Down Envpl¢W IO'.ffjE91F1D744DHBCD-93DE-10779CE80B89 CHAIUTY REGISTRATION NUMBER: 1004327 The Beth Hamedrash Satrnar Trust Unaudited ￿￿￿￿¢1￿1 Statement5 31 March 2025 COHEN ARNOLD Chartered accountants New Fliirlington Hoiise 1075 Finchley Road London NWII OPU Docusiw Env?￿P0 ID: OE91F107-94DNBCD-93DE-10779CE80889 The Beth Hamedrash Satmar Trust Financial Statements Year ended 31 March 2025 Page Trustees, annual report Independent examinevs report to the trustees Statement of financial activities Statemcnt of financial position Statement of cash flows Notes to the fmancial statements 10 Docuslqn Env8lope ID: FE91F107-94D94BCD-93DE-10779CE80889 The Beth Hamedrash Satmar Trust Trustees, Annual Report Year ended 31 March 2025 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. Reference and adminlstratlve details Registered charity name Charity registration number Principal office The Beth Hamedrash Satmar Trust 1004327 New Burlington House 1075 Finchlcy Road NWI I OPU The trustees Mr S. Laufer Mr J. St¢rnlicht Company secretary Independent examlner Solomon Laufer Moshe Broner-cohen New Burlinglon House 1075 Finchley Road London NWI I OPU Docusign Envqlopo ID: 6E91F1D7-94D94BC￿93DE-lo779CE8O889 The Beth Hamedrash Satmar Trust Trustees, Annual Report (¢o#rfwMed) Year ended 31 March 2025 Structure? governance and management Governing document The organisation is goveTncd by a Trust Decd dated 8 February 1989. Appointment, Training and Recruitment of Trustees Thc organisation is run by the trustccs who all act in an honorary capacity. New trustees are appoinled, when needed, on the basis of personal competence, specialist skills, local availability and their ability to promote the charitable activities of any institution profcssing and teaching Ihe principles of tradilional Judaism and the advancement of the religion in accordance wilh thc Jewish faith. New trustecs aTe inducted into th¢ Workings of the charity by th¢ cU￿ent trustees. None of the trustees have any beneficial interest in the charity. Risk Management The trustees have identified and reviewed the major risks to which the Trust is exposed, in parlicular those related to th¢ operations and finance of the Trust, and are satisfjed that systems are in place to miligate those risks, Flnancial risk management and poll¢les The charity holds or issues financial instruments in order to achieve two main objectives being: a) to finance its operations b) to generate funds. In addition various financial instruments (e.g. other debtors, other Creditors, accruals and prepayments) arise directly from the charily's operations. Credit risk The charity monitors credit risk closely and considers that its current policies of credit risk checks meets its objectives of managing exposure to credit risk. Amounts shown in the balance sheel represent the maximum credit exposure in the evenl other parties fail to perfomi their obligations under the financial instruments. li is recognised that systems can only provide reasonable but nol absolute assurance that major risks havc been adequately mandged. Docusi9n Envelope ID: fiE91F107-94D94BCD-93DE-10779CE80889 The Beth Hamedrash Satmar Trust Trustees, Annual Report Year ended 31 March 2025 Objectives, alms and activities for the benefit of the public Objeets The charity was ¢st4iblished for thc purposc of promoting the Orthodox Jcwish Religion in gcn¢rdl and in particular by maintaining and managing the Satmar Synagogue at 86 Cazenove Road in London, and providing facilitics for public Tcligious worship and such other services and activitics incidental therelo. Aims objectives The charity's other aims and objectives are: a) Advanccmcnt of education amongst persons who in the uncontrolled opinion of the trustees are of the Jewish religion b) the furtherance and benefit of the orthodox Jewish religion Aims, Objectives and actlvltles for public beneflt The trustccs confirn] that thcy have refe￿ed to the guidance contained in the Charity's Commission'5 general guidance on public benefit when reviewtng the charity's airn and objectives and in planning future activities and setting th¢ grant making policy foT the y¢ar. As mentioned above ihis charity was set up to mainlain and manage the synagogue in Cazenove Road in London known as The Beth Hamedrash Satmar. This includes providing facilities for public worship and Torah study and other services, amenities and activities incidental therelo. The charity also provides grants for students who engage in Torah study in the Synagogue. In addition the chariiy makes grants and donations to other charitable organisations and needy individuals in the community and in doing so, the charity has coinplied with its duty to act for public benefit in accordance with section 4 of the Charities Aci 2011. Doujsigrj Envelope