Cohen Arnold, are willing to continue in office and a resolution re-appointing them in accordance with Section 485 ofthe Companies Act 2006 and authorising the board to fix their remuneration will be proposed at the Annual General Meeting. 

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

- e so far as each Trustee is aware, there is no relevant audit information of which the Company’s auditor is unaware; and 

- e each Trustee has taken all steps that they ought to have taken as a Trustee to make themself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information. 

## STRATEGIC REVIEW 

The Trustees have prepared a strategic report which includes a review of the Group’s business and future developments, a description of the principal risks and uncertainties facing the Group and key performance indicators. 

## STRATEGY AND BUSINESS MODEL 

The Company invests in investment properties, cash deposits, fixed asset listed investments and subsidiary and associated undertakings to generate income with which it makes grants, donations and loans to charitable organisations and institutions that fall within the objectives of the Company. 

## ACHIEVEMENTS AND PERFORMANCE 

During the year the Company continued its philanthropic activities in support of religious, educational and other Charitable Institutions and the aggregate of donations made was £3,607,000 (2020: £5,822,000). Over 250 institutions and organisations were the recipients of the above donations. 

No change in activities is envisaged in the immediate future. 

In recent years, the Trustees have continued to support certain major projects which, during previous years, have received substantial financial grants from the Company. At the present time the Trustees have entered into commitments for the financial support of Colleges and Institutions which is anticipated to absorb approximately £1,896,000 comprising Tangible Fixed Assets and other current assets made available by the Company and the provision of financial support over the next five years (Note 16). Funds to meet these commitments have been set aside and are referred to as "Designated Funds" in the Financial Statements. 

The financial results ofthe Company and its Subsidiary Undertakings for the year ended 31 March 2021 are fully reflected in the attached Financial Statements together with the Notes thereon. 

3 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT 

## ACHIEVEMENTS AND PERFORMANCE (cont’d) 

Under the terms of the Will of the late Mrs N G Freshwater, 50 Ordinary Shares in Highdorn Co. Limited (see Note 10e) representing 50% of its issued Share Capital are bequeathed to the Company. The Company acts as custodian in respect of these shares for and on behalf of Regent Charities Limited, a charitable company with Trustees in common with the Company and with similar Charitable Objects. The intent is for those shares to be transferred directly to Regent Charities Limited during the Administration of the Estate which will ensure that the shares under these arrangements are clearly identified and will be transferred correctly to Regent Charities Limited. The bequest has not yet been made but the Trustees understand that the bequest will be honoured in the coming months. These transactions are not recognised in the Financial Statements of the Company and the Group for the year under review as the Company is acting as custodian on behalf of Regent Charities Limited in respect of these shares. The estimated value based upon the net asset value of the 50% shareholding in Highdorn Co. Limited as at 31 March 2021 is approximately £38 million. The net asset value reflects the fair values of Highdorn Co. Limited and Subsidiary Undertakings’ underlying properties held for investment and investment assets. 

## FINANCIAL REVIEW 

## Reserves Policy 

The Company is required to maintain Reserves in order to ensure that it is in a position to continue its grantmaking activities and cover contingencies of additional calls being made upon the Company for support of organisations or institutions in times of need. 

Consequently, the Trustees consider it appropriate to maintain ‘Free Reserves’ (unrestricted funds not committed or invested in Tangible Fixed Assets, Fixed Asset Investments or Loans to Subsidiary Undertakings) at a level which will not impinge on the Company’s ability to support Charitable Institutions. 

As at 31 March 2021, the Company has total funds of £121,906,000 (Group: £121,906,000). These funds include £96,775,000 (Group: £99,551,000) which arises from the revaluation ofthe Company’s investments and is not readily available for general purposes. The funds of the Company and Group also include £1,896,000 of Designated Funds set aside for a Special Projects Fund, from which donations are made to various long-term charitable projects. Consequently, the Company has reserves of £23,235,000 (Group: £20,459,000) after making allowances for the Designated Funds and reserves not readily available. These reserves include the Free Reserves of the Company and are considered to be adequate and will be reviewed periodically by the Trustees. 

## Investment Policy 

Under the Memorandum and Articles of Association, the Company has the power to make investments which the Trustees consider appropriate. The Trustees seek investments which, over a medium term, are anticipated to generate a dependable flow of income coupled with capital growth. 

The Trustees consider the return on investments, in terms of both income and capital growth, given the challenging market conditions the Company operates within, to be satisfactory. 

## Grant Making Policy 

The Company makes Grants and Donations to Colleges and Institutions for the advancement of religion and education and to Institutions for the relief of poverty in accordance with the Charity’s objectives. The recipient Institutions are based both in the United Kingdom and abroad. 

In making Grants and Donations, the Trustees use their personal knowledge of the Institution, its representatives, operational efficiency and reputation. The Trustees monitor the application ofthe Grants and Donations by meeting with representatives of the Institutions and obtaining information as to the utilisation of funds. 

4 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT 

## FINANCIAL REVIEW (cont’d) 

During the year, the Company made Grants and Donations for the advancement of religion and education of £3,260,000 (2020: £4,774,000) and for the relief of poverty of £347,000 (2020: £1,048,000). 

## Risk Management 

The Trustees have a risk management strategy which comprises an annual review of the principal risks and uncertainties to which the Company is exposed, in particular those to the operations and finances of the Company; the establishment of policies, systems and procedures to mitigate those risks identified in the annual review and the implementation of procedures designed to minimise or manage any potential impact on the Company should those risks materialise. 

The principal risks to which the Company is exposed are: 

- e Liabilities arising from property investment activity e Tenant defaults e Damage to property from flood, fire or terrorist action 

- e Planning construction and letting risk in relation to redevelopment activity 

- e The availability of liquid funds to make grants and donations 

- e The economic cycle generally 

- e The macroeconomic environment, including the impact ofCovid-19 and Brexit 

The Company seeks to manage or mitigate such risks wherever possible through such measures as insurance, tenant screening and monitoring, rigorous reviews of acquisition and investment opportunities, external expert advice, monitoring cash and regular monitoring of the economic outlook. 

Ultimately, the Trustees are not overly concerned as they can manage the level of donations according to the available reserves taking into account the financial implications of Covid-19 and Brexit. The Trustees are satisfied that no adverse effects regarding property investment, Covid-19 and Brexit would impact the going concern status of the company. 

, 

## Key Performance Indicators (KPIs) 

The Trustees monitor the Group’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 Group are as follows: 


**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|Grants|and donations|paid|out|£3.6|million|£5.8|million|
|Net|rental|income|£1.3|million|£2.1|million|
|Dividend|income|£0.5|million|£0.5|million|
|Quoted|and|other|investments|at|fair value|£17.3|million|£15.0|million|
|Investment property|at|fair value|£117.8|million|£116.4|million|

**----- End of picture text -----**<br>


## PLANS FOR THE FUTURE 

The Trustees plan to continue to make distributions in accordance with their grant making policy and ensure that the ability to generate sufficient income is maintained to achieve that end. 

