2022-03-31-accounts - The Raphael Freshwater Memorial Association

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expectations using fin as follows:	ancial an	d non-financial measures.	The most significant KPIs	used by the Gro
			2022	2021
Grants and donations Net rental income	paid out		63.6 million $,1.8 million	Z3.6million $1.3 million
Dividend income			g0.5 million	60.5 million
Quoted and other investments		at fair value	$18.3 mfllion	I,17.3 million
Investment property	at fair value		f1150 million	f117.8million

				2022		2021
				Unrestricted	Funds	Unrestricted	Funds
			Note	r.'000	S'000	0'000	S'000
Income and Endowments	from:
Donations and Grants Received					1,253		1,253
Investments:
Income from Fixed Asset Investments					525		510
Interest Receivable and	Similar
Charges					I		501
Rents and Charges Receivable					7,272		6,830
Total Income					9,051		9,094
Expenditure on:
Raising Funds:
Property Outgoings				(5,445)		(5,543)
Interest Payable and Similar Charges				(226)		(5)
Investment Management	Costs			(97)		(92)
Charitable Activities:
Grants and Donations				(3,597)		(3,607)
Payments from Special	Projects	Fund		(209)		(740)
Expenditure Relating to	Properties
Held for Charitable Purposes				(115)		(284)
Other:
Governance Costs				(53)		(25)
Total Expenditure					(9,742)		(10,296)
NET (EXPENDITURE)/INCOME
BEFOREGAINS
ON INVESTMKNTS					(691)		(1,202)
Net Gains on Investments:
Disposal ofInvestment	Property			277		324
Valuation ofInvestment	Property		10	(2,799)		1,347
Valuation ofListed and	Other
Investments			10	936		2,341
					(1,586)		4,012
NKT (EXPENDITURE)/INCOME
BEFORETAX					(2,277)		2,810
Taxation					(3,831)		(219)
NET (OUTGOING)/INCOME		FOR
YEAR AND NKT MOVEMENT IN
FUNDS					(6,108)		2,591
Reconciliation ofFunds:
Total Funds Brought Forward					121,906		119,315
TOTAL FUNDS CARRIED
FORWARD					115,798		121,906

			2022		2021
		Note	S'000	S'000	0'000	0'000
FIXEDASSETS
Tangible Assets Investments		9 10		825 133,253		826 135,114
				134,078		135,940
CURRENT ASSETS
Debtors		11	15,093		16,156
Cash at Bank and in Hand			12,125		2,804
			27,218		18,960
CREDITORS: Amounts	falling due
within one year		12	(22,131)		(13,642)
NKT CURRENT ASSETS				5,087		5,318
TOTAL ASSETSLESS	CURRENT
LIABILITIES				139,165		141,258
CREDITORS: Amounts	falling due
after more than one year		13		(4,661)		(4,474)
PROVISIONS		14		(18,706)		(14,878)
TOTAL NET ASSETS				115,798		121,906
UNRESTRICTED FUNDS
Designated Funds		16		2,187		1,896
Other Charitable Funds		16		59,177		56,949
Non-Charitable Funds		16		54,434		63,061
TOTAL UNRESTRICTED FUNDS				115,798		121,906

	BALANCE S	HEET	ASAT 31MA	RCH 2022
			2022		2021
		Note	S'000	K'000	U000	S'000
FIXEDASSETS
Tangible Assets		9		825		826
Investments		10		101,590		108,602
				102,415		109,428
CURRENT ASSETS
Debtors		11	11,284		17,729
Cash at Bank and in Hand			11,507		1,781
			22,791		19,510
CREDITORS: Amounts	falling due
within one year		12	(4,747)		(2,558)
NET CURRENT ASSETS				18,044		16,952
TOTAL ASSETSLESS	CURRENT
LIABILITIES				120,459		126,380
CREDITORS: Amounts	falling due
after more than one year		13		(4,661)		(4,474)
TOTAL NET ASSETS				115,798		121,906
UNRESTRICTED FUNDS
Designated Funds		16		2,187		1,896
Other Charitable Funds		16		113,611		120,010
TOTAL UNRESTRICTED FUNDS				115,798		121,906

