Aish Hatorah UK Limited (Limited by guarantee) Company number 03413207 Charity number 1069048 Trustees. Report And Fitwicia] Statements For th¢ year ¢nd¢d 31 De¢emb¢r 2024 Aish Hatorgh UK Llmited Contents Page Legal and administrativ¢ inforn￿tiOn Trust¢¢s' report Independent Auditor's report Statement of fmancial activities io Balance sheet Ststrment of cash flows 12 Notes to the fmancial statements Page I Aish Hatorah UK Llmited Legal and admillistrative information Directors l Trustees A Steene (Chair) (resigned 30 June 2025) S Fine D Green D Meshulam (resigned 17 June 2025) A Moshal (resigned 6 May 2024) N Schiff B Wigoder (appointed 3 July 2023) Key management personnel Chief Exe¢utive N Schiff Principal Address and Registered Office Mountcliff House 154 Brent Street London NW4 2DR Details of Incorporation The company was incorporated on l August 1997 in England under company registration number 03413207, and was registered with the Charity Commission on 6 April 1998, with charity number 1069048. Auditor5 Goldwins Limited Chartered Accountants 75 Maygrove Road London, NW6 2EG Bankers National Westminster Bank PIC 21 Golders Green Road London NWII 8EB Page 2 Aish Hatorah UK Limited Trustees, Report The trustees, who are also directors of the Ckmrity for the puq)oses of the Companies Ac¢ submit their annual report and the financial stalemenls of Aish Hatorab UK Lin]ited {the Company) for the year ended 31 December 2024. The In￿tee$ confinn that the annual report and financial statements of the Company comply with Current ststutory requirements, the requirements of the Company's governing document and the pmvisions of the Ststement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in 2015. Legal and administrative infornlation set out on page I forn￿ part of this rep)rL Structure and Governanee Aish Hatorah UK Limited is a company limited by guarantee and registered as a ¢l)aritsble company. The Charity's objects are set out below. The trustees, who are also the directOT5 for the PUTpose of company law, and who served during the year were S Fine, D Green, D Meshulam, A Moshal, N Schiff and A Steene. None of the trustees have any beneficial interest in the Company. Jewish Futures Trust Limited. the parent company, is the only member of the Company and guarantees to contribute £1 in the event of a winding up. Key Management Personel are considered to be the Trustees and the Chief Executive as listed on Page l. The management of the Charity is the responsil)ility of the truslees who are appointed under the ternis of the Articles of Association. The number of I￿￿teeS shall not be subject ¢0 any maximum but shall not be le&8 than two. The appoinlment and training of a new t￿￿tee is subject to the oversight of aLrrenl trustees. Recruithient of trustees is made via recofflmendation and appoinlment through a majority vote of the existing Trnstees. New Trustees are given a fornial induction and encouraged to see the Charity's work at first hand. There are no specific restrictions imposed by the governing document concerning the way the Charity can operate. Charity's Objectives and Aetivities The Charity airns to reach out to young Jewish people in the UK in order lo make the wisdom. depth and beauty of their heritage accessible, and thus to help promote a vibrant future for the British Jewish community. Over the past few years the educational remit has widened to allow for a broader spectrurn of the community to benefit from the educational expertise and experience of the Charity. The core of the educational philosophy is to share with young people a sense of moral responsibility and ethical values that instil a sense of pride in Jewish heritage as well as upright citizenship in wider society. The Charity seeks to achieve this objective through regular educational. social and religious events across the , with overseas educational programmes in the summer and at other key points in the year. All activity ¢ontinues to be focused for the benefit of young people in the UK. Achievements and Performance The main, specific a¢hievements of the Charity in the year under review, included: 2.800 educational Se￿10n5 that attracted closc to 6,(M)O unique participants and over 4,000,000 views of digital content. UK-wide educational and swial activitAes, both online and offline. with thousands of programme participants at 23 university campuses and 20 schools nationwide" Running Iwenty eighi international trips for Schools. University shldents and Young Professionals. Produced and published six new online courses on our innovative online learning platforn). Maven Page 3 Aisb Hatorah UK Limited Trustees. Report (continued) Achievements and Performanffj continued Provided Shabbat and Festival hospitslity for 3,854 individuals Ran regular education progrdmmes in Hendon. Hampstead, London, and Manchester, sold out social events, Shabbat experiences and developed the Maven educational progrdmmes" The Charity raised £2.876,272 (2023: £2,855,532) of donated income. participant Contributions of £283,045 (2023: £392,407). It invested £3,098,271 in charitsble activities (2023: £3,552,437). The Charity invested in additional resources to expand and develop in person educational activities and needed to C￿sUre that increasing supporter donations were having the m&ximum impact for charitable activities. Fundraising The Charity is committed to the highest standards in fundTaising. At all times we will ensure that we are respectful, open, honest and accountsble to our supp)rters. Our fundraising is personal and targeted and is primarily focussed on those individuals and institutions who have expressed interest in our work. We do not engage in fundraising activities like m&ss mailings or door- to-door campaigns. but focus on campaigns that target those who have previously engaged with or supported the Charity. The Charity ha5 a small fundraising team composed of the Chief Executive, a Fundraiser, and an Administrator. The Tn￿tee5 provide oversight of fi￿draiSing strategy and delivery. The Fundrdising Team r¢¢eive regular training and guidance and aim to adhere to rnethods of best practise including the Fundraising Regulator's Code of Fundraising Pta¢tice. The Charity does not use third party organisations to raise funds, and underno ¢ircumsLqnces does the Charity share personal infornlation of OUT SUPPOrters for the pu4)oses of third party marketing or Pr￿eSSing. There have been no complaints aknut fundraising activities rq)orted in the year to 31 December 2024, or subsequently. The Charity is a signatory of the Fundraising Regvlaior's Code of Fundraising Practice. This code was established in 2016 with an aim of setting and mainlaining the standards for charitable fundrdising while ensuring that fimdraisAng is respectful. open, honest and accountsble to the publi¢. All the Charity's fundraising activtties will now ￿mplY with the Fundraising Code and Ihe Charity has agrttd to adhere to the Code's requirement on handling any breaches of the Code or complaints about the Charity's fundraising activities. Financial Revlew The Charity incuTred a deficit in the year £66,772 (2023 deficii £479,060). As at 31 December 2024 the Charity had net reserves of £108,996 (2023: £175.767). The Charity had Free Reservas (its current assets le&s current liabilities) as at 31 December 2024 of £56.735 (2023- £123,507). The Charity is supported by a broad spectrum of donors from across the community, ranging from grassroots S￿dent-level program participants and alumni to a number of philanthropists who partner with our Charity and encourage our activities. Page 4 Aish Hatorah UK Limited Trnstees, Report (continued) Financial Review, continued Most fundt7ising is done through direct Telationships with our partners and through effective con]munication of the importance of our work to the wider audience of our supporters. The Charity is seeking to improve its fundraising capabilities as, at presenL the large majority of the fundraising reswnsibility still remains with the Chief Executive. The Charity is seeking to ensure that this responsibility is more broadly shared and is exploring how best to optimise its fundraising aclivities. All of the Charity's expenditure is fwused on Creating and delivering a wide rdnge of successful high-quality educational courses and wular. impacthl activities that deliver its slated charitable objectives. Key Rlsks and Untertaitities The trustees have aSSe￿ed the major risks to which the Charity is exposed. and satisfied that Systems are in place to mitigate exposure to the major risks. A reduction in donor base could Cause cash flow issues. any delayed receipt of pledged donalions income could also potentially Cause ¢&sh flow issues. The major ri$ks facing the Charity are reviewed regularly at management meetings. Regular reviews of cash flow projections and budget fore¢&sts are also undertaken, as well as a continual drive to manage expenditure. Reserves Until 2020 the Charity operata with a low level of reserves for many years and managed its activities on this basis, controlling its costs to the level that is fmanceable from its annual income. During 2020 the Charity was able to eslablish Free Reserves in excess of £500,000 (representing close to 3 Months worth of general costs), which is a target that the Tn￿leeS aiming to reach. During 2024 the level of Free Reserves fell below the target value as the Charity devoted resources for its ¢harilable activities, and will be aiming in ture years to re-establish a reserve level of 3 months of generdl costs. Pay policy for key management personnel Pay and remuneration of key management personnel is deterniined by a variety of contributory factors, including the size of the Charity and the level of experience of tbe staff member. In addition to this. levels of pay may be affected by the ability to remiit key management persotlnel and retain them in posL which all coincides with the Charity's appointment and pay ]K)licies. All amendments to key management's pay and remuneration are discussed and agreed by the tNsiees. While trustees are considered key management personnel, no tn￿tee receives