## FIXED ASSETS 

The movements in Fixed Assets are fully reflected in Notes 9 and 10 to the Financial Statements. The Company's investment properties are included in the Balance Sheet at fair value, as fully disclosed in Note 10 to the Financial Statements. 

5 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) TRUSTEES' REPORT 

## FIXED ASSETS (cont’d) 

An independent professional revaluation of all the group's properties was carried out at 31 March 2021 by Colliers International Property Advisers UK LLP, RICS Registered Valuers. The valuation figures are based on open market value assessed in accordance with the RICS Valuation - Professional Standards (2014). 

## On Behalf ofthe Council 

Mr B SE Freshwater - Trustee 

27 January 2022 

6 



## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) 

## OPINION 

We have audited the financial statements of The Raphael Freshwater Memorial Association Limited (the 'charity') for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Company Balance Sheets, the Group Cash Flow Statements 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: 

- e give a true and fair view of the state of the charity's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- e 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 charity 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: 

- e the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or 

- e the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 

However, due to the current macro-economic impact of the Covid-19 pandemic and the higher level of uncertainty observed in the economy, including the uncertainty surrounding Brexit and the associated potential financial costs, we cannot predict all future events or conditions. As subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation. 

## 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. 

7 



## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) 

## OTHER INFORMATION (cont’d) 

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: 

- e the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- e the trustees' report has been prepared in accordance with applicable legal requirements. 

## 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: 

- e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- e the financial statements are not in agreement with the accounting records and returns; or e certain disclosures of trustees’ remuneration specified by law are not made; or e we have not received all the information and explanations we require for our audit. 

## 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. 

8 



## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) 

## AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS 

## (cont’d) 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- e Weobtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the directors and senior management and identified financial reporting legislation, landlord legislation and charity legislation as being most significant to these financial statements. 

- e We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with the laws and regulations. 

- e We discussed with the directors and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks. 

- e We assessed the susceptibility of the group’s financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the directors and senior management during the planning and finalisation phases stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was determined to be low. 

- e Based on this understanding, we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, 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 detect non-compliance with all laws and regulations. 

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

- e Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. 

9 



## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS 

(cont’d) 

- e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- e Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. 

- e Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

- e Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 

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. 

New Burlington House 1075 Finchley Road LONDON NW11 0PU 

BARRY LEIGH (Senior Statutory Auditor) For and on behalf of COHEN ARNOLD Chartered Accountants & Statutory Auditor 

## VU} SJanuary 2022 

Our audit was completed on 2+ January 2022 and our opinion was expressed at that date. 

10 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021 

|||2021||2020||
|---|---|---|---|---|---|
|||Unrestricted|Funds|Unrestricted|Funds|
||Note|£7000|£°000|£°000|£7000|
|Income and Endowments from:||||||
|Donations and Grants Received|||1,253||1,250|
|Investments:||||||
|Income from Fixed Asset Investments|||510||496|
|Interest Receivable and Similar||||||
|Charges<br>Rents and Charges Receivable|||501<br>6,830||8<br>7,249|
|Total Income|||9,094||9,003|
|Expenditure on:||||||
|Raising Funds:||||||
|Property Outgoings||(5,543)||(5,171)||
|InterestPayable and Similar Charges|2|(5)||(266)||
|InvestmentManagementCosts||(92)||(95)||
|Charitable Activities:||||||
|Grants and Donations|>|(3,607)||(5,822)||
|Payments from Special Projects Fund||(740)||(431)||
|Expenditure Relating to Properties||||||
|Held forCharitablePurposes||(284)||(337)||
|Other:||||||
|Governance Costs|4|(25)||(60)||
|Total Expenditure|||(10,296)||(12,182)|
|NET(EXPENDITURE)/INCOME||||||
|BEFORE GAINS||||||
|ONINVESTMENTS|||(1,202)||(3,179)|
|Net Gains on Investments:||||||
|Disposal ofInvestment Property||324||906||
|Valuation ofInvestment Property|10|1,347||780||
|Valuation ofListed and Other||||||
|Investments|10|2,341||(12,450)||
||||4,012||(10,764)|
|NETINCOME/(EXPENDITURE)||||||
|BEFORETAX|5||2,810||(13,943)|
|Taxation|7||(219)||(1,445)|
|NETINCOME/(OUTGOING) FOR||||||
|YEARANDNETMOVEMENTIN||||||
|FUNDS|||2,591||(15,338)|
|Reconciliation ofFunds:||||||
|Total Funds BroughtForward|||119,315||134,703|
|TOTAL FUNDS CARRIED||||||
|FORWARD|||121,906||119,315|



The notes on pages 15 to 35 form part of these Financial Statements. 

11 



} 

## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|Note|£7000|£7000|£°000|£°000|
|FIXED|ASSETS|
|Tangible|Assets|9|826|827|
|Investments|10|135,114|131,428|
|135,940|132,255|
|CURRENT ASSETS|
|Debtors|11|16,156|15,635|
|Cash|at Bank|and|in|Hand|2,804|3,151|
|18,960|18,786|
|CREDITORS:|Amounts|falling|due|
|within|one|year|iZ|(13,642)|(12,054)|
|NET CURRENT ASSETS|5,318|6,732|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|141,258|138,987|
|CREDITORS:|Amounts|falling|due|
|after more|than|one year|13|(4,474)|(5,010)|
|PROVISIONS|14|(14,878)|(14,662)|
|TOTAL NET ASSETS|121,906|119,315|
|UNRESTRICTED|FUNDS|
|Designated|Funds|16|1,896|1,136|
|Other|Charitable|Funds|16|56,949|54,205|
|Non-Charitable|Funds|16|63,061|63,974|
|TOTAL UNRESTRICTED|FUNDS|121,906|119,315|

**----- End of picture text -----**<br>


The Financial Statements were approved by the Council on 27January 2022 and signed on its behalf by 

## MR BS E FRESHWATER TRUSTEE 

Company Registration Number: 688212 

The notes on pages 15 to 35 form part of these Financial Statements. 