		2022		2021
		Unrestricted	Funds	Unrestricted	Funds
	Note	UOOO	0'000	0'000	POOO
Cash Flows from Operating Activities:
Net Cash from Operating Activities	24	7,992		(2,234)
TaxRecovered		6		(7)
Net Cash from/(used in) Operating
Activities			7,998		(2,241)
Cash Flows from Investing Activities
Dividends, Interest and Rents from
Investments		1,306		1,113
Proceeds from Sale of Investments		277		324
Net Cash Provided by Investing Activities			1,583		1,437
Cash Flows from Financing Activities
Repayments ofBorrowing		(27)		(37)
Interest Paid		(9)		(5)
Net Cash Used in Financing Activities			(36)		(42)
CHANGE IN CASH AND CASH
EQUIVALENTS IN THE YEAR			9,545		(846)
CASH AND CASH EQUIVALENTS
AT 1APRIL 2021			2,771		3,118
CHANGE IN CASH AND CASH
EQUIVALENTS DUE TO
EXCHANGE RATE MOVEMENTS			(217)		499
CASH AND CASH EQUIVALENTS
AT31MARCH 2022	25		12,099		2,771

INTEREST PAYABLE
	2022	2021
	P000	0'000
Bank Charges and Interest	10
Losses on Foreign Exchange	216
	226

2022	2021
U000	s'000
3,597	3,607

The composition ofdonat	ions is shown below.
		s'000
Bobov Cheder Trust		1,024
Amud Hatzedoka Trust		555
Beth Jacob Grammar School For Girls Limited		540
Chevras Maoz Ladal		145
Kollel Torah Veyirah Limited		106
Kahal Chasidim Bobov		90
Chibas Yerushalayim Kollel		62
Mercaz Hatorah Netzach	Yisroe1	49
Bobov Foundation F.O.		42
The Friends OfYeshivas	Brisk	34
Slabodka Yeshiva Trust		32
Gateshead Talmudical College		31
Yad Eliezer		27
Torah Temimoh Primary	School	25
Other donations		835
		3,597

			2022	2021
			s'000	OOOO
Auditors'	Remuneration		33	18
Legal and	Professional	Fees	19	6
Depreciation			1	1
			53	25

NET INCOME/(E This is stated after	XPENDITURE) BEFORETA charging:	X
		2022	2021
		a'000	s'000
Depreciation		I	I
Auditors' Remuneration:
Audit Fees		110	110
Other Professional	Services	14	4

		2022	2021
		s'000	a'000
Deferred	tax:
Origination	and reversal oftiming differences	(869)	219
Impact of	change in tax rate	4,700
Taxation		3,831	219

tax in the UK of19%(2021	:19	%)by reference to the analysis below.
			2022	2021
			s'000	a'000
Net income before tax			(2,277)	2,810
Net income by rate oftax Income exempt from tax Expenses not deductible for	tax	purposes	(434) (481) 10	534 (507) (I)
Timing difference on unrealised		gains	(208)	I
Utilisation oflosses brought	forward		(8)
Effect oftiming differences	on	Gift Aid		(5)
Impact on change in tax rate Other differences			4,700 252	197
Taxation			3,831	219

TANGIBLE FIXEDASSETS Group and Company
	Property
	Held for use
	by Charity
	&000
Freehold Properties at Cost
At 1 April 2021	880
Additions
At 31March 2022	880
Depreciation
At 1 April 2021	54
Charge for Year	1
At 31March 2022	55
Net BookValue
At 31March 2022	825
At 31March 2021	826

INVESTMENTS
		Long
	Freehold	Leasehold	Listed		Other
Group	Properties OOOO	Properties 0'000	Investments 0'000		Investments 0'000	Total 0'000
FAIR VALUE
At 1 April 2021	104,832	12,962			17,318	135,114
Revaluation	(3,253)	456			936	(1,861)
At31March 2022	101,579	13,418			18,254	133,253
					Investments
		Long			in
	Freehold	Leasehold	Listed		Subsidiary	Other
Company	Properties	Properties	Investments		Undertakings	Investments	Total
	&000	0'000	0'000		0'000	UOOO	0'000
FAIR VALUE
At 1 April 2021 Revaluation	27,712 631	922 70		2	63,061 (8,627)	16,905 914	108,602 (7,012)
At 31March 2022	28,343	992		2	54,434	17,819	101,590

