COMPANY REGISTRATION NUMBER: 3839008 CHARITY REGISTRATION NUMBER: 1080482 CLASSQUOTE LIMITED Company Limited by Guarantee Financial Statements 31 March 2024 COHEN ARNOLD Chartered accountants New Burlington House 1075 Fincbley Road London NWII OPU
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Finaneial Statements Year ended 31 March 2024 Pages Trustees, annual report (incoryorating the director's report) Ito4 Independent auditor's report to the members 5t08 ststement of financial activities (including income and expenditure account) Statement of fllH]cial position 10 Notes to the fllwicial statements Ilto18
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Trustees, Annual Report Oncorporating the Director's Report) Year ended 31 Mareb 2024 The trustees, who are also the directors for the puSeS of company law, present their report and the financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Charity registrntion number Company registration number 3 839008 Principal office 80A Darenth Road London N16 6ED Classquote Limited 1080482 Registered office New Burlington Hous¢ 1075 Finchley Road London NWII OPU The trustees Mr S Berger Mrs D Berger Mr G Berger Mrs S Grunzweig Mrs D Berger Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NWII OPU Company secretary Auditor
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Trustees, Annual Report Oncorporating the Director's Report) (eonttnuedj Year ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is constituted as a Company Limited by Guarantee and as such, its governing documents are its Memorandum and Articles of Association. The day-to-day affairs of the Company are administered by the Trustees whose Chairnian is Mr S Berger. None of the Trustees have any beneficial interest in the Charity. It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment training and induction procedures. Group Structure and Relationships The Charity has the following non-charitsble operating subsidiaries: Percentage Holding I OOO/o CompaDy Classville Limited Classwell Limited Registration No. 02725771 10468391 Nature of Business Property Investment Property Investment OBJECTIVES AND ACTIVITIES The Charitable Company is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law. In furtherance of the aforementioned objects, the Charitsble Company receives income mainly from charitable receipts, which it utilises in the provAsion and distribution of grants and donations that fall within in the objectives of the Charitable Company. It has concentrated its activities in giving grants to institutions that focus on the relief of poverty and the advancement of education and religion. The charity's principle activity throughout the year was the provision and distribution of donations and grants to organisations, and no change is envisaged in the immediate future. The trustees confimi that they have ferred to the guidance contsined in the Charity Cornmission's general guidance on public benefit when reviewing the charity's aims and ObJtiVeS and in planning future activities and setting the grant making policy for the year. Grant Making Policy Grants are made to charitable institutions and organisations which accord with the objects of the Charity. The trustees are approached for donations by a wide variety of charitable institutions operating all over England. The trustees consider all requests which they receive and make donations based on the level of funds available. ACHIEVEMENTS AND PERFORMANCE During the year the charity continued to pursue its philanthropic objects in support of educational, religious and other charitable organisations. Income from donations and investments aggregated £340,955. Total reSoUeS expended were £370,046. Grants and donations in the year totalled £348,320 (2023: £320,300).
CLASSQUOTE LIlTED COMPANY LIMITED BY GUARANTEE Trustees, AnnuAI Report (Incorporating the Director's Report) (c0ftlindj Year ended 31 March 2024 FINANCIAL REVIEW The financia] results of the charity's activities for the year to 31 March 2024 are fully reflected in the attached Financial Ststements together with the Notes thereon. The financial position of the Charitable Company is satisfactory. Reserves Policy It is the policy of the Charitable Company to maintain unrestricted funds, which include the free reserves of the charity, at a level which the trustees consider appropriate, taking into account the future commitments of the charity and the likely costs of the charity for the next year. At 31 March 2024 the charity had unrestricted funds aggregating £8259,726. As at 31 March 2024, the charity had reserves of £43,946. PLANS FOR FUTURE PERIODS The Charitable Company plans to continue the activities outlined above in the forthcoming years subject to sutTi¢ient income and in and in accordance with their grant making policy. TRUSTEES, RESPONSIBILITIES STATEMENT The trustees, who are also directors for the puoSe$ of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP. make judgments and accounting estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are r¢sponsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclos¢ 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 prevention and detection of fraud and other irregularities.