12 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED LIMITED BY GUARANTEE BALANCE SHEET AS AT 31 MARCH 2021 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|Note|£’000|£7000|£°000|£7000|
|FIXED|ASSETS|
|Tangible|Assets|9|826|827|
|Investments|10|108,602|106,966|
|109,428|107,793|
|CURRENT ASSETS|
|Debtors|11|17,729|17,349|
|Cash|at Bank|and|in|Hand|1,781|1,471|
|19,510|18,820|
|CREDITORS:|Amounts|falling|due|
|within|one year|12|(2,558)|(2,288)|
|NET CURRENT ASSETS|16,952|16,532|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|126,380|124,325|
|CREDITORS:|Amounts|falling|due|
|after more|than one|year|13|(4,474)|(5,010)|
|TOTAL NET ASSETS|121,906|119,315|
|UNRESTRICTED|FUNDS|
|Designated|Funds|16|1,896|1,136|
|Other|Charitable|Funds|16|120,010|118,179|
|TOTAL UNRESTRICTED|FUNDS|121,906|119,315|

**----- End of picture text -----**<br>


The Financial Statements were approved by the Councilon 27 January 2022 and signed on its behalf by 

MR BS E FRESHWATER TRUSTEE 

## Company Registration Number: 688212 

The notes on pages 15 to 35 form part of these Financial Statements. 

13 



. 

## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 

|||2021||2020||
|---|---|---|---|---|---|
|||Unrestricted|Funds|Unrestricted|Funds|
||Note|£7000|£000|£°000|£7000|
|Cash Flows from Operating Activities:||||||
|NetCash from Operating Activities|24|(2,234)||(5,515)||
|TaxRecovered||(7)||85||
|NetCash from/(used in) Operating||||||
|Activities|||(2,241)||(5,430)|
|Cash Flows from Investing Activities||||||
|Dividends, Interest and Rents from||||||
|Investments||1,113||2,650||
|Proceeds from Sale ofInvestments||324||906||
|NetCashProvided by Investing||||||
|Activities|||1,437||3556|
|Cash Flows from Financing Activities||||||
|Repayments ofBorrowing||(37)||(33)||
|Interest Paid||(5)||(23)||
|NetCash Used in Financing Activities|||(42)||(56)|
|CHANGE IN CASHAND CASH||||||
|EQUIVALENTS INTHEYEAR|||(846)||(1,930)|
|CASHANDCASHEQUIVALENTS||||||
|AT 1 APRIL 2020|||3,118||5,291|
|CHANGE IN CASHANDCASH||||||
|EQUIVALENTSDUETO||||||
|EXCHANGERATEMOVEMENTS|||499||(243)|
|CASHAND CASHEQUIVALENTS||||||
|AT31MARCH2021|25||2,771||3,118|



The notes on pages 15 to 35 form part of these Financial Statements. 

14 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 

## i; ACCOUNTING POLICIES 

The charity is 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 158-162 Shaftesbury Avenue, London, WC2H 8HR. 

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 Charities Act 2011. 

The Consolidated Financial Statements incorporate the results of the company and its subsidiaries for the year ended 31 March 2021. These are adjusted, where appropriate, to conform to group accounting policies. 

The following accounting policies have been used consistently in the preparation of the Group's Financial Statements. 

- 1A BASIS OF ACCOUNTING 

The Financial Statements have been prepared under the Historical Cost Convention, as modified by the inclusion of fixed asset investments at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to thousands. 

The outbreak of the Covid-19 pandemic in 2020 and the periods of associated lockdown have had a negative impact on the macro economy and the particular market that the company, together with the other members of The Raphael Freshwater Memorial Association Limited group (referred to as "the group"), operate in. The directors have placed a particular focus on the group's going concern assessment and have considered the principal risks to the group. This assessment has considered the various probable outcomes of the pandemic on the group's operations and its future financial performance over the next 12 months, including a severe but plausible decline in revenues, an increase in impairment of rent arrears and a reduction in property values. 

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 company has adequate resources under all plausible circumstances to continue in operational existence for the foreseeable future by meeting its liabilities and commitments as they fall due, based on available sources of finance. 

Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 23. 

The Company meets the definition of a public benefit entity under FRS 102. 

15 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

1. ACCOUNTING POLICIES (cont’d) 

1.2 GROUP FINANCIAL STATEMENTS A separate Statement of Financial Activities, or Income and Expenditure Account for the Company itself is not presented in accordance with Section 408 of the Companies Act 2006. 

The Group Financial Statements incorporate the financial statements of the company and its group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. The Group Financial Statements do not consolidate the results, nor the assets and liabilities of Delbast Corporation as the Trustees are of the opinion that to do so would not reflect a true and fair view in the Financial Statements (see Note 10g). Delbast Corporation and its operations are controlled and carried out in North America by its directors. 

1.3. INCOMING RESOURCES This includes income from listed investments and deposits, rentals received from property assets, receipts under Deeds of Covenant from individuals and other grants and donations received by the Group. Non-monetary donations are recognised at fair value when this can be quantified. The abovementioned items are included in the Financial Statements on an accruals basis with the exception of income from listed companies which is included when received. 

Rental income from investment property leased out under operating leases is recognised in the profit and loss account on a straight line basis over the period to first break clause. Lease incentives granted to tenants are recognised ona straight line basis over the period to first break clause. Service charge income is recognised as the services are provided. 

- 1.4 PROPERTY OUTGOINGS The costs of repairs are recognised in the profit and loss account in the year in which they are incurred. 

   - Lease payments under operating leases are recognised in the profit and loss account ona straight line basis over the term of the lease. 

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

16 © INVESTMENT GAINS AND LOSSES This includes any gains or losses on the sale of investments and any gains or losses resulting from revaluing investments to fair value at the end of the year. 

1.7 DEFERRED TAX Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. 

16 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## iF ACCOUNTING POLICIES (cont’d) 

Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax. 

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 

There are no deferred tax provisions for the Company; it is exempt from tax due to its charitable status on the basis all income and gains will be applied solely for qualifying charitable purposes. 

1.8 | PROPERTIES HELD FOR USE BY CHARITY These properties are stated at cost. Properties donated to the Company are included at fair value at the date of acquisition. Depreciation of freehold buildings is provided at the rate of 2% per annum ona straight-line basis over the useful economic life of the asset. 

1.9 INVESTMENT PROPERTY Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. 

Subsequent to initial recognition 

- e Investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and 

- e No depreciation is provided in respect of investment properties applying the fair value model. 

Investment property fair value is based on a valuation by an external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and class of property being valued. Any gain or loss arising from a change in fair value is recognised in the Statement of Financial Activities (SOFA) and taken to Other Unrestricted Funds. 

1.10 DISPOSALS OF PROPERTIES The Group generally holds its properties for the long term in order to generate rental income and capital appreciation although in the right circumstances any property could be available for sale. When an outright sale does occur the resulting surplus based on the excess of sales proceeds over valuation is included within the Group's profit on ordinary activities, and taxation applicable thereto is shown as part of the taxation charge. Disposals are recognised on the date the significant risks and rewards of ownership have been transferred. In addition the Group also 'sells' leasehold extensions when requested by leaseholders. The proceeds of these leasehold extension sales, less directly applicable costs, are also included in profit on disposal of investment properties. 