ID: 6E91F1 D7-94D94BCD-93DE-10779CE80B89 The Beth Hamedrash Satmar Trust Trustees, Annual Report (conlittutd) Year ended 31 Mareh 2025 Achievements and performance During the year the charity continued ils aclivities and maintained its support of religious educational and other charitablc institutions in Lir¢at Britain. Investment powers and policy In accordance with the trust dccd, thc charity has the pow¢r to make any investmcnt, which the truqtees see fit. The trustees regularly view the charily's position and needs in respecl of Ihe investmcnt policy. GrAnt making policy Grants arc made to individuals cngaged in Torah study in the Synagogu¢, nccdy individuals in the community. and io charitable organisations conforn]ing to the objects of the charity, after the trustees have satisfied themsclves as to the bona fid¢s of the recipients. Reserves polficy It is the policy of the chaTily to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charily and the likely administrative costs of the charity for the ncxt year. The level of unrestricted reserves as at 31 st March 2024 was £597,293 (2024: £719,975). Going Concern The financial statements have been prepared on the going concern basis notwithstanding the charity's net current liabilities. The trustees consider this to be appropriate givcn the continued support of the charity's creditors. As such the trustees believe il is appropriate to prepare the f1nancial statements on going concern basis because the charity is in a position to meet all of its obligations for the foreseeable future. Related party transactions Durlng the year the charity received donations totalling £40,000 (2024: £31,5000) from charities wherc the trustees Mr. J Sternlicht and Mr. S Laufer are also trustees. Flnancial review The chariry is solely dependent up)n donations from the community and other charitable organisations. Donations Teceived during the year were lower Lhan in the previous year. As a result the charitable expcnditurc has dcLreased froin £297,504 to £177,336 as per notc 5. Docusiqn Env8lop& ID.. FE91F1 D7-94D948CD-93DE-10779CE80B89 The Beth Hamedrash Satmar Trust Trustees Annual Report (eonrt•Med) Year ended 31 March 2025 Plans for future periods The chariiy plans continuing the activities outlined above in the forthcoming years subjeci to satisfactory incoming resources. Fixed assets "I"hc Synagoguc is leased to the charity by I'hc Congregation of Yetcv Lcv and Wiseheights Limitcd, whilst Ihe Mikveh 18 leased to the charity by Wiseheights l.imited a charily regulated in F.ngland and Wales. All buildings are Icascd for l O ycaT5 and all additions and refurbishment costs arc capitalised and depreciated according to the life of the lease. Some ot" Ihe trustees of this charity are also trustees of Th¢ Congregation of Yetev Lev and Wisehcights Limited. Responsibilities of the trustees The charity's trustees are responsible for thc preparing of the Trustees Annual Report and the financial sialernenls in accordance with applicable law and regulations. Independent examlner Moshe Broner-cohen ICAEW has been re-appointed as independent examiner for th¢ ensuing year. The trustees, annual report was approved on 7 January 2026 and signed on behalf of the board of trustees by: Mr S. Lt] Trustee Docusign Envelop&10' 6E91F1 D7-94D948CD-93DE-10779CE80B89 The Beth Hamedrash Satmar Trust Independent Examiner's Report to the Trustees of The Beth Hamedrash Satmar Trust Year ended 31 March 2025 I report to the trustees on my examination of the financial statements of The Beth Hamedrash Satmar Trust ('the charily,) for Ihe year ended 31 March 2025. Respective responsibilities of trustees and examiner A8 the trustees of Ihe charity you are responsible for the preparation of ihe financial statemenL8 in accordance with the requirements of the Chdritles Acl 2011 ('the Act.). J report in respect of my examination of ihe charily's financial slalemenls carried out under section 145 of the 201 l Act lind in carying oul my examination I have followed all the appliclible Directions given by the Charity Cornmission under section 145(5)(b} of Ihe Act. Independent examiner's statement I have completed my examination. I confirni that no material matters have come to my atlenlion in connection with the examination giving me cause to believe that in any material r¢spe¢t: accounting records weTe not kept in respect of the charity as required by seclion 130 of the the financial statements do not accord with those records" or the financial statements do not comply with the applicable reqvir¢ments concerning the fom) and contenl of accounts set oul in the Charilies (Accounts and Reports) Regulations 2008 other than any T¢quir¢ment that the accounts giv¢ a 'true and fair, vi¢w which is not a malter considered as part of an independent