any remuneration or is paid expenses for their services as trustee. Page 5 Alsh Hatorah UK Limited Trustees. Report (eontinued) Public Benefit The lrnstees acknowledge the duty in Section 17 of the Chartties Act 2011 to have due regard to the Charity Commission's published general and relevant sulFsector guidance on public benefit. All activities undertaken by the Charity are for the public benefiL With a focus on provAding education, the Charity's operdtion is very much geared to providing benefit to the Jewish and wider community as Is highlighted by the activities reported herein. The core of the educational philosophy is to share with young people a sense of mordl responsibility and ethical values that instil a sense of pride in Jewish heritage &s well as upright Citizenship in wi(kr society. This will continue to be central to future plans. Plans for the Future The main activities intended to be underthken by the Charity will continue to be the provision of regular ethicational, social and religious events acro&s the UK and with overseas educational progrdmmes. If fimds pemiit the trustees aim to expand branches and programmes to increase the amouni of opportunities, programmes and events that we can offer. Statement of Trustees. Responsibllilles The trnstees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and regu]ations. Company law requires the trustees to prepare fmancial statements for each fllwicial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards} and appltcable law. Under company law the trustees must not appTove the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the net incoming reserves for that period. In preparing these fmancia] statements, the trustees are required to: select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and pn￿en( state whether applicable accounting stsndards have been followe4 subject to any departur￿ disclosed and explained in the financial slalements" prepare the fmancial sts*ments on the going concern basis unless it is inappropriate to presume that the Charity will continue to opera*. The trustees are responsible for keeping adequate accounting records thai aff sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 prevenlion and detection of fraud and other I￿egular1tjes. Page 6 Ai¥h Hatorab UK Limlted Trust¢esg Re￿rt (eODtinued) Stit¢m¢nt of Trutees. Responslbillt4 contiDued included on the Charity's website. Insofar as each of the trustees of the Charity at the datc of approval of this report is aware there 15 no relevant audit infornmtion (lnforn￿tIoD needed by the Chariry's auditor in conncdion with preparing the audit report) of which the ChaTity'S auditor is unaware. Eath tswtee has taken all ofth¢ • that he should have taken as a trustee in order to make himself aware of any relevant audit InfOn￿ and to establish that the Charity's auditors are aware of that informati( Sm•ll Comp*nleJ Exernptlo In preparing this reporL the direct(ws have taken advantsg¢ of th¢ small LY)mpani¢s exemptiM provided by sertion 415A of the Compmnics Art 2006. Auditon Golth¥ins Limi¢¢d has expressed awillingness to be a￿K)Inted auditors. A resolution to appoint thern will be propwd atthe Annual General Meetin& Thts report has been approved by the tnLStees on 27 (knber 2025 and signed on their behalf by: Neil Setsiff Trustee Page 7 Aish Hatorah UK Limited Independent Auditor's Report to the Members of Aish Hatorah UK Ltd Opinion We have audited the financial statements of Aish Hatorah UK Ltd for the year ended 31 December 2024 which comprise the Stttement of Financial Activities. Balance Sheet. Statement of Cash Flows and notes to the financial staiements, including significani accounting ￿lIcIes. The financial reporting framework thai has been applied in their preparation is applicable law and United Kingdom Accounting SL￿dards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Jreland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a true and faiT view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Compani&s Act 2006. Basis for opinion We conducted our audit in ￿OrdanCe wilh International Stsndards on Auditing (UK} (ISAS (UK)) and applicable law. Our responsiljilities under those slandards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of th¢ charitable company in accordance with the ethical requirements thai are relevant to our audit of the financial slaternents in the UK, including the FRC'S Ethical Standard, and we have fulfjlled OUT other ethi¢al responsibililies in accordance with these requirements. We beli￿¢ thal the audit evidence we have obtstned is sufficient and appropriate to provide a basis for our opioion. Condusions relating to going Concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the fmancial slatements is appropriate. Based on the work we have ￿fOrnIed. we have not identified any material uncertainties relating to events or conditions thaL individually or collectively. may cast significant doubt on the ¢t￿[l￿ble company's abilily to Continue &s a going concern for a period of at le&st twelve months from when the fmancial