17 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

1. ACCOUNTING 

## POLICIES (cont’d) 

- 1.11 LISTED INVESTMENTS Shareholdings acquired are initially recorded at cost and subsequently included at fair value (in accordance with the SORP 2015); any surplus or deficit on revaluation is recognised in the SOFA and taken to Other Unrestricted Funds. 

- 1.12 INVESTMENTS IN SUBSIDIARY UNDERTAKINGS 

Shareholdings acquired are initially recorded at cost and subsequently included at Trustees’ best estimate of fair value (in accordance with the SORP 2015) based on the net asset value. The net asset values of the subsidiary undertakings reflect fair values of their underlying properties held for investment; any surplus or deficit on revaluation is recognised in the SOFA and taken to Other Unrestricted Funds. 

1.13 OTHER INVESTMENTS Other investments comprise shareholdings in unlisted companies and are initially recorded at cost and subsequently included at Trustees’ best estimate of fair value (in accordance with the SORP 2015); any surplus or deficit on revaluation is recognised in the SOFA and taken to Other Unrestricted Funds. 

1.14 FINANCIAL INSTRUMENTS Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its financial liabilities. 

## Basicfinancial instruments 

## Rental and other debtors 

Rental and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument. Rent in advance and other creditors Rent in advance and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument 

## Cash and cash equivalents 

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the group’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement. 

18 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 

1. ACCOUNTING POLICIES (cont’d) 

- 1.15 LIABILITY RECOGNITION 

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources. 

1.16 FOREIGN CURRENCIES Assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are translated into sterling at the average rate of exchange in respect of the month during which the transactions occurred, or where practicable, at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the Net Incoming Resources. 

- 1.17 FUND ACCOUNTING 

Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and in accordance with relevant law. 

Designated Funds are Unrestricted Funds, which have been set-aside at the discretion of the Trustees for specific purposes as noted below (Note 1.18). 

Non-Charitable Funds are Unrestricted Funds and comprise the net aggregate reserves of the Company’s subsidiaries computed by reference to the accounting policies of the subsidiaries. 

Other Unrestricted Funds comprise Other Charitable Funds, representing the accumulated surplus or deficit on income and expenditure account and the excess of fair value over the cost of investments. 

Restricted Funds are funds subject to specific restricted conditions imposed by donors. There are no Restricted Funds as at the Balance Sheet date. 

- 1.18 DESIGNATED FUNDS The Company has committed itself to various long-term charitable projects and transfers are made to Designated Funds in accordance with anticipated expenditure in respect of each individual project. 

2. INTEREST PAYABLE 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|2021|2020|
|£7000|£7000|
|Bank Charges|and|Interest|5|23|
|Losses|on Foreign Exchange|-|243|
|5|266|
|During|the year,|gains|on|foreign|exchange|amounted|to|£499,000.|

**----- End of picture text -----**<br>


19 

‘ 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

3. GRANTS AND DONATIONS PAYABLE 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## Grants and Donations Paid 

|2021|2020|
|---|---|
|£°000|£°000|
|3,607|5,822|



All Grants and Donations were paid to charitable institutions: £3,260,000 for the advancement of religion and education and £347,000 for the relief of poverty. 

The composition of donations is shown below. 

||£7000|
|---|---|
|Bobov Cheder Trust|641|
|Amud Hatzedoka Trust|549|
|Chibas Yerushalayim Kollel|174|
|Kahal Chasidim Bobov|133|
|Chevras Maoz Ladal|103|
|Bobov Foundation F.O.|65|
|Mifal Hachesed V'hatzedukah|64|
|Regent Charities Ltd|60|
|Mir Yeshiva F.O.|58|
|Rabinow Divrei Shir Kollel|51|
|Yesamach Levav Trust|45|
|Yad Eliezer|43|
|Shaarei Orah|42|
|Mifal Tzedoko V’Chesed|40|
|Beis Medrash Govoha|38|
|Mercaz Hatorah Belz Machnovka|36|
|North London Welfare& Educational Foundation|34|
|Keren Shlomo Trust|34|
|Care All Limited|33|
|Rehabilitation Trust|30|
|Brisk Yeshiva|29|
|Support The Charity Worker|28|
|Edupoor Limited|27|
|Friends ofBeis Chinuch Lebonos|26|
|Yetiv Lev London Jerusalem Trust|26|
|Three Pillars Trust|25|
|Other donations|1,173|
||3,607|



20 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

4, GOVERNANCE COSTS 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

|||2021|2020|
|---|---|---|---|
|||£7000|£°000|
||Auditors’ Remuneration|18|25|
||Legal andProfessional Fees|6|34|
||Depreciation|l|1|
|||ZS|60|
|5,|NETINCOME/(EXPENDITURE) BEFORETAX|||
||This is stated after charging:|||
|||2021|2020|
|||£000|£7000|
||Depreciation|I|1|
||Auditors’ Remuneration:|||
||Audit Fees|110|108|
||OtherProfessionalServices|4|21|



6. STAFF COSTS AND EMOLUMENTS No remuneration or other benefits from employment with the Company or a related entity were received by the Trustees or connected parties. No Trustee expenses have been incurred. 

The group’s property outgoings include employment costs of £259,290 (2020: £281,965) payable for porterage. The average number of porterage staff employed during the year was 14 (2020: 14). 

## t TAXATION 

Major components of tax expense 

|Major componentscomponents of tax expensetax expenseexpense|||
|---|---|---|
||2021|2020|
||£°000|£7000|
|Deferred tax:|||
|Origination and reversal oftiming differences|219|(111)|
|Impactofchange in tax rate|-|1,556|
|Taxation|219|1,445|



All tax is recognised in the Consolidated Income and Expenditure Account. 

21 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## ie TAXATION (cont’d) 

## Reconciliation of tax expense 

The tax assessed on the net income for the year is higher than the standard rate of corporation tax in the UK of 19% (2020: 19%) by reference to the analysis below. 

||2021|2020|
|---|---|---|
||£7000|£000|
|Net income before tax|2,810|(13,943)|
|Net income by rateoftax|534|(2,603)|
|Incomeexempt from tax|(507)|2,664|
|Expenses notdeductible fortax purposes|(1)|10|
|Timingdifference on unrealised gains|1|(16)|
|Utilisation oflosses brought forward|-|-|
|Effect oftiming differences on GiftAid|(5)|(169)|
|Impactonchange in taxrate|-|1,556|
|Other differences|197|3|
|Taxation|219|1,445|



## Factors that may affect future tax expense 

An increase in the main UK corporation tax rate to 25% (effective from 1 April 2023) was announced in the March 2021 Budget but was not substantively enacted until after the year end, on 24 May 2021. This will increase the Company’s future tax charge accordingly. 

