2023-03-31-accounts - The Raphael Freshwater Memorial Association

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

expectations using fin as follows:	ancial and non-financial meas	ures. The most significant KPIs	used by the Gro
		2023	2022
Grants and donations Net rental income	paid out	I5.4 million I2.0million	g3.6 million II.g million
Dividend income		g0.5 million	E0.5 million
Quoted and other investments Investment property at fair value		f16.9million g110.9million	f22 3 million 61150 million

	FORTHK YE	AR EN	DED 31MAR	CH 2	023
			2023			2022
			Unrestricted	Funds		Unrestricted	Funds
		Note	S'000	0'000		0'000	0'000
Income and Endowments	from:					restated	restated
Donations and Grants Received				1,357			1,253
Investments:
Income from Fixed Asset Investments				543			525
Interest Receivable and	Similar
Charges Rents and Charges Receivable				4 7,598			I 7,272
Total Income				9,502			9,051
Expenditure on:
Raising Funds: Property Outgoings			(5,347)			(5,445)
Interest Payable and Similar Charges			(315)			(226)
Investment Management	Costs		(90)			(97)
Charitable Activities:
Grants and Donations			(5,351)			(3,597)
Payments from Special	Projects Fund		(618)			(209)
Expenditure Relating to	Properties
Held for Charitable Purposes			(110)			(115)
Other:
Governance Costs			(49)			(53)
Total Expenditure				(11,880)			(9,742)
NET EXPENDITURE
BEFOREGAINS/(LOSSES)
ON INVESTMENTS				(2,378)			(691)
Net Gains/(Losses) on Investments:
Share ofProfit/(Loss) ofAssociate		10	747			(5)
Disposal of Investment	Property		175			277
Valuation ofInvestment	Property	10	(7,195)			(2,799)
Valuation ofListed and	Other
Investments		10	(6,083)			936
				(12,356)			(1,591)
NET EXPENDITURE BEFORE TAX		5		(14,734)			(2,282)
Taxation					743		(3,831)
NET OUTGOING FORYEAR AND
NET MOVEMENT IN FUNDS				(13,991)			(6,113)
Reconciliation ofFunds:
Total Funds Brought Forward				119,821			125,934
TOTAL FUNDS CARRIED
FORWARD				105,830			119,821

			2023		2022
		Note	0'000	0'000	0'000	0'000
FIXEDASSETS					restated	restated
Tangible Assets Investments		9 10		823 127,831		825 137,276
				128,654		138,101
CURRENT ASSETS
Debtors		11	19,414		15,093
Cash at Bank and in Hand			4,131		12,125
			23,545		27,218
CREDITORS: Amounts	falling due
within one year		12	(23,436)		(22,131)
NET CURRENT ASSETS				109		5,087
TOTAL ASSETSLESS	CURRENT
LIABILITIES				128,763		143,188
CREDITORS: Amounts	falling due
after more than one year		13		(4,969)		(4,661)
PROVISIONS		14		(17,964)		(18,706)
TOTAL NET ASSETS				105,830		119,821
UNRESTRICTED FUNDS
Designated Funds Other Charitable Funds		16 16		1,569 46,702		2,187 59,177
Non-Charitable Funds		16		57,559		58,457
TOTAL UNRESTRICTED FUNDS				105,830		119,821

			2023		2022
		Note	0'000	S'000	S'000	U000
FIXEDASSETS					restated	restated
Tangible Assets Investments		9 10		823 97,039		825 105,613
				97,862		106,438
CURRENT ASSETS
Debtors		11	12,503		11,284
Cash at Bank and in Hand			3,365		11,507
			15,868		22,791
CREDITORS: Amounts	falling due
within one year		12	(2,930)		(4,747)
NET CURRENT ASSETS				12,938		18,044
TOTAL ASSETSLESS	CURRENT
LIABILITIES				110,800		124,482
CREDITORS: Amounts after more than one year	falling due	13		(4,969)		(4,661)
TOTAL NKT ASSETS				105,831		119,821
UNRESTRICTED FUNDS
Designated Funds Other Charitable Funds		16 16		1,569 104,262		2,187 117,634
TOTAL UNRESTRICTED FUNDS				105,831		119,821