	FORTHE YEAR ENDED 3	1MARCH 2022
		Company	Percentage
		Number	Holding
lndirectl	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

he aggregate amount ofas s follows:	sets,	liabilities and fun	ds ofthe s	ubsidiary und	ertakings ar
					Capital ter
			Assets	Liabilities	Reserves
			s'000	s'000	UOOO
Bastion Products Limited			4,937	(3,063)	1,874
Brigade Properties Limited			1,998	(520)	1,478
Charles Development Company		Limited	651	(94)	557
Cherry Orchard Properties	Limited		2,111	(1,275)	836
Endsleigh Court Services Limited			704	(5)	699
Kayville Properties Limited			532	(156)	376
LKBInvestments Limited			77,503	(34,980)	42,523
LKB (Endsleigh) Limited			228	(608)	(380)
Metropolitan Properties Co (Cloisters) Limited			8,070	(4,606)	3,464
Newprop Company Limited			8,384	(5,827)	2,557
Owen Cooper (Properties)	Limited		323	(1)	322

each op	er	ational s	ubsidiary und	ertaking.
					Charles	Cherry	Endsleigh
			Bastion	Brigade	Development	Orchard	Court
			Products	Properties	Company	Properties	Services
			Limited	Limited	Limited	Limited	Limited
			OOOO	8'000	8'000	8'000	8'000
Turnover			155	54	13	97	I
Cost ofsales			(144)	(7)		(56)	(3)
Administrative
expenses			(12)	(5)	(2)	(7)	(4)
Net valuation gains		on
investment properly			(74)	(15)		(3)
Net valuation gains		on
listed investments					22
Profit / (loss) on	disposal of
investment property			84
Interest receivable
and similar income
Interest payable similar charges	and		(59)	9		17')
Profit before tax			(50)	18	33	14	(7)
Taxation			166	(66)	(26)	(126)	I
Profit for financial		year	(216)	(48)	7	(112
						Metropohtan
			Kayville	LKB	LKB	Properties Co	Newprop
			Properties	Iavestments	(Endsleigh)	(Cloisters)	Company
			Limited	Limited	Limited	Limited	Limited
			8'000	OOOO	8'000	0'000	8'000
Turnover			25	3,118	69	214	348
Cost ofsales			(13)	(3,748)	(224)	(91)	(282)
Administrative
expenses			(2)	(32)	(6)	(12)	(15)
Net valuation gains		on
investment property				(3.641)		585	(352)
Profit on disposal of
investment property				152
Interest receivable		and
similar income
Interest payable similar charges	and			(1.058)		(138	82
Profit before tax			10	(5,208)	(162)	558	(383)
Taxation			(31)	(2.508)	31	(519)	(365)
Profit for financial		year	(21)	(7.716)	(131)	39	(748)

DEBTORS
							Group		Company
							2022	2021	2022	2021
						Note	S'000	F000	S'000	S'000
Amount owed undertakings	by subsidiary					lla			9,469	15,019
Amounts due	from	connected
undertakings						lib	11,558	11,486	71	1,185
Loan debtors	(charitable		purposes)				3	3	3	3
Rental debtors							2,313	1,192	989	291
Other debtors							1,219	3,475	752	1,231
							15,093	16,156	11,284	17,729
All debtors are interest-free					and repayable		on demand except as disclosed below.
Amounts due	from	Subsidiary				Undertakings	comprise the	following:
									2022	2021
									S'000	S'000
Loan debtors									9,469	14,135
Accrued loan	interest									884
									9,469	15,019
							Loan Debtor		Accrued Loan	Interest
							2022	2021	2022	2021
							S'000	S'000	S'000	S'000
Bastion Products Limited							618	721		62
Cherry Orchard Properties				Limited			216	216		57
LKBInvestments		Limited					6,767	10,367		343
Metropolitan	Properties Co				(Cloisters)
Limited							1,079	1,722		358
Newprop Company		Limited					681	1,001		64
Brigade Properties		Limited					108	108
							9,469	14,135		884