The deferred tax liability at 31 March 2021 has been calculated based on the rate of 19% (2020: 19%). 

## 8. NET MOVEMENT IN FUNDS 

The Net Movement in Funds of the Company for the year was a surplus of £2,591,000 (2020: deficit of £15,395,000) and has been dealt with in the Statement of Financial Activities of the Company. 

pa) 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

a: TANGIBLE FIXED ASSETS 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## Group and Company 

|Group and Company||
|---|---|
||Property|
||Held for use|
||byCharity|
||£7000|
|Freehold Properties atCost||
|At 1 April2020|880|
|Additions|-|
|At 31 March 2021|880|
|Depreciation||
|At | April2020|53|
|Charge forYear|1|
|At31 March 2021|54|
|NetBook Value||
|At31 March2021|826|
|At31March2020|827|



The Property Held for Use by Charity is stated at historical cost. This includes an amount of £811,000 which represents the cost of land earmarked for the construction of "sheltered accommodation". Part of this property forms the assets representing the Designated Funds in these respects. 

## 10. INVESTMENTS 

|||Long||||
|---|---|---|---|---|---|
||Freehold|Leasehold|Listed|Other||
|Group|Properties|Properties|Investments|Investments|Total|
||£7000|£7000|£7000|£7000|£7000|
|FAIRVALUE||||||
|At 1 April2020|103,405|13,042|14,978|3|131,428|
|Transfers|-|-|(14,976)|14,976|-|
|Revaluation|878|469|-|2,339|3,686|
|At31March2021|104,283|13,511|z|17,318|135,114|



23 



10. INVESTMENTS (cont’d) 

## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

|||||Investments|||
|---|---|---|---|---|---|---|
|||Long||in|||
|Company|Freehold<br>Properties|Leasehold<br>Properties|Listed<br>Investments|Subsidiary<br> Undertakings|Other<br> Investments|Total|
||£°000|£7000|£7000|£000|£7000|£7000|
|FAIRVALUE|||||||
|At 1 April 2020|26,791|1,578|14,620|63,974|3|106,966|
|Transfers|-|-|(14,618)|-|14,618|-|
|Revaluation|3/2|(107)|-|(913)|2,284|1,636|
|At31March2021|27L653|1,471|2|63,061|16,905|108,602|



- a) All Investments, subject to the comments below, are stated at fair value as at 31 March 2021. 

- b) An independent professional revaluation of all the group's properties was carried out at 31 March 2021 by Colliers International Property Advisers UK LLP, RICS Registered Valuers. The valuation figures are based on open market value assessed in accordance with the RICS Valuation - Professional Standards (2014). 

The aggregate professional valuations included in the above table have been reduced by an amount of £684,405 relating to lease incentives included in trade debtors. 

The historical cost ofthe Group's Investment Properties at 31 March 2021 is £20,275,000 (2020: £20,275,000). The historical cost of the Company’s Investment Properties at 31 March 2021 is £11,259,000 (2020: £11,259,000). 

## Valuation techniques and key inputs 

The group’s residential apartments and houses (£92 million) were valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition. The largest discounts were applied to those properties subject to registered tenancies, reflecting the relative difference in security of tenure, whilst the smallest discounts were applied to those properties subject to assured shorthold tenancies. 

The group’s commercial units (£26 million) were valued using the income capitalisation method, requiring the application of an appropriate market based yield to net operating income. Adjustments are made to allow for voids when less than five years are left under the current tenancy and to reflect market rent at the point of lease expiry or rent review. 

c) The group’s investment, Daejan Holdings PLC was delisted from the Main Market for listed securities of the London Stock Exchange on 11 May 2020 and subsequently changed its name to Daejan Holdings Limited, a private limited company. 

24 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 

## 10. INVESTMENTS (cont’d) 

- d) Other Investments principally comprise shares in Daejan Holdings Limited, valued by the Trustees using a combined discounted net asset and dividend yield approach. 

Daejan Holdings Limited has directors in common with the directors of the Company. 

The historical cost of the Group's shares in Daejan Holdings Limited is £414,000 (2020: £414,000). 

   - The historical cost of the Company's shares in Daejan Holdings Limited is £405,000 (2020: £405,000). 

- e) Under the terms of the Will of the late Mrs N G Freshwater, 50 Ordinary Shares in Highdorn Co. Limited representing 50% of its issued Share Capital are bequeathed to the Company. The Company acts as custodian in respect of these shares for and on behalf of Regent Charities Limited, a charitable company with Trustees in common with the Company and with similar Charitable Objects. The intent is for those shares to be transferred directly to Regent Charities Limited during the Administration of the Estate which will ensure that the shares under these arrangements are clearly identified and will be transferred correctly to Regent Charities Limited. The bequest has not yet been made but the Trustees understand that the bequest will be honoured in the coming months. These transactions are not recognised in the Financial Statements of the Company and the Group for the year under review as the Company is acting as custodian on behalf of Regent Charities Limited in respect of these shares. The estimated value based upon the net asset value of the 50% shareholding in Highdorn Co. Limited as at 31 March 2021 is approximately £38 million. The net asset value reflects the fair values of Highdorn Co. Limited and Subsidiary Undertakings’ underlying properties held for investment and investment assets. 

- f) The value of the Investments in Subsidiary Undertakings has been estimated by the Trustees based on the underlying value of assets less liabilities of the Subsidiary Undertakings. 

   - The historical cost of the Investments in Subsidiary Undertakings is £161,657 (2020: £161,657). 

- g) The Company holds directly and indirectly the undermentioned proportion of the issued share capital in the following Companies, all of which are incorporated in Great Britain and registered in England & Wales and whose registered address is at Freshwater House, 158 - 162 Shaftesbury Avenue, London WC2H 8HR (unless otherwise indicated) and have certain directors in common with the Company. 

||Company|Percentage|
|---|---|---|
||Number|Holding|
|Directly Held Subsidiaries|||
|Bastion Products Limited|00470283|100|
|Charles DevelopmentCompany Limited|00563142|100|
|Cherry Orchard Properties Limited|00990596|100|
|Endsleigh Court Services Limited|00501255|100|
|LKB InvestmentsLimited|00631653|100|
|Metropolitan Properties Co (Cloisters) Limited|00954321|100|
|NewpropCompanyLimited|00473750|100|