		2023		2022
		Unrestricted	Funds	Unrestricted	Funds
	Note	0'000	0'000	0'000	UOOO
Cash Flows from Operating Activities:
Net Cash from Operating Activities	24	(6,603)		7,992
Tax Recovered		(59)		6
Net Cash from/(used in) Operating
Activities			(6,662)		7,998
Cash Flows from Investing Activities
Dividends, Interest and Rents from
Investments		1,921		1,306
Proceeds from Sale of Investments		175		277
Purchase ofInvestments		(3,087)
Net Cash Provided by Investing Activities			(991)		1,583
Cash Flows from Financing Activities
Repayments ofBorrowing				(2/)
Interest Paid				(9)
Net Cash Used in Financing Activities			(8)		(36)
CHANGE IN CASH AND CASH
EQUIVALENTS IN THE YEAR			(7,661)		9,545
CASH AND CASH EQUIVALENTS
AT 1APRIL 2022			12,099		2,771
CHANGE IN CASH AND CASH
EQUIVALENTS DUE TO
EXCHANGE RATE MOVEMENTS			(307)		(217)
CASH AND CASH EQUIVALENTS
AT 31MARCH 2023	25		4, 131		12,099

INTEREST PAYABLE
	2023	2022
	K'000	C000
Bank Charges and Interest Losses on Foreign Exchange	8 307	10 216
	315	226

2023	2022
U000	S'000
5,351	3,597

The composition ofdonations	is	shown below.
			S'000
Beth Jacob Grammar School	For Girls Limited		2,161
Bobov Cheder Trust			663
Amud Hatzedoka Trust			269
Chibas Yerushalayim Kollel			216
Regent Charities Limited Sassov Beis Hamderash			235 120
Chevras Maoz Ladal			77
Bobov Foundation F.O.			47
New Rachmistrivke Synagogue Keren Shlomo Trust		Trust	43 36
Kahal Chassidim Bobov			34
WST Charity Limited Chasdei Aharon Limited			31 31
Federation ofSynagogues Friends ofKeren Hashviis			30 30
Yetev Lev London Jerusalem	Trust		29
Yesamach Levav Trust			26
Other donations			1,273
			5,351

		2023	2022
		U000	S'000
Auditors'	Remuneration	38	33
Legal and	Professional Fees	10	19
Depreciation		1	1
		49	53

NET INCOME/(E This is stated after	XPENDITURE) BEFORETA charging:	X
		2023	2022
		s'000	s'000
Depreciation
Auditors' Remuneration:
Audit Fees		120	110
Other Professional	Services	9	4

		2023	2022
		s'000	s'000
Deferred	tax:
Origination Impact of	and reversal oftiming differences change in tax rate	(743)	(869) 4,700
Taxation		(743)	3,831

tax in the UK of19%(20	22:	19	%)by reference to the a	nalysis below.
				2023	2022
				s'000	s'000
Net income before tax				(14,734)	(2,282)
Net income by rate oftax Income exempt from tax				(2,799) 2,343	(434) (481)
Expenses not deductible	for	tax	purposes	26	10
Timing difference on unrealised			gains	(210)	(208)
Utilisation oflosses brought		forward		(120)	(8)
Impact on change in tax Other differences	rate			17	4,700 252
Taxation				(743)	3,831

INVESTMENTS
		Long
	Freehold	Leasehold	Listed		Other
Group	Properties &000	Properties 0'000	Investments 0'000		Investments p~ppp	Total P'000
FAIR VALUE
At 1 April 2022	101,579	13,418		2	22,277	137,276
Additions	3,087					3,087
Revaluation	(6,900)	(296)			(5,336)	(12,532)
At31March 2023	97,766	13,122			16,941	127,831
					Investments
		Long			in
	Freehold	Leasehold	Listed		Subsidiary	Other
Company	Properties	Properties	Investments		Undertakings	Investments	Total
	P'000	Uppp	P'000		P'000	P'000	P'000
FAIR VALUE
At 1 April 2022	28,343	992			58,457	17,819	105,613
Additions	2,800						2,800
Revaluation	(4,493)	(46)			(897)	(5,938)	(11,374)
At31March 2023	26,650	946		2	57,560	11,881	97,039