statements are authorised for issue. Our responsibilities and the resFK)nsibilities of the trustees with respect lo going concern are described in the relevant sections of this rq)orL Other infonnation The trustees are responsible for the other infonnation contained within the annual report. The other infomation comprises the infornlation included in the amiual report. other than the financial statements and our auditor's report thereon. Our opinion on the fmancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our rewrL we do not expre&s any forni of assurance conclusion thereon. Our responsibility is to read the other infonnation an￿ in doing so, consider whether the other infonnation is materlally inconsistent with the financial stalements 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 detennine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfonned, we conclude that there is a material misstatement of this other infornution, we are required to report that facL We have nothing to report in this regard. Page 8 Aish Hatorah UK Limited Independenl Audltor's Report to the Members of Aish Halorah UK Ltd (conilnued) Opinions on other matters prescribed by the Companies Acl 2006 In OUT opinion based on thc work underthken in the COUTSC of our audit the infonnation given in the trustees. report, which includes the direciofs, Teport prepared for the PUTposes of company law, for the financial year for which the fjnancial statements are prepared is consistent with the financia] statements" and the directors. report included within the t￿￿. rq)ort have been pr• in accordance with applicable legal requirements. Matters on which Trve are required to report by exception In light of the knowledge and understsnding of the ¢haTitable company and its environrnent obtsined in the course of the audiL we have not identified material mi&stat¢ments in the directors, report included within 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: adequate accounting records have not been kq)L or the financial statements are not in agreement with the accounling records and returns. or certain disclosures of tr￿Ste¢S, remuneration specified by law are not made" or we have not received all the infom)ation and explanations we require for our audit or the Irustees were nol entitled to prepare the fman¢ial statements in aG¢ordan¢e with the Small companies regime and tske advantage of the small companies exemption in preparing the trustees. report. Responsibilities of trustees As explained more fillly in the tn￿ttts' responsibilities stalement set out on pages 5 and 6. the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for ihe preparation of ihe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Irustees deterniine is lo enable the prqwation of financial slatements that are free from material misstatement, whether due to fraud or e￿Or. In preparing the financia] statements, the trustecs are responsible for a&sessing the charitable company's ability to Continue as a going concern. disclosing. as applicable, matters relaied to going concern and using the gotng concern basis of accouniing unle&s the trnstees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the f￿anCIal statements Our objectives are to obtatn reasonable a&surance about whether the financial statements as a whole are free from maierial misststemenL whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurdnce. bul is not a guardntee that an audil conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misqtatements can arise from fraud or etror and are considered material if. individually or in the aggregate, they could reasonably be expecied to influence the economic decisions of usets taken on the basis of these financial statements. Pagc 9 Aish Hatorah UK Limlted Independent Auditor's Report to the Members of Aish Hatorah UK Ltd (eontlnued) Irregularities, including fraud, are instances of non-compliance with laws and regu]alions. 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 pr￿edureS are capable of detecting I￿egulaTities, including fraud is detsiled below: We obtained an understanding of the legal and regulatory frameworks within which the company operdtes, focusing on those laws and regulations that have a direct effecl on the deterniination of material amounts and disclosures in the fmancial statements. The laws and regulations we considered in this context were the Charities SORP (FRS102) 2019 and Companies Act 2(K)6. We identified the greatest risk of material impact on the fmancial ststements from irregularities. including fraud, io be the override of controls by management and the recognition of in¢om¢. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals. sample testing on income recognized in the accounts and reviewing accounting estimates for bi&ses. Owing to the inhereni limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statetnents, even though we have properly plamied and perfonned our audit in accordance with auditing standarLL8. We are not responsible for preventing non-compliance and cannot be expected to detect non