25 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

10. INVESTMENTS (cont’d) 

|INVESTMENTS (cont’d)|||
|---|---|---|
||Company|Percentage|
||Number|Holding|
|Indirectly Held Subsidiaries|||
|Brigade Properties Limited|00730498|100|
|Delbast Corporation (USA)|n/a|100|
|Kayville Properties Limited|00754315|100|
|LKB (Endsleigh) Limited|09486023|100|
|Owen Cooper (Properties) Limited|00629014|100|
|The aggregate amount ofassets, liabilities and fundsofthe subsidiary undertakings are|||
|asfollows:|||



||||Capital&|
|---|---|---|---|
||Assets|Liabilities|Reserves|
||£7000|£°000|£7000|
|Bastion Products Limited|5,031|(2,941)|2,090|
|Brigade Properties Limited|1,966|(440)|1,526|
|CharlesDevelopmentCompany Limited|617|(67)|550|
|CherryOrchard Properties Limited|2,098|(1,150)|948|
|Endsleigh Court Services Limited|725|(20)|705|
|Kayville Properties Limited|534|(137)|397|
|LKB<br>InvestmentsLimited|80,898|(30,659)|50,239|
|LKB (Endsleigh) Limited|1,186|(1,435)|(249)|
|Metropolitan Properties Co (Cloisters) Limited|7,331|(3,906)|3,425|
|NewpropCompany Limited|9,140|(5,835)|3,305|
|OwenCooper(Properties)Limited|323|(1)|322|



26 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## 10. INVESTMENTS (cont’d) 

A summary of turnover, expenditure and profit or loss for the year is shown below for each operational subsidiary undertaking. 

||Bastion|Brigade|Charles<br>Development|Cherry<br>Orchard|Endsleigh<br>Court|
|---|---|---|---|---|---|
||Products<br>Limited|Properties<br>Limited|Company<br>Limited|Properties<br>Limited|Services<br>Limited|
||£7000|£°000|£000|£000|£7000|
|Turnover|199|54|12|46|9|
|Cost ofsales|(127)|(9)|-|(145)|(30)|
|Administrative||||||
|expenses|(12)|(5)|(3)|(5)|(4)|
|Netvaluation gains on||||||
|investment property|83|39|-|252|-|
|Netvaluation gains on||||||
|listed investments|-|-|56|-|-|
|Profit/(loss) on disposal of||||||
|investment property|70|-|-|-|.|
|Interest receivable||||||
|and similar income|-|-|-|-|-|
|Interestpayable and||||||
|similarcharges|(67)|(9)|-|(22)|qd)|
|Profit before tax||||||
|Taxation|146|70|65|126|(26)|
|Profit for financial year|118|57|55|101|(21)|
|||||Metropolitan||
||Kayville<br>Properties|LKB<br>Investments|LKB<br>(Endsleigh)|PropertiesCo<br>(Cloisters)||Newprop<br>Company|
||Limited|Limited|Limited|Limited|Limited|
||£7000|£°000|£7000|£7000|£7000|
|Turnover|25|3,784|TS|243|308|
|Cost ofsales|(10)|(3,470)|(890)|(88)|(246)|
|Administrative||||||
|expenses|(2)|(31)|(5)|(11)|(14)|
|Netvaluation gains on||||||
|investment property|30|354|-|30|295|
|Profiton disposal of||||||
|investment property|-|254|-|.|-|
|Interest receivable and||||||
|similar income|-|-|-|-|-|
|Interestpayable and||||||
|similar charges|-|(627)|-|(154)|(75)|
|Profit before tax||||||
|Taxation|43|264|(820)|20|268|
|Profitforfinancialyear|35|218|(663)|17|217|



The Group Financial Statements do not consolidate the results, nor the assets and liabilities of Delbast Corporation, as the Trustees are of the opinion that they are not material nor of consequence in the context of the Charity or the Group. Delbast Corporation and its operations are controlled and carried out in North America by its directors. 

The Capital and Reserves attributable to Delbast Corporation at its year end of 31 December 2011 (the latest Financial Statements available) are $362,631. 

27 



11. DEBTORS 

## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

|||Group||Company||
|---|---|---|---|---|---|
|||2021|2020|2021|2020|
||Note|£000|£°000|£°000|£000|
|Amountowed by subsidiary||||||
|undertakings|lla|-|-|15,019|14,087|
|Amounts due from connected||||||
|undertakings<br>Loan debtors (charitablepurposes)|1lb|11,486<br>3|11,096<br>15|1,185<br>3|1,847<br>15|
|Rental debtors||1,192|784|291|84|
|Otherdebtors||3,475|3,741|1,231|1,316|
|||16,156|15,636|17,729|17,349|



All debtors are interest-free and repayable on demand except as disclosed below. a) Amounts due from Subsidiary Undertakings comprise the following: 

||||2021|2020|
|---|---|---|---|---|
||||£°000|£'000|
|Loan debtors|||14,135|13,260|
|Accrued Joan interest|||884|827|
||||15,019|14,087|
||Loan|Debtor|Accrued Loan|Interest|
||2021|2020|2021|2020|
||£7000|£7000|£°000|£7000|
|Bastion Products Limited|721|721|62|53|
|Cherry Orchard Properties Limited|216|216|57|57|
|LKB Investments Limited|10,367|9,787|343|288|
|Metropolitan Properties Co (Cloisters)|||||
|Limited|1,722|1,562|358|365|
|NewpropCompany Limited|1,001|866|64|64|
|Brigade Properties Limited|108|108|-|-|
||14,135|13,260|884|827|



The L K B Investments Limited loan includes a facility of £5.26 million which bears interest at arate of 5% per annum and is repayable by 29 June 2026. The remaining loans bear interest at 8% per annum and are effectively repayable on demand (see Note 22). 

b) Amounts due from Connected Undertakings comprise amounts due from companies, certain directors of which are also directors of companies within this Group. The amounts mainly comprise balances due on property management current account which are interest free and are effectively repayable on demand. 

28 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

|11.|DEBTORS (cont’d)||||||
|---|---|---|---|---|---|---|
|||||Group|Company||
||||2021|2020|2021|2020|
||||£7000|£7000|£°000|£7000|
||Freshwater PropertyManagement||||||
||Limited||8,454|7,358|-|-|
||Estate ofOM andNG Freshwater||394|394|-|-|
||Highdorn Co. Limited||2,375|3,082|937|1,600|
||CraigtonCombined Securities||-|-|-|-|
||MayfairCharities Limited||248|247|248|247|
||Haysgrans Property Co. Limited||15|15|-|-|
||||11,486|11,096|1,185|1,847|
|12.|CREDITORS:AMOUNTS FALLINGDUE||DUEWITHINONEYEAR||||
|||||Group|Company||
||||2021|2020|2021|2020|
||||£7000|£7000|£7000|£7000|
||Bank loans& overdrafts||33|33|33|33|
||Amounts owed to connected||||||
||undertakings|12a|8,924|7,202|30|35|
||Taxation and social security||143|150|143|149|
||Rent in advance||2,199|2,749|776|776|
||Other creditors and accruals||2,343|1,920|1,576|1,295|
||||13,642|12,054|2,558|2,288|



Amounts owed to Connected Undertakings and Loan Creditors owed to Connected Undertakings comprise amounts due to companies, certain directors of which are also directors of companies within this Group. Except as detailed below, the amounts are due on property management current account, are interest free and are effectively repayable on demand. 