ave certa	in directors in com	mon	with the Compa	ny.
				Company	Percentage
				Number	Holding
Directl	Held Subsidiaries
Bastion	Products Limited			00470283	100
Charles	Development Company		Limited	00563142	100
Cherry Orchard Properties		Limited		00990596	100
Endsleigh Court Services Limited				00501255	100
LKBInvestments Limited				00631653	100
Metropolitan Properties Co (Cloisters) Limited				00954321	100
Newprop	Company Limited			00473750	100
				Company	Percentage
				Number	Holding
Indirecti	Held Subsidiaries
Brigade	Properties Limited			00730498	100
Delbast	Corporation (USA)			n/a	100
Kayvi lie Properties Limited LKB (Endsleigh) Limited				00754315 09486023	100 100
Owen Cooper (Properties)		Limited		00629014	100

he aggregate amount ofassets, liabilities and fun s follows:	ds ofthe s	ubsidiary und	ertakings are
			Capital A
	Assets	Liabilities	Reserves
	s'000	s'000	s'000
Bastion Products Limited	5,323	(3,420)	1,903
Brigade Properties Limited Charles Development Company Limited Cherry Orchard Properties Limited Endsleigh Court Services Limited Kayville Properties Limited LKBInvestments Limited	2,060 517 2,270 699 530 78,011	(544) (57) (1,325) (141) (37,227)	1,516 460 945 699 389 40,784
LKB (Endsleigh) Limited Metropolitan Properties Co (Cloisters) Limited Newprop Company Limited Owen Cooper (Properties) Limited	196 7,870 8,530 323	(577) (4,784) (5,828) (1)	(381) 3,086 2,702 322

each operational	subsidiary und	ertaking.
			Charles	Cherry	Endsleigh
	Bastion	Brigade	Development	Orchard	Court
	Products	Properties	Company	Properties	Services
	Limited	Limited	Limited	Limited	Limited
	OOOO	8'000	&000	8'000	OOOO
Turnover	413	54	13	108
Cost ofsales	(325)	(3)		(60)
Administrative
expenses	(13)	(5)	(2)	(6)
Net valuation gains on investment property	12	13		116
Net valuation losses on
listed investments			(145)
Profit on disposal of
investinent property
Interest receivable
and similar income
Interest payable and similar charges	(50)	11		(17)	I)
Profit / (loss) before tax Taxation	48 (19	48 (10)	(134) 37	141 32
Profit / (loss) for financial year	29	38	(97)	109
				Metropolitan
	Kayville	LKB	LKB	Properties Co	Newprop
	Properties	Investments	(Endsleigh)	(Cloisters)	Company
	Limited	Limited	Limited	Limited	Limited
	OOOO	g'000	6'000	OOOO	8'000
Turnover	25	3,673		229	391
Cost ofsales	(7)	(3,040)		(221)	(313)
Administrative
expenses	(2)	(34)		(13)	(16)
Net valuation gains /
(losses) on investment properly		(2,488)		(404)	95
Profit on disposal of investment property		91			73
Interest receivable and
similar income
Interest payable and similar charges Profit /(loss) before tax Taxation	16 (3)	(392) (2,186) 447		(86) (495) 117	(55'I 175 (30)
Profit / (loss) for financial year	13	(1.739)		(378)	145

10.	INVESTMENTS (cont'd)	INVESTMENTS (cont'd)
1)	The Group Financial Statements did not consolidate the results, nor the Delbast Corporation in prior years as the financial information was		assets and liabilities of not readily available.
	Financial information relating to Delbast Corporation	has recently become available				showing
	that Delbast Corporation owns a 20'/o interest in Metrobastion Associates,			aproperty	investment
	company. As such, the prior year comparatives have been restated on the Consolidated Balance Sheet to include an investment in associate of14,023,000 and a share ofloss ofassociate in the
	Consolidated Statement ofFinancial Activies of15,000.The unrestricted			funds brought forward
	in 2022 have been increased by g4,028,000. Delbast Corporation and its operations are controlled and carried out in North America by its directors. It's registered once address is 1651 Coney Island Avenue, Brooklyn, NY 11230.A summary ofthe Charity's share ofthe Net Assets
	ofDelbast Corporation can be found below.
	Group	2023 g'000		2022 g'000
	At the beginning ofthe year	4,023		4,028
	Share ofprofit/(loss) from associate	270		(38)
	Dividends Received			(2)
	Foreign currency translation	477		35
	Investment in associated undertaking	4,770		4,023
11.	DEBTORS
	Group			Company
	2023	2022		2023		2022
	Note S'000	OOOO		0'000		0'000
	Amount owed by subsidiary undertakings			9,419		9,469
	Amounts due from connected
	undertakings 11b 14,136	11,558		789		71
	Loan debtors (charitable purposes) Rental debtors 87 3,596	3 2,313		87 1,500		3 989
	Other debtors 1,595	1,219		708		752
	19,414	15,093		12,503		11,284