examination. I have no concerns and have come across no oiher matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Moshe Broner-cohen Independent Examiner New Burlington House 1075 Finchley Road London NWII OPU Date Docusign Envelope ID: fiE91F1D7-94D94BC￿93OE_1O779CE8OB89 The Beth Hamedrash Satmar Trust Statement of Financial Activities Year ended 31 March 2025 2025 Unrestricted fimds Total funds Total funds 2024 N￿te Ineome and endoivments Donations and legacies Total income 54.654 54,654 54,654 54,654 152,573 152.573 Expenditure ExpendAture on charitable activitics Total expenditure (177,336) (177,336) {297.504} (177,336) (177.336) (297,504) Net expenditure and net movement in funds (122.682) {122,682) (144,931) Reconclllatlon of funds Total funds brought forward Total funds carried forward 719,975 597293 7l9,975 597,293 864,906 719,975 The slaternent of financial activilies includes all gains and losses recognised in the y¢ar. All income and expenditure d¢rive from continuing activities. The notes oh p8ges 10 10 16 form part of th¢5e fin4n¢l*l statements. Docusiqn Envelope ID: FE91F107-940HBcfh93DE-10779CE80889 The Beth Hamedrash Satmar Trust Statement of Financial Position 31 Mareh 2025 2025 2024 Note Fixed assets Tangiblc f￿¢d assets Current assets Cash at bank and in hand 13 603,880 730,136 61,213 72,439 (82.600) {10,161) 719,975 719,975 Creditors: amounts falling due wlthin one year Net current Ilabllities 14 (67,800) (6,587) 597,293 597.293 Total assets less current liabillties Net assets Funds of the charfity Unrestricted funds 597,293 597,293 719.975 719.975 Total charlty funds 15 Thes¢ fmancial statements were approved by the board of trustees and authorised for issu¢ on 7 January 2026, and are signed on behalf of the board by: Mr S. Laufer Trustee The no¢es on pagej 10 ¢0 16 forni part of ¢hese fln4nelal stAttments. Docusigo Envel¢¥O ID: 6E91F1 D7_94D948ct￿93DE.10779CE80B89 The Beth Hamedrash Satmar Trust Statement of Cash Flows Year ended 31 Mareh 2025 2025 2024 Cash flows from operating activities Net cxpenditurc Adjuslments Jor.. Dq)reciation of tangible fixed assets Accrued (incorne}lexpenses chang￿ iii." Trade and other creditors (122,682) (144,931) 147,160 (4,800) 145.142 4,800 (10.000) 9,678 9,678 6,000 11.011 Cash generaied from operations Net cash from operating activities Cash flows from investlng a¢tivitle8 Purchase of tangible assets Net cash used in inv¢sting activities (20,904) (20,904) Net (decrease)lincrea8e In cash and cash equivalents Cash and cash equivalents at beglnnlng of year Cash and cash equlvalents at end of year (11,226) 72,439 61,213 11,011 61,428 72,439 Thc no¢eg pages 10 to 16 form p4r¢ of these flm*n¢l*l statenients. Docuslgn Envelop8 ID: 6E91F1D7-940948Ct￿93DE-lo779cE8o88g The Beth Hamedrash Satmar Trust Notes to the Financial Statements Year ended 31 March 2025 Ceneral informatfion The charity is a public benefit entily and a registered charity in England and Wales and is unincorporated. Thc addr¢ss of the principal offic¢ is New Burlington House, 1075 Finchlcy Road, London, NWI I OPU. tatement of compliance These financial statemenls have been prepared in compliance with FRS 102, 'The Financial Reporling Standard applicablc in the UK and the Rcpublic of Ircland,, the Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ircland (FRS 102) (CharitiC5 SORP (FRS 102)) and the Charities Act 2011. Aeeounting policies Basis of preparation The financial statemenls have becn prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on the going concem basis notwithslanding the charity's net current liabilities. The truste¢s consider this to be appropriate given the continued support of the charity's creditors. As such the trustees believe il is appropriate to prepare the financial statements on a going concern basis because the charity is in a position to meet all of its obligaiions for the foreseeable future. Judgements and key sources of estimation uncertalnty The preparation of the financial stalements requires management to make judgements, estimates and assumptions thal affect the ainounts reported. These estiinat¢s ￿ld judgeii)ents are conlinually ￿vieWed and are based on experience and other factors, including expectations of future ¢v¢nts that arc belicvcd to be reasonablc under the circumstances. Besidcs those mentioned below. thcTe are no judgcments, estimates and assumplions thal affected the amounts Teportcd in the year. Fund accounting Unrcstrictcd funds arc available for usc at th¢ discrction of the trustecs to further any of the charity's pU￿oses. Dcsignated funds are unrestrictcd funds earnjarkcd by the trustees for particular future project or commitment. Restricted funds aT¢ subjected to restrictions on their expcnditurc dcclared by the donor or through Ihe ternis of an appeal, and