## 12a) AMOUNTS OWED TO CONNECTED UNDERTAKINGS 

|||Group||Company||
|---|---|---|---|---|---|
||2021||2020|2021|2020|
||£7000||£7000|£000|£7000|
|Highdorn Co. Limited|8,881||7,143|~|=|
|Freshwater Property Management||||||
|Limited|43||59|30|35|
||8,924||7,202|30|35|



29 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## Group and Company 

|Group andand Company|||
|---|---|---|
||2021|2020|
||£7000|£’000|
|MortgageAdvance|Ay|64|
|Other Creditors|4,447|4,946|
||4,474|5,010|
|Amounts are payable as follows:|||
|In more than oneyear but not more than two years|33|33|
|In more thantwo years but notmorethan five years|4,441|4,977|
|In five years ormore|-|-|
||4,474|5,010|



The Mortgage Advance is secured by a charge over one of the Company’s Investment Properties which is included in the Balance Sheet at an amount of £850,000. 

The Mortgage is repayable by monthly instalments terminating in 2022 and bears interest at 1.5% per annum over the Bank’s Base Rate. 

14. PROVISION FOR LIABILITIES 

The movement in the deferred taxation provision during the year was: 

||Investment|Listed||
|---|---|---|---|
|Group|Property|Investments|Total|
||£7000|£7000|£000|
|At | April2020|14,608|54|14,662|
|Chargeduringtheyear|205|11|216|
|At31March2021|14,813|65|14,878|



There are no deferred tax provisions for the company; it is exempt from tax due to its charitable status on the basis all income and gains will be applied solely for qualifying charitable purposes. 

15. OPERATING LEASES 

## As Lessor 

The total future minimum lease payments receivable under non-cancellable operating leases are as follows: 

|follows:|||
|---|---|---|
||2021|2020|
||£7000|£7000|
|Not laterthan 1 year|2,606|2,812|
|Laterthan 1 yearand not laterthan 5 years|7,756|7,059|
|Laterthan 5 years|13,525|14,983|
||23,887|24,854|



30 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## 16. UNRESTRICTED INCOME FUNDS 

|||Other|Non||
|---|---|---|---|---|
||Designated|Charitable|Charitable|Total|
|Group|Funds|Funds|Funds|Funds|
||£°000|£7000|£7000|£7000|
|Balance at 1 April 2020|1,136|54,205|63,974|119,315|
|Net income/(expenditure) forthe|||||
|Year|(740)|4,244|(913)|2,591|
|Transferbetween funds|1,500|(1,500)|-|-|
|Balanceat31March2021|1,896|56,949|63,061|121,906|



Other Charitable Funds at 31 March 2021 includes £33,875,000 of unrealised profits which are not available for distribution. 

Non Charitable Funds includes £65,676,000 of unrealised profits which are not available for distribution. 

|||Other||
|---|---|---|---|
||Designated|Charitable||
|Company|Funds|Funds|TotalFunds|
||£000|£7000|£°000|
|Balance at 1 April 2020|1,136|118,179|119,315|
|Net income/(expenditure) forthe||||
|year<br>Transferbetween funds|(740)<br>1,500|33311<br>(1,500)|2,591<br>-|
|Balanceat31March2021|1,896|120,010|121,906|



Other Charitable Funds at 31 March 2021 includes £96,775,000 of unrealised profits which are not available for distribution. 

Payments from designated funds aggregating £393,000 (2020: £431,000) were made to charities with trustees in common with the Company. 

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS 

|||Net|||
|---|---|---|---|---|
||Fixed|Current|LongTerm||
|Group|Assets|Assets|Liabilities|Total|
||£7000|£°000|£000|£000|
|Unrestricted Income Funds|135,940|5,318|(18.352)|121,906|
|TotalFunds|135,940|5,318|(19,352)|121,906|



31 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS (cont’d) 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Net|
|Fixed|Current|Long Term|
|Company|Assets|Assets|Liabilities|Total|
|£7000|£7000|£7000|£7000|
|Unrestricted|Income|Funds|109,428|16,952|(4,474)|121,906|
|Total|Funds|109,428|16,952|(4,474)|121,906|

**----- End of picture text -----**<br>


18. CONTINGENT LIABILITIES AND GUARANTEES 

The Company has given the following limited guarantees: 

(a) £750,000 (2020: £750,000) in respect of bank overdraft facilities provided to Service To The Aged Limited, a charitable company of which some of the Trustees are also Trustees of the Company. 

(b) £150,000 (2020: £150,000) in respect of bank overdraft facilities provided to Beth Jacob Grammar School for Girls Limited, a charitable company ofwhich some of the Trustees are also Trustees of the Company. 

19. TRUSTEES' INTERESTS IN CONTRACTS 

Included within Property Outgoings are management and administration charges of £32,000 (2020: £36,000) paid to Highdorn Co. Limited and £24,000 (2020: £13,000) paid to Freshwater Property Management Limited charged at normal commercial rates for day-to-day management of the properties held by the Subsidiaries. Both Highdorn Co. Limited and Freshwater Property Management Limited are members of the Freshwater Group of Companies with which this Group is connected. Mr B S E Freshwater is a director of Highdorn Co. Limited and Freshwater Property Management Limited but has no beneficial interest in their share capital. 

20. FINANCIAL INSTRUMENTS 


**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Group|Company|
|2021|2020|2021|2020|
|£7000|£7000|£7000|£°000|
|Financial|assets|measured|at|fair|
|value|through|income|and|
|expenditure:|
|Listed|investments|(see Note|10)|2|14,978|2|14,620|
|Other|investments|(see Note|10)|17,318|3|16,905|3|
|Investment|in|Subsidiary|Undertakings|
|(see Note|10)|-|-|63,061|63,974|
|Financial|assets|measured|at|
|amortised|cost|(see Note|11)|16,156|15,635|17,729|17,349|
|Financial|liabilities|measured|at|
|amortised|cost|(see Notes|12|and|13)|18,116|17,064|7,032|7,298|

**----- End of picture text -----**<br>


a2 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## 20. FINANCIAL INSTRUMENTS (cont’d) 

The income, expense, net gains and losses, including changes in fair value, for financial assets measured at fair value and financial assets and liabilities measured at amortised cost are included within the Statement of Financial Activities. 