Amounts	due from	Subsidia	ry Undertakings comprise th	e following:
				2023	2022
				s'000	s'000
Loan debtors				9,419	9,469
				9,419	9,469
				Loan	Debtor
				2023	2022
				s'000	s'000
Bastion	Products Limited			618	618
Brigade Properties Limited Cherry Orchard Properties LKBInvestments Limited			Limited	108 216 6,717	108 216 6,767
Metropolitan Properties Co (Cloisters) Limited				1,079	1,079
Newprop	Company	Limited		681	681
				9,419	9,469

comprise b effectively	alances due on property man repayable on demand.	agement curre	nt account which	are interest free	and a
			Group	Company
		2023	2022	2023	2022
		Uooo	U000	s'000	s'000
Freshwater	Property Management
Limited		11,954	10,060
Estate ofOM and NG Freshwater		390	394
Highdorn	Co. Limited	1,792	1,104	789	71
		14,136	11,558	789	71

CREDI	TORS: AMOUNTS F	ALLING D	UE WITH	IN ONE YEA	R	R
				Group	Company
			2023	2022	2023	2022
			0'000	a'000	a'000	S'000
Bank loans 8i overdrails				26		26
Amounts	owed to connected
undertakings Taxation and social security		12a	17,786 90	17,287 149	2 90	2,030 149
Rent in	advance		2,680	2,273	1,053	971
Other creditors and accruals			2,880	2,396	1,785	1,571
			23,436	22,131	2,930	4,747

				Group	Company
			2023	2022	2023	2022
			S'000	a'000	0'000	S'000
Highdorn Co. Limited Mayfair Charities Limited			17,784 2	17,246 17	2	2,013 17
Freshwater	Property	Management
Limited				24
			17786	17287	2	2,030

CREDI Group	TORS; AMOUNTS FALLING DUE AFTER MOR and Company	E THAN ONE YEA	R
		2023	2022
		S'000	0'000
Other Creditors		4,969	4,661
		4,969	4,661
Amounts	are payable as follows:
In more	than one year but not more than two years		4,661
In more	than two years but not more than five years
In five years or more		4,969
		4,969	4,661

The movement in the deferred taxatio	n provision during the year	was:
	Investment	Listed
Group	Property P000	Investments K'000	Total I'000
At 1 April 2022 Charge during the year	18,615 (705)	91 (37)	18,706 (742)
At 31March 2023	17,910	54	17,964

follows:
	2023	2022
	K'000	U000
Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years	3,189 8,228 11,592	3,144 8,757 12,643
	23,009	24,544

UNRESTRICTED INCO	ME FUN	DS
			Other	Non
		Designated	Charitable	Charitable	Total
Group		Funds L'000	Funds S'000	Funds S'000	Funds &000
Balance at 1 April 2022		2,187	59,177	58,457	119,821
Net income/(expenditure) Year	for the	(618)	(12,475)	(898)	(13,991)
Balance at 31March 2023		1,569	46,702	57,559	105,830

					Other
				Designated	Charitable
Company				Funds	Funds	Total Fund~
				I'000	U000	U000
Balance at 1	April 2022			2,187	117,634	119,821
Net income/(expenditure)		for the
year				(618)	(13,372)	(13,990)
Balance at 31March 2023				1,569	104,262	105,831
ANALYSIS	OF NET ASSETS		BETWEEN FUNDS
				Net
			Fixed	Current	Long Term
Group			Assets	Assets	Liabilities	Total
			I'000	s'000	I'000	r.'000
Unrestricted	Income Funds		128,654	109	(22,933)	105,830
Total Funds			128,654	109	(22,933)	105,830
				Net
			Fixed	Current	Long Term
Company			Assets	Assets	Liabilities	Total
			U000	K'000	p000	K'000
Unrestricted	Income Funds		97,862	12,938	(4,969)	105,831
Total Funds			97,862	12,938	(4,969)	105,831