DEBTORS(cont'd	)
			Group	Company
		2022	2021	2022	2021
		s'000	s'000	s'000	%'000
Freshwater Property	Management
Limited		10,060	8,454
Estate ofOM and NG Freshwater		394	394
Highdorn Co.Limited		1,104	2,375	71	937
Mayfair Charities Limited			248		248
Haysgrans Property	Co. Limited		15
		11,558	11,486	71	1,185
CREDITORS: AMOUNTS FALLING		DUE WITHIN ONE YEAR
			Group	Company
		2022	2021	2022	2021
		s'000	P000	U000	U000
Bank loans &overdratts		26	33	26	33
Amounts owed to connected
undertakings	12a	17,287	8,924	2,030	30
Taxation and social	security	149	143	149	143
Rent in advance		2,273	2,199	971	776
Other creditors and	accruals	2,396	2,343	1,571	1,576
		22,131	13,642	4,747	2,558

					Company
			2022	2021	2022	2021
			U000	s'000	s'000	s'Ow
Highdorn	Co.Limited		17,246	8,881	2,013
Mayfair Charities		Limited	17		17
Freshwater	Property Management
Limited			24	43		30
			17,287	8,924	2,030	30

CREDITORS: AMOUNTS FALLING DUE AFTER MOR Group and Company	E THAN ONE YEA	R
	2022	2021
	P000	0'000
Mortgage Advance		27
Other Cieditors	4,661	4,447
	4,661	4,474
Amounts are payable as follows:
In more than one year but not more than two years	4,661	33
In more than two years but not more than five years		4,441
	4,661	4,474

The movement in the deferred taxati	on provision during the year	was:
	Investment	Listed
Group	Property	Investments	Total
	S'000	K'000	S'000
At 1 April 2021	14,813	65	14,878
Charge during the year	3,802	26	3,828
At 31March 2022	18,615	91	18,706

status on the basis all income and gains will be applied sol OPERATING LEASES As Lessor The total future minimum lease payments receivable under follows:	ely for qualifying charitabl non-cancellable operating	e purposes leases are
	2022	2021
	I'000	K'000
Not later than I year	3,144	2,606
Later than I year and not later than 5years	8,757	7,756
Later than 5 years	12,643	13,525
	24,544	23,887

				Other	Non
			Designated	Charitable	Charitable	Total
Group			Funds	Funds	Funds	Funds
			s'000	U000	K'000	K'000
Balance at 1 April	2021		1,896	56,949	63,061	121,906
Net income/(expenditure)		for the
Year			(209)	2,728	(8,627)	(6,108)
Transfer between	funds		500	(500)
Balance at 31March 2022			2,187	59,177	54,434	115,798

Non Charitable F distribution.	unds incl	udes 258,368,00	0 of unrealised profits	which are no	t available f
				Other
			Designated	Charitable
Company			Funds	Funds	Total Fund!
			s'000	s'000	s'000
Balance at 1 April	2021		1,896	120,010	121,906
Net income/(expenditure)		for the
year			(209)	(5,899)	(6,108)
Transfer between	funds		500	(500)
Balance at 31 March 2021			2,187	113,611	115,798

			Net
		Fixed	Current	Long Term
Group		Assets	Assets	Liabilities	Total
		K'000	s'000	K'000	s'000
Unrestricted	Income Funds	134,078	5,087	(23,367)	115,798
Total Funds		134,078	5,087	(23,367)	115,798

ANALYSIS	OF NET ASSETSB	ETWEEN FUNDS	(cont'd)
			Net
		Fixed	Current	Long Term
Company		Assets	Assets	Liabilities	Total
		s'Ow	s'000	K'000	I'000
Unrestricted	Income Funds	102,415	18,044	(4,661)	115,798
Total Funds		102,415	18,044	(4,661)	115,798