The fair values ofthe principal investments held at fair value through profit and loss at the balance sheet date are determined by trustees’ valuation. 

## 21. ANALYSIS OF CHANGES IN NET DEBT 

|||At||Non-cash|At|
|---|---|---|---|---|---|
|||1 Apr2020|Cash flows|movements 31 Mar2021||
|||£000|£7000|£7000|£7000|
|Cash|in hand and atbank|3,151|(347)|-|2,804|
|Debt|duewithin one year|(33)|-|-|(33)|
|Debt|due afteroneyear|(5,010)|37|499|(4,474)|
|||(1,892)|(310)|499|(1,703)|



Non-cash movements represent exchange rate movements. 

22. RELATED PARTY TRANSACTIONS 

In addition to the matters set out elsewhere in these Financial Statements, the following related party transactions should be noted. 

The Company received a donation of £1,250,000 (2020: £1,250,000) from Metropolitan Properties Company Limited; certain Trustees of the Company are Directors of the donor company. 

The Company received a donation of £2,800 from a family member of one of the Trustees of the Company. 

The Company made donations of £60,000 to Regent Charities Limited, a charity with Trustees in common with the company. 

The Company had the following interest receivable from subsidiary undertakings: 

||2021|2020|
|---|---|---|
||£°000|£°000|
|Bastion Products Limited|72|55|
|Cherry Orchard Properties Limited|22|17|
|LKB Investments Limited|629|584|
|Metropolitan Properties Co (Cloisters) Limited|147|115|
|NewpropCompany Limited|74|69|
|Brigade Properties Limited|9|9|
||953|849|



33 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## 23. ACCOUNTING ESTIMATES AND JUDGEMENTS 

## (i) Property valuation 

The valuation of the group’s property portfolio is inherently subjective, depending on many factors, including the individual nature ofeach property, its location and expected future net rental values, market yields and comparable market transactions (as set out in Note 10). Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. As noted in Note 1 above, all the group’s properties are valued by external valuers with appropriate qualifications and experience. 

## (ii) Unlisted investments valuation 

The valuation ofthe group’s unlisted investments is subjective, depending on many factors, including comparator dividend yields and net asset values, assumed rationale of prospective share purchasers, and the deemed impact of entity specific conditions on the aforementioned measures. Significant judgement is also required when selecting comparator companies to be included in the population from which expected yields and discounted net asset values are derived. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. 

## (iii) Trade debtors 

Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values. 

34 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

24. RECONCILIATION OF NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES 

## NOTES TO THE FINANCIAL STATEMENTS 

## FOR THE YEAR ENDED 31 MARCH 2021 

## NOTES TO THE STATEMENT OF CASH FLOWS 

|||2021|2020|
|---|---|---|---|
|||£°000|£7000|
||Net income/(expenditure) forthe year|2,591|(15,388)|
||Adjustments for:|||
||Depreciation charges|1|1|
||Gains/(losses) on investments|(4,012)|10,764|
||Dividends, interest and rents from investments|(2,565)|(1,444)|
||Increase/(decrease) in Donations and Designated Fund|||
||Provisions|12|(15)|
||(Increase)/decrease in debtors|(125)|(2,380)|
||Increase/(decrease) in creditors|1,648|1,500|
||Increase/(decrease) in provisions for liabilities|216|1,447|
||Netcash used in operating activities|(2,234)|(5,515)|
|25.|ANALYSIS OFCASHANDCASHEQUIVALENTS|||
|||2021|2020|
|||£7000|£7000|
||Cash atBankand inHand|2,804|3,151|
||Bank Overdraftand Short-Term BankLoans|(33)|(33)|
||Totalcashandcashequivalents|2,771|3,118|



35 



THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED 

## MANAGEMENT INFORMATION 

FOR THE YEAR ENDED 31 MARCH 2021 

The following pages do not form part of the statutory financial statements which are the subject of the independent auditor's report on pages 7 to 10. 



## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) 

## INCOME & EXPENDITURE ACCOUNT (STATEMENT OF FINANCIAL ACTIVITIES) FOR THE YEAR ENDED 31 MARCH 2021 

|||2021||2020|
|---|---|---|---|---|
||£7000|£7000|£7000|£°000|
|Income and Endowments from:|||||
|Donations and Grants Received||2,103||1,500|
|Investments:|||||
|Income from Fixed Asset Investments||498||484|
|Interest Receivable and Similar|||||
|Charges||1,454||857|
|Rents and Charges Receivable||2,662||2,819|
|Total Income||6,717||5,660|
|Expenditure on:|||||
|Raising Funds:|||||
|Property Outgoings|(1,103)||(1,613)||
|Interest Payable and Similar Charges|(3)||(248)||
|Charitable Activities:|||||
|Grants and Donations|(3,607)||(5,822)||
|Payments from Special Projects Fund|(740)||(431)||
|Expenditure Relating to Properties|||||
|Held forCharitable Purposes|(284)||(337)||
|Other:|||||
|Governance Costs|(25)||(60)||
|Total Expenditure||(5,762)||(8,511)|
|NETINCOME/(EXPENDITURE)|||||
|BEFORE GAINS|||||
|ONINVESTMENTS||955||(2,851)|
|Net Gains on Investments:|||||
|Valuation ofInvestment Property|264||976||
|Valuation ofListed and Other|||||
|Investments|1,372||(13,520)||
|||1,636||(12,544)|
|NETINCOME/(EXPENDITURE)|||||
|FORTHEYEARAND NET|||||
|MOVEMENT INFUNDS||2,591||(15,395)|
|Reconciliation ofFunds:|||||
|Total Funds Brought Forward||119,315||134,710|
|TOTALFUNDS CARRIED|||||
|FORWARD||121,906||119,315|





## THE RAPHAEL FRESHWATER MEMORIAL ASSOCIATION LIMITED (LIMITED BY GUARANTEE) 

## PROPERTY REVENUE ACCOUNT 

## FOR THE YEAR ENDED 31 MARCH 2021 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|2021|2020|
|Unrestricted|Funds|Unrestricted|Funds|
|£7000|£7000|£7000|£000|
|Rents|and|Other Charges|Receivable|2,662|2,819|
|Less:|Property|Outgoings|
|Ground Rent Payable|421|321|
|General|and|Water Rates|30|77|
|Insurance|4]|8|
|Repairs and Maintenance|374|809|
|Lighting|and|Heating|86|138|
|Porterage|and Cleaning|59|70|
|Legal and|Professional|Charges|18|89|
|Management and|Letting Commission|74|101|
|(1,103)|(1,613)|
|NET PROPERTY DEFICIT|1559|1,206|

**----- End of picture text -----**<br>