**REGISTERED COMPANY NUMBER: 03982187 (England and Wales) REGISTERED CHARITY NUMBER: 1082263**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2025**
## **FOR**
## **E M SHASHA FOUNDATION LIMITED**
Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
**E M SHASHA FOUNDATION LIMITED**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2025**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Statement of Financial Position**||5||
|**Statement of Cash Flows**||6||
|**Notes to the Statement of Cash Flows**||7||
|**Notes to the Financial Statements**|8|to|13|
**E M SHASHA FOUNDATION LIMITED**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2025**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30th June 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The charity's objects and principal activity continues to be that of such Charitable purpose as the Trustees in their absolute direction from time to time think fit.
## **STRATEGIC REPORT**
## **Achievements and performance**
## **Charitable activities**
Besides continuing with its Grant making activities to promote Jewish Religious Education and relieve poverty the charity also funded bursaries for Advanced Jewish Religious and Talmudic Studies to Post Graduate Rabbinic students.
## **Financial review**
## **Financial position**
The statement of Financial Activities shows a net deficit for the year of £10,367 (2024 : £8,636) and our cash reserves stand at £4,905 ( 2024 : £15,272).
## **Reserves policy**
The charity's reserves policy is to maintain sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income.
As all income is derived from regular voluntary donations from companies in which the trustees have interest, the trustees review this position on a regular basis.
## **PUBLIC BENEFIT**
The trustees have carefully considered the public benefit requirements and their duty to ensure that they are compliant with them. They feel that the activities as detailed below, more than adequately, satisfy the public benefit requirement.
The trustees continue to operate within the confines of the charity objectives.
The trustees provide grants to a variety of charitable educational establishments encompassing assistance with staffing and curriculum. The trustees have also identified institutions which as a result of the economic downturn are experiencing a reduction in their fee income and have provided assistance to them in this respect as well. In addition the trustees make grants to needy individuals within the Jewish Community so as to help alleviate genuine hardship.
Where the trustees make grants to institutions, they stipulate how these monies should be spent and constantly monitor the effectiveness of the allocation of the resources extended through the grant funding.
The trustees are of the opinion that this latter method of funding combines both objectives of the charity such that through the grants to the institution, students who are partly able or unable to pay their fees, are also assisted.
The trustees believe that the present level of funding is adequate to support the continuation of the charity's objects.
## **Future plans**
The need for Rabbis in the Jewish Community is growing and the Trustees expect to increase the number of Rabbinic students funded by Bursaries.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 1
**E M SHASHA FOUNDATION LIMITED**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Recruitment and appointment of new trustees**
The board has the power to appoint additional Trustees as it considers fit to do so.
## **Organisational structure**
The charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association. All Directors of the company are also trustees of the charity and there are no other Trustees. All of the Trustees named on page one served throughout the year.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The charity trustees have considered the major risks to which the charity is exposed. Major risks are risks that will affect the charity's operational performance and aims and objectives. The charity review these risks on an ongoing basis and satisfy themselves that adequate systems and procedures are in place to manage the risks identified.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
03982187 (England and Wales)
## **Registered Charity number**
1082263
## **Registered office**
29-31 Edgware Road London W2 2JE
## **Trustees**
Elan Shasha Director and Trustee M Shasha N Moschona
## **Company Secretaries**
Victoria Shasha Elan Shasha
## **Independent Examiner**
Akiva Kahan FCA Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 17th November 2025 and signed on the board's behalf by:
Elan Shasha - Trustee
Page 2
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF E M SHASHA FOUNDATION LIMITED**
## **Independent examiner's report to the trustees of E M Shasha Foundation Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th June 2025.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other 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.
Akiva Kahan FCA
Joseph Kahan Associates LLP 923 Finchley Road London NW11 7PE
18th November 2025
Page 3
**E M SHASHA FOUNDATION LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2025**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**EXPENDITURE ON**
**Charitable activities**
3
Finance costs
Charitable donations
Sundry costs
Accountancy
Operating leases
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2025
Unrestricted
fund
£
660,170
419
609,973
1,652
2,400
56,093
670,537
(10,367)
17,872
7,505|2024
Total
funds
£
753,528
364
701,225
3,470
2,400
54,705
762,164
(8,636)
26,508
17,872|
|---|---|---|
The notes form part of these financial statements
Page 4
## **E M SHASHA FOUNDATION LIMITED**
## **STATEMENT OF FINANCIAL POSITION 30TH JUNE 2025**
|2025
Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Debtors
10
5,000
Cash at bank
4,905
9,905
**CREDITORS**
Amounts falling due within one year
11
(2,400)
**NET CURRENT ASSETS**
7,505
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
7,505
**NET ASSETS**
7,505
**FUNDS**
12
Unrestricted funds
7,505
**TOTAL FUNDS**
7,505|2024
Total
funds
£
5,000
15,272
20,272
(2,400)
17,872
17,872
17,872
17,872
17,872|
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on 17th November 2025 and were signed on its behalf by:
Elan Shasha - Trustee
The notes form part of these financial statements
Page 5
## **E M SHASHA FOUNDATION LIMITED**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30TH JUNE 2025**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|2025
£
(10,367)
(10,367)
(10,367)
15,272
4,905|2024
£
(8,636)
(8,636)
(8,636)
23,908
15,272|
|---|---|---|
The notes form part of these financial statements
Page 6
**E M SHASHA FOUNDATION LIMITED**
## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30TH JUNE 2025**
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**ACTIVITIES**|||
|---|---|---|
|**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
**Net cash used in operations**|2025
£
(10,367)
(10,367)|2024
£
(8,636)|
|||(8,636)|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
||At 1/7/24|Cash flow|At 30/6/25|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank|15,272|(10,367)|4,905|
||15,272|(10,367)|4,905|
|**Total**|15,272|(10,367)|4,905|
The notes form part of these financial statements
Page 7
**E M SHASHA FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2025**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Financial instruments**
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Page 8
**E M SHASHA FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2025**
## **1. ACCOUNTING POLICIES - continued**
## **Financial instruments**
## Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
## Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **2. DONATIONS AND LEGACIES**
|**DONATIONS AND LEGACIES**|||
|---|---|---|
||2025|2024|
||£|£|
|Donations|660,170|753,528|
## **3. CHARITABLE ACTIVITIES COSTS**
|Finance costs
Charitable donations
Sundry costs
Accountancy
Operating leases|Direct
Costs
£
-
329,044
1,652
-
56,093
386,789|Grant
funding of
activities
(see note
4)
£
-
280,929
-
-
-
280,929|Support
costs (see
note 5)
£
419
-
-
2,400
-
2,819|Totals
£
419
609,973
1,652
2,400
56,093|
|---|---|---|---|---|
|||||670,537|
Page 9
**E M SHASHA FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2025**
## **4. GRANTS PAYABLE**
|Charitable donations
**SUPPORT COSTS**
Finance
£
Finance costs
419
Accountancy
-
419
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Other operating leases|2025
£
280,929
Governance
costs
£
-
2,400
2,400
2025
£
56,093|2024
£
446,833|2024
£
446,833|
|---|---|---|---|
|||Totals
£
419
2,400
2,819
2024
£
54,705|Totals
£
419
2,400|
||||2,819|
## **5. SUPPORT COSTS**
## **6. NET INCOME/(EXPENDITURE)**
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30th June 2025 nor for the year ended 30th June 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30th June 2025 nor for the year ended 30th June 2024.
## **8. STAFF COSTS**
There were no staff costs for the year ended 30th June 2025 nor for the year ended 30th June 2024.
## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
||Unrestricted|
|---|---|
||fund|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Donations and legacies|753,528|
|**EXPENDITURE ON**||
|**Charitable activities**||
|Finance costs|364|
|Charitable donations|701,225|
|Sundry costs|3,470|
|Accountancy|2,400|
|Operating leases|54,705|
|**Total**|762,164|
Page 10
**E M SHASHA FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2025**
## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses
**12.**
**MOVEMENT IN FUNDS**
At 1/7/24
£
**Unrestricted funds**
General fund
17,872
**TOTAL FUNDS**
17,872
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
660,170
**TOTAL FUNDS**
660,170|Unrestricted
fund
£
(8,636)
26,508
17,872
2025
2024
£
£
5,000
5,000
2025
2024
£
£
2,400
2,400
Net
movement
At
in funds
30/6/25
£
£
(10,367)
7,505
(10,367)
7,505
Resources
Movement
expended
in funds
£
£
(670,537)
(10,367)
(670,537)
(10,367)|
|---|---|
Page 11
**E M SHASHA FOUNDATION LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2025**
## **12. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
movement
At 1/7/23
in funds
£
£
26,508
(8,636)
26,508
(8,636)|At
30/6/24
£
17,872|
|---|---|---|
|||17,872|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
753,528
753,528|Resources
Movement
expended
in funds
£
£
(762,164)
(8,636)
(762,164)
(8,636)|Resources
Movement
expended
in funds
£
£
(762,164)
(8,636)
(762,164)
(8,636)|
|---|---|---|---|
||||(8,636)|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
movement
At 1/7/23
in funds
£
£
26,508
(19,003)
26,508
(19,003)|At
30/6/25
£
7,505|
|---|---|---|
|||7,505|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|1,413,698|(1,432,701 )|(19,003)|
|**TOTAL FUNDS**|1,413,698|(1,432,701 )|(19,003)|
Page 12
**E M SHASHA FOUNDATION LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2025**
## **13. RELATED PARTY DISCLOSURES**
During the year the charity received £234,150 (2024 : £311,500) from Firpark Ltd, Fernwin Ltd, Devonbrae 08 Ltd and Gaingold 08 Ltd, companies of which Mr Elan Shasha was a director.
Page 13