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Trustees, Annual Report (Incorporating the Director's Report) (eonlinued) Year ended 31 March 2024 AUDITOR Each of the persons who is a trustee at the date of approval of this report confimis that: so far as they are awarc, there is no relevant audit infonnation of which the charity's auditor is unaware" and they have taken all steps that they ought to have taken as a tst¢¢ to tnake themselves aware of any relevant audit infonnation and to establish that the charity's auditor is aware of that inforniation. The auditor is decmed to have been re-appointed in accordance with section 487 of the Companies Act 2006. SMALL COMPANY PROVtSIONS This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on . trustees by: . and signed on behalf of the board of Mrs D Berger Charity Secretary
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Independent Auditor's Report to the Members of Classquote Limited Year ended 31 March 2024 OPINION We have audited the financial statements of Classquote Limited (the 'charity') for the year ended 31 March 2024 which comprise the stat¢ment of financial activities (including income and expenditure account), statement of financial position 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 Generdlly Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 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 Kingdom Generally Accepted Accounting Practice. 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 auditovs responsibilities for the audit of the fmancial 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 stst¢ments 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 In auditing th¢ financial statements, we have concluded that th¢ truste¢s' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornled, we have not identifIed any material uncertainties relating to events or conditions that, individually or collectively, may st significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Independent Auditor's Report to the Members of Classquote Limited {ctInM¢dj Year ended 31 March 2024 OTHER INFORMATION The other inforniation comprises the infonnation included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infonnation. 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. In connection with our audit of the financial statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statem¢nts 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 deterniine whether there is a material misstatement in the financial ststements or a material misstatement of the other infom]ation. If, based on the work we have perfonned, we Conclude that there is a material misstatement of this other infornlation. we are required to report that fact. We have nothing to report in this regard. OPllYlONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: the inforn]ation given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the trustees, report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRID 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: adequate accounting records have not been kept, or returns adequate for our audit have not been receiv from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the inforniation and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
CLASSQUOTE LIMITED COMPANY LIMITED BY GUIIRANTEE Independent Auditor's Report to the Members of Classquote Limited (conlinued) Year ended 31 March 2024 RESPONSIBILrrIES 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 deterniine 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 nCern 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 RESPONStBILITIES FOR THE AUDIT OF THE FINANCL4L 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 assurdnce 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. Irregularities, including fraud, are instsnces 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: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group through discussion with the management and identified which were most significant with respect to the financial statements. We identified Companies Act 2006 (including associated regulations), Charities Act 201 I, Charities SORP (FRS 102), Financial Reporting Standard l 02, Taxation Laws and Regulations, The Landlord and Tenant Act and Health & Safety Regulations as being most significant to these financial statements. 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 sutTicient competence and capability to identify or recognise non-compliance with laws and regulations. We discussed with the directors and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks. We assessed the susceptibility of the company's financial statements to material misstatement due to non-compliance of legal and regulatory frameworks, including how fraud might occur, by enquiry with the directors and senior management during the planning and finalisation phases of our audit and using proprietary disclosure checklists. This was detennined to be low. Based on this understanding we designed our audit procedures to identify non-compliance with the identified legal and regulatory framework, which were part of our procedures on the related financial statement items. Our procedures included reviewing the company's internal controls policies and procedures, reviewing the minutes of board meetings and correspondence with regulatory bodies including HMRC, testing transactions outside the nornial course of the business and journal entries, and discussions with the directors and senior management.
CLASSQUOTE LIMITED COIVIPANY LIMITED BY GUARANfEE Independent Auditor's Report to the Members of Classquote Limited leonilnued) Year ended 31 March 2024 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 perfornled our audit in accordance with auditing standards. FOT example, the further removed non-compliance 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 remalned a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fonns part of our auditor's report. 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 auditorfs report and for no other purySe. 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 reporL or for the opinions we have fomed. Asher Sternlicht (S¢nior Statutory Auditor) For and on behalf of Cohen Arnold Chartered accountants & statutory auditor New Burlington House 1075 Finchley Road London NWI I OPU
CLASSQUOTE LIMITED COMPANY LIllTED BY GUARANTEE Statement of Finaneial Activities (including income and expenditure account) Year ended 31 March 2024 2024 2023 Unrestricted funds Total funds Total funds Note Income and endowments Donations and legacies Investment income 324,000 16,955 324,000 16,955 322,000 12,196 Total income 340,955 340,955 334,196 Expenditure Expenditure on raising funds: Investment management costs Expenditure on charitable activities Total expenditure (14,870) (14,870) (3,384) (355,176) (355,176) (326,780) (370,046) {370,046) {330.164) Net gains on investments 12 330,000 330,01)0 50,000 Net income and net movement in funds 300,909 300,909 54,032 Reconciliation of funds Total funds brought fonvard Total funds carried forward 7,958,817 7,958,817 7,904,785 7,958,817 8,259,726 8259,726 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages I I to 18 form part of these financial ststements.
