**REGISTERED COMPANY NUMBER: 06131792 (England and Wales) REGISTERED CHARITY NUMBER: 1119362**
## **REPORT OF THE TRUSTEES AND**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **FOR**
## **JEWISH LEARNING EXCHANGE BUILDING LIMITED**
Joseph Kahan Associates LLP Registered Auditors Chartered Accountants 923 Finchley Road London NW11 7PE
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2025**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Trustees' Responsibility Statement**||4||
|**Report of the Independent Auditors**|5|to|8|
|**Statement of Financial Activities**||9||
|**Balance Sheet**||10||
|**Cash Flow Statement**||11||
|**Notes to the Cash Flow Statement**||12||
|**Notes to the Financial Statements**|13|to|23|
**JEWISH LEARNING EXCHANGE BUILDING LIMITED (REGISTERED NUMBER: 06131792)**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 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 28th February 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 object and principal activity continues to be that of the advancement of Orthodox Jewish Religious Education amongst members of the Jewish Faith.
The charity is organized so that the directors and trustees meet regularly to manage its affairs and deal with the day to day administration.
## **STRATEGIC REPORT**
## **Achievements and performance**
The trustees are pleased with the transfer across from it sister charity JLE ( Registered Charity 292886) of the Investment Property 66 The Drive, London NW11. This was done in order to keep all the properties "under one entity" and thus make management of them more efficient and allow for economies of scale.
## **Financial review**
## **Financial position**
The Statement of Financial Activities shows a surplus for the year of £144,326 (2024 : deficit - £352,028).
This will be netted off / added against/to the surplus brought forward. As at the year end, our total reserves stand at surplus of £4,701,286 (2024 - £4,556,960).
## **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. The trustees review this position on a regular basis.
In view of this the trustees normally aim to maintain a level of reserves sufficient to meet three months basic operating cost.
Having regard to the above the Trustees are of the opinion that the cash reserves held as at the period end, being £83,477 would be sufficient to meet three months basic operating costs.
## **Future plans**
The charity has engaged in a modernisation and expansion project at 152-154 Golders Green Road, the headquarters of its sister charity the Jewish Learning Exchange (JLE) so as to provide a vibrant and exciting environment from which the JLE can operate out of. and attract even more young professionals and students.
To this end the charity has entered into an agreement granting a lease at a peppercorn rent on one third of the roofspace at 152-154 Golders Green Road, to a local property development company in exchange for the developer to build an additional floor on this site in furtherance of the JLE's expansion plans.
The trustees continue to seek ways to maximize the charitable company's income from its investments to enable it to continue its charitable objectives.
Now that the Charity's cashflow has improved it envisages increasing its donations to the Jewish Learning Exchange,
Page 1
**JEWISH LEARNING EXCHANGE BUILDING LIMITED (REGISTERED NUMBER: 06131792)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Trustee and 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. The board has the power to appoint additional trustees as and when it considers fit to do so.
## **Risk management**
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. The trustees believe that the present level of funding is adequate to support the continuation of the charity's object as to provide Orthodox Jewish Religious Education.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Company number** 06131792 (England and Wales)
## **Registered Charity number**
1119362
## **Registered office**
152-154 Golders Green Road Golders Green London NW11 8HE
## **Trustees**
A Cohen D P Lyons (resigned 15.7.2025) S Douer S A Melnick I Carno (appointed 1.3.2025)
## **Auditors**
Joseph Kahan Associates LLP Registered Auditors Chartered Accountants 923 Finchley Road London NW11 7PE
## **REVIEW OF THE CHARITY**
The charitable company was incorporated on 28 February 2007. The charity was formed to purchase and run the building at 152-154 Golders Green Road, London NW11 8HE and associated properties. The original building is run as an educational and social centre housing the programmes and administration offices of the Jewish Learning Exchange (Charity No.292886). The purchase of the building was completed in June 2007 and the charity raised significant sums from private benefactors and charitable trusts, and by taking a mortgage. The charity has further purchased property to facilitate for the growth in the organisation.
In the view of the Trustees the funds held are Restricted Funds.
Page 2
**JEWISH LEARNING EXCHANGE BUILDING LIMITED (REGISTERED NUMBER: 06131792)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **DECLARATION OF PUBLIC BENEFIT**
The Trustees have considered the Charity Commission's general guidance on public benefit in deciding what activities the charity should undertake.
The 'Objectives and Activities' section explains the charity's activities which are open to anyone of the Orthodox Jewish faith.
## **AUDITORS**
The auditors, Joseph Kahan Associates LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 18th November 2025 and signed on the board's behalf by:
A Cohen - Trustee
Page 3
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **TRUSTEES' RESPONSIBILITY STATEMENT FOR THE YEAR ENDED 28TH FEBRUARY 2025**
The trustees (who are also the directors of Jewish Learning Exchange Building Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Page 4
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **Opinion**
We have audited the financial statements of Jewish Learning Exchange Building Limited (the 'charitable company') for the year ended 28th February 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 28th February 2025 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; and
- 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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 information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 5
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where 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 received 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 information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company 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 determine 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 6
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **Our responsibilities for the audit of the financial 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquires of management and the Trustees were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards,the Companies Act 2006 , the Charities SORP FRS102 and Charity Law.
- Those laws and regulations for which non - compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 7
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **Use of our report**
This report is made solely to the charitable company'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 charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Akiva Kahan (Senior Statutory Auditor) for and on behalf of Joseph Kahan Associates LLP Registered Auditors Chartered Accountants 923 Finchley Road London NW11 7PE
30th November 2025
Page 8
## **JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28TH FEBRUARY 2025**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
4
Property Management
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
5
Property Management
Governance
Finance costs
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-|Restricted
funds
£
18,414
75
522,918
541,407
74,426
11,800
310,855
397,081
-
144,326
4,556,960
4,701,286|2025
Total
funds
£
18,414
75
522,918
541,407
74,426
11,800
310,855
397,081
-
144,326
4,556,960
4,701,286|2024
Total
funds
£
10,377
214
422,746
433,337
57,881
24,139
323,345
405,365
(380,000)
(352,028)
4,908,988
4,556,960|
|---|---|---|---|---|
The notes form part of these financial statements
Page 9
## **JEWISH LEARNING EXCHANGE BUILDING LIMITED (REGISTERED NUMBER: 06131792)**
## **BALANCE SHEET 28TH FEBRUARY 2