					Group	Company	Company
				2022	2021	2022	2021
				s'000	s'000	K'000	s'Ow
Financial	assets	measured at	fair
value through income and
expenditure:
Listed investments		(see Note 10)		2	2	2	2
Other investments		(see Note 10)		18,254	17,318	17,819	16,905
Investment	in Subsidiary Undertakings
(see Note	10)					54,434	63,061
Financial	assets	measured at
amortised	cost (see Note 11)			15,093	16,156	11,284	17,729
Financial	liabilities measured		at
amortised	cost (see Notes 12		and 13)	26,792	18,116	9,408	7,032

		At		Non-cash		At
		1Apr 2021	Cash flows	movements	31	Mar 2022
		g'000	X'000	K'000		F000
Cash	in hand and at bank	2,804	9,321			12,125
Debt	due within one year	(33)	7			(26)
Debt	due after one year	(4,474)	27	(214)		(4,661)
		(1,703)	9,355	(214)		7,438

				2022	2021
				4'000	K'000
Bastion	Products Limited			58	72
Cherry Orchard Properties			Limited	17	22
LKBInvestments		Limited		676	629
Metropolitan Properties Co (Cloisters) Limited				138	147
Newprop	Company	Limited		80	74
Brigade	Properties	Limited		9	9
				978	953

RECONCILIATION OF NET ACTIVITIES	INCOME TO	NET CASH	USED IN OPER	ATING
			2022	2021
			a'000	s'000
Net (expenditure)/income for the	year		(6,108)	2,591
Adjustments for:
Depreciation charges			1	1
Gains/(losses) on investments			1,586	(4,012)
Dividends, interest and rents from investments			(2,127)	(2,565)
Increase/(decrease) in Donations	and Designated	Fund
Provisions				12
(Increase)/decrease in debtors			2,184	(125)
Increase/(decrease) in creditors			8,628	1,648
Increase/(decrease) in provisions	for liabilities		3,828	216
Net cash used in operating activities			7,992	(2,234)
ANALYSIS OF CASH AND CASH EQUIVALENTS
			2022	2021
			P000	s'000
Cash at Bank and in Hand			12,125	2,804
Bank Overdraft and Short-Term Bank Loans			(26)	(33)
Total cash and cash equivalents			12,099	2,771

			2022		2021
		s'000	k'000	s'000	Uoeo
Income and Endowments	from:
Donations and Grants Received			1,253		2,103
Investments:
Income from Fixed Asset Investments			512		498
Interest Receivable and	Similar
Charges			979		1,454
Rents and Charges Receivable			3,353		2,662
Total Income			6,097		6,717
Expenditure on:
Raising Funds:
Property Outgoings		(1,039)		(1,103)
Interest Payable and Similar Charges		(221)		(3)
Charitable Activities:
Grants and Donations		(3,597)		(3,607)
Payments from Special	Projects Fund	(209)		(740)
Expenditure Relating to	Properties
Held for Charitable Purposes		(115)		(284)
Other:
Governance Costs		(53)		(25)
Total Expenditure			(5,234)		(5,762)
NET INCOME/(EXPENDITURE)
BEFOREGAINS
ON INVESTMKNTS			863		955
Net Gains on Investments:
Disposal ofInvestment	Property	41
Valuation ofInvestment	Property	701		264
Valuation ofListed and	Other
Investments		(7,713)		1,372
			(6,971)		1,636
NET (EXPENDITURE)/INCOME
FORTHK YEAR AND	NET
MOVEMENT IN FUNDS			(6,108)		2,591
Reconciliation ofFunds:
Total Funds Brought Forward			121,906		119,315
TOTAL FUNDS CARRIED
FORWARD			115,798		121,906

	2022		2021
	Unrestricted	Funds	Unrestricted	Funds
	P000	0'000	U000	0'000
Rents and Other Charges Receivable		3,353		2,662
Less: Property Outgoings
Ground Rent Payable	298		421
General and Water Rates	67		30
Insurance	54		41
Repairs and Maintenance	292		374
Lighting and Heating	104		86
Porterage and Cleaning	94		59
Legal and Professional Charges	75		18
Management and Letting Commission	55		74
		(1,039)		(1,103)
NET PROPERTY SURPLUS		2,314		1,559