				Group	Company	Company
			2023	2022	2023	2022
			OOOO	K'OOO	COOO	K'OOO
Financial	assets measured at	fair
value through income and
expenditure:
Listed investments (see Note 10) Other investments (see Note 10)			2 16,941	2 22,277	2 11,881	2 17,819
Investment	in Subsidiary Undertakings
(see Note	10)				57,560	58,457
Financial	assets measured at
amortised	cost (seeNote 11)		19,414	15,093	12,503	11,284
Financial	liabilities measured	at
amortised	cost (see Notes 12	and 13)	28,405	26,792	7,899	9,408

he Company had the followi	ng interest receivable from subsi	diary undertakings:
		2023	2022
		S'000	S'000
Bastion Products Limited		49	58
Brigade Properties Limited Cherry Orchard Properties LKBInvestments Limited	Limited	9 17 391	9 17 676
Metropolitan Properties Co (Cloisters) Limited Newprop Company Limited		86 54	138 80
		606	978

able companies, the Trustees ofwhich are Trustees oft	he Company.
	2023	2022
	g'000	g'000
Beth Jacob Grammar School for Girls Limited	2,161	540
Regent Charities Limited	235
Sassov Beis Hamedrash	120

24.	RECONCILIATION OF NET ACTIVITIES	INCOME TO	NET CASH	USED IN OPER	ATING
				2023	2022
				0'000	U000
					restated
	Net (expenditure)/income for the	year		(13,991)	(6,113)
	Adjustments for:
	Depreciation charges			1	1
	(Gains)/losses on investments			13,103	1,586
	Dividends, interest and rents from investments			(2,483)	(2,127)
	Increase/(decrease) in Donations	and Designated	Fund
	Provisions			(84)
	(Increase)/decrease in debtors			(2,954)	2,184
	Increase/(decrease) in creditors			1,294	8,628
	Increase/(decrease) in provisions	for liabilities		(742)	3,828
	Share of(profit)/loss ofassociate			(747)	5
	Net cash used in operating activities			(6,603)	7,992
25.	ANALYSIS OF CASH AND CASH EQUIVALENTS
				2023	2022
				U000	K'000
	Cash at Bank and in Hand			4,131	12,125
	Bank Overdraft and Short-Term Bank Loans				(26)
	Total cash and cash equivalents			4,131	12,099

FO	RTHK YEAREN	DED 3I MARC	H 2023
			2023	2022
		UOOO	0'000	&000	COOO
				restated	restated
Income and Endowments	from:
Donations and Grants Received			1,357		1,253
Investments:
Income from Fixed Asset Investments			530		512
Interest Receivable and	Similar
Charges Rents and Charges Receivable			608 2,705		979 3,353
Total Income			5,200		6,097
Expenditure on:
Raising Funds: Property Outgoings Interest Payable and Similar Charges		(1,378) (310)		(1,039) (221)
Charitable Activities:
Grants and Donations		(5,351)		(3,597)
Payments from Special	Projects Fund	(618)		(209)
Expenditure Relating to Properties Held for Charitable Purposes		(110)		(115)
Other:
Governance Costs		(49)		(53)
Total Expenditure			(7,816)		(5,234)
NET (EXPENDITURE)/INCOME
BEFOREGAINS
ON INVKSTMKNTS			(2,616)		863
Net Gains on Investments:
Disposal of Investment Valuation ofInvestment	Property Property	(4,539)		41 701
Valuation ofListed and	Other
Investments		(6,835)		(7,719)
			(11,374)		(6,977)
NET (EXPENDITURE)/INCOME
FORTHE YEAR AND	NET
MOVEMENT IN FUNDS			(13,990)		(6,114)
Reconciliation ofFunds:
Total Funds Brought Forward			119,821		125,935
TOTAL FUNDS CARRIED
FORWARD			105,831		119,821

	2023		2022
	Unrestricted	Funds	Unrestricted	Funds
	f'000	S'000	C000	k'000
Rents and Other Charges Receivable		2,705		3,353
Less: Property Outgoings
Ground Rent Payable	322		298
General and Water Rates	57		67
Insurance	37		54
Repairs and Maintenance Lighting and Heating Porterage and Cleaning Legal and Professional Charges Management and Letting Commission	468 182 82 188 72		292 104 94 75 55
		(1,378)		(1,039)
NET PROPERTY SURPLUS		1,327		2,314