CLASSQUOTE LIMITED COMPANY LIMITED BY GUAII4NTEE Statement of Financial Position 31 Marcb 2024 2024 2023 Note Fixed assets Investments 15 8230,000 7,900,000 Current assets Debtors Cash at bank and in hand 16 1217 42.729 1,217 69,960 43,946 71,177 Creditors: amounts falling due within one year Net current assets 17 (14220) (12,360) 29,726 58,817 Total assets less current liabilities 8259,726 7,958,817 Funds of the charity Unrestricted fvnds 8259,726 8259,726 7,958,817 Total eharity funds 18 7,958,817 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These fiiiaiicial statements were approved by tlie board of trustees and authorised for issue on Jq:. .4).2¥and are signed on belialf of the board by: MrSBe Trustee er The notes pages 11 to 18 form part of these financial statemen io
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANfEE Notes to the Financial Statements Year ended 31 March 2024 General inforniation The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the register¢d ofifice is New Burlington House, 1075 Finchley Road, London, NWI I OPU. Statement of compliance 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 Companies Act 2006. Accoullting policies Basis of preparation The financial statements have been 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 sterlin& which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Consolidation The charity is not required to Prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group. Judgements and key sources of estimation uncertainty In the application of the company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The valuation of investment properties is inherently subjective, depending on many factors. including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. 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 diificult market or economic conditions.
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Notes to tbe Finaneial Statements feoKii#ued) Year ended 31 March 2024 Accounting policies (continued) Taxation The Charitable Company is not liable to direct taxation on its income as it falls within the various exemptions available to registered charities. The subsidiary undertakings are subject to Corporation Tax but it is expected that their income will be gifted for charitable purposes and should be exempt from taxation. Notwithstanding the above, deferred tax is recognised in respect of all timing differences present in the non-charitable subsidiary undertakings. Unrelieved tax losses and other deferred t&x assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other futhre taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. IDeomiDg resources All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. Income from donations or grants is recognised when there is evidence of entitlement to the gifL receipt is probable and its amount can be measured reliably. Resources expended Expenditure is recognised as soon as there is a present obligation committing the Charity to pay out resources, it is probable that a transfer of economic benefits will be required in settlement and the amount can be measured or estimated reliably. Grants payable are only recognised in the accounts when paid. Investment management costs Investment management costs include costs relating to the investment properties on an accrual basis. Support costs Support costs are those costs which are common to all areas of the organisation. These are allocated across all areas of activity on the basis of the number of service users for each activity. Governance costs Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include audiL legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparatlon of the statutory accounts. 12
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Notes to the Finaneial Statements (conlinued) Year ended 31 March 2024 Accounting policies (confinuedj Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. Investment property Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties whose fair value can be measured reliably are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss aOUnt in the period that they arise. and No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is detern]ined by the Trustees, based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions and market yields, adjusted by applying discounts to reflect status of occupation and condition. Impairment of fixed assets A review for indicators of impairnient is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairn)ents are also reviewed for possible reversal at each reporting date. Financial instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangemenL as either financial assets, financial liabilities or equity instruments. An Uity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement valu¢. Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions are rewgnised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount. Limited by guarantee The charity is a Company Limited by Guarantee and has no share capital. The liability of each Member in the event of winding up is limited to £1. 13