fall inlo one of two sub-classes: restricted income funds or cndowment funds. io- Docusign Envolope 10: 6E9lF1D7-94DWBc￿93DE_l077gcE8Q889 The Beth Hamedrash Satmar Trust Notes to the Financial Statements Year ended 31 March 2025 Accounting policies (etsMIlMued) Incoming resources All incoining resourccs are included in the statement of financial activities when entitlemcnt has passed to the charily. il is probable Ihal the economic benefils associated with the transaction will flow to the charity and th¢ amount can be rcliably mca5UTed. Thc following specific policies are applied io particular calegories of income: income from donalions or grants is recognised when there is evidence of entilleTnent lo the gift, reccipt is probable and its amount can bc mcasured Teliably. legacy income is rccogniscd wben receipt is probable and cnlitlerncnt is established. incomc from donated goods is measured at the fair value of thc goods unless this 15 impraclical io rneasure reliably, in which case the value is derived from the cost to the donor or th¢ cstimated resalc value. Donated facilitics and services are r¢cognised in the accounts when received if the value can be reliably mea.sured. No amounts are included for the contribution of general volunt¢¢rs. income from ¢ontracts for the supply of services is recognised with the delivery of th¢ contracted service. This is classified as unreslricted funds unless there is a contractual requirement for it to be spcnl on a particular purpose and returned if unspent, in which cas¢ it may be regarded as restricled. Resourees expellded Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the stateinent of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable Irading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities thal further its charilable aims for the benefil of its beneficiaries, including those support costs and costs relating to the governance of thc charity apportioned to charitable activities. other expenditure includes all expenditure that is neither r¢lated to raising funds for the charity nor part of ils expenditUT¢ on charitable ¢lCtivities. All cosls are allocaled io expenditure categories rellecting the use of the resource. Direct costs attributablc to a single activity are allocated directly to that activity. ShaTed costs are apportioncd belween ihc aclivilies they contribule to on a reasonable, juslifiable and consislenl basis. Tangible assets Tangiblc assets arc initially r¢cordcd at COSL and subsequcntly stated at C05t less any accumulated depreciation and impaim)enl lo.sses. Any tangible assets carried at revalued amounts are re¢ordcd at the fair value at th¢ date of revaluation less any subsequent accumulated d¢preciation and subsequent accumulated irnpairnient losses. li Docusign Envelopè ID.. 6E91F1 07_94D948C￿g3DE.1o779CE8OB89 The Beth Hamedrash Satmar Trust Notes to the Financlal Statements Year ended 31 March 2025 Accountlng policies Tangible assets f¢ottil*￿erf) An inLr¢as¢ in the carrying amount of an asset as a result of a revaluation, is recognised in othcr recognised gains and losses, unless it reverses a charge for impairnient that has previously been rccogniscd as expendilure within thc statemcnt of financial activitics. A decrease in the carrying amounl of an asset as a resull of revaluation, is recognised in oiher recognised gains and losses, cxccpt to which it offsets any previous rcvaluation gain, in which case the loss is shown within other Tecognised gains and losses on the stalement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less ils residual value. over the useful cconomic lifc of that asset as follows: Short leasehold property Equipment Impairment of fixed assets A review for indicators of impairn]ent is carried out at ¢ach r¢porting date, with the recoverable amount being estimated wher¢ such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairn?ents are also reviewed for possible reversal at each reporting date. For the purposes of impairnient testing, when it is not possible to esliinate the recoverable amounl of an individual asset, an estimate is made of the recoverable amount of the cash- generating unil to which the asset b¢longs. The cash-generating unit is the smallest identifiable group of assets ihat includes the asset and generales cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairn]ent testing of goodwill, the goodwill acquired in a business combination is, frorn the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, i￿eSpeCtive of whether other assets or liabilili¢s of the charily are assigned to those units. Financial instruments l O % straight line 250/0 reducing balance A financial assct or a fin¢incial liability is recognised only whcn thc entity becomcs a party to the contractual provisions of the instrument. B