CLASSQUOTE LIMITED COMPANY LIMtTED BY GUARANTEE Notes to the Financial Statements feonttnued) Year ended 31 March 2024 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations received 324,000 324.000 322,000 322,000 Investment income Unrestricted Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Income from investment properties Interest receivable 16,500 455 16500 455 12,100 96 12,100 96 16,955 16,955 12,196 12,196 Illvtmellt management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Investment property outgoings 14,870 14070 3,384 3,384 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Alleviation of poverty. advancement of education and religion Support costs 348.320 6,856 348J20 6,856 355,176 320,300 6,480 320,300 6.480 355,176 326.780 326,780 Expenditure on charitable activities by activity type Grant funding of activities Support costs Total funds 2024 Total fund 2023 Alleviation of pov¢rty, advanccment of education and religion 348,320 6,856 355,176 326,780 14
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Notes to the Financial Statements (collrinued) Year ended 31 March 2024 10. Analysis of support and governance costs 2024 2023 Auditors remuneration Other govcrnancc costs 6,540 316 6,180 300 6,856 6,480 11. Analysis of grants 2024 Grants to institutions United Talmudical Associates Ltd Friends of Mosdos Torah Veyira Trustwell Lim ited Kahal Chasidim Bobov Amud Hatzdokoh Trust J & R Charitsble Trust British Friends of Mosdos Tchernobel Shaarei Tzedakah UTRY Yesamach Levav Meir Hatorah Friends of Be'er Avrohom Slonim Hachzokas Torah Vechesed Charity Yetev Lev London Jerusalem Trust Other donations less than £5,000 82,460 62,000 30.000 22,000 13,740 8,000 7,000 6,000 6,000 5570 SJOO 5,000 s,000 5,000 85250 Total grants 348J20 All grants and donations were paid to charitable institutions for the purposes of the provision of education. advanccmcnt of Jewish Religion and relief of poverty. 12. Net gains on investments Unrestricted Total Funds Unrcstricted Total Funds Funds 2024 Funds 2023 Gains/(losses) on investments in 0Up UDdertakings 330,000 330,000 50,000 50,000 13. Staff costs There were no employees during the year. 15
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Notes to the Financial Statements (conliKued) Year ended 31 March 2024 14. Trustee remuneration and expenses No trustees have been paid any remuneration or received any other benefits from the Charity. 15. Investments Shares in Investment group properties undertakings Total Fair value At l April 2023 Additions Revaluations 150,000 7,750,000 7,900.000 330,000 330,000 At 31 March 2024 150,000 8,080,000 8230,000 Impairnient At l April 2023 and 31 March 2024 Carrying amount At 31 March 2024 150,000 8,080,000 8,230,000 At 31 March 2023 150,000 7,750,000 7.900,000 All investments shown above are held at valuation. Investment properties The Company's investment PTOPerty was valued by the trustees at 31 March 2024 based on the trustees, understanding of property market conditions and the specific property concerned using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect statu5 of occupation and condition. In the event of the realisation of the company's investment propety at an amount equal to the valuation recorded in the financial statements. no liability to corporation tax on chargeable gains would arise because it is anticipated that all realised surpluses from the sale of investments will be applied for charitable purposes and thcrcforc will k exempt from corporation tax. The historical cost of the properties is £120.555 (2023: £120,555). 16
CLASSQUOTE LIMITED COMPANY LIMITED BY GUAII4NTEE Notes to the FiDaDcial Statements (continued) Year ended 31 March 2024 IS. IvtMents (continued) Shares in group undertakings The Charity directly held l OOO/ts of the issued share capital in Classville Limitcd and Classwell Limitcd which are incorporated in Great Britain and registered in England. The capital and reserves and profit and loss of the Subsidiary undertakings for which Group Accounts have not bccn prepared under the exemption conferred by Section 398 Compallies Act 2006 are as follows: Aggregate capital and reserves 2024 2023 Classvillc LimTtcd Classwell Limited 7,943,945 142,261 7,639,980 122,410 RetaiDed profit for the year 2024 2023 Classville Limited Classwell Limited 303,965 19,851 27,908 23,260 16. Debtors 2024 2023 Prepayments and accrued incorne 1217 1,217 17. Creditors: amounts falling due within one year 2024 2023 Other creditors 14220 12,360 18. Analysis of charitable funds Unrestricted funds At l April 2023 Gains and At 31 March losses 2024 Incomc Expenditure Gcncral funds 7,958,817 340,955 (370.046) 330,000 8259,726 At l April 2022 Gains and At 31 March losses 2023 Income Expenditure General funds 7,904,785 334,196 (330,164) 50,000 7,958,817 17
CLASSQUOTE LIMITED COMPANY LIMITED BY GUARANTEE Notes to the Financial Statements (conrfinued) Year ended 31 March 2024 19. Anatysis of net a&sets between funds Unrestricted Total Funds Funds 2024 Investments Cu¢llt ass¢ts Creditors less than l year 8,230,000 43,946 (14,220) 8230,000 43,946 (14220) 8259,726 Net assets 8,259,726 Unrestricted Total Funds Funds 2023 Investments Current assets Creditors less than l year Net assets 7,900,000 71,177 (12.360) 7,958,817 7,900,000 71.177 (12,360) 7,958.817 20. Related parties i) Donations received includes donations aggregating £293,000 which were received during the year from the subsidiary companies. ii) Donations received includes donations aggregating £31,000 which were received during th¢ year from Companies connected with the trustees of the Charitable Company. No restrictions were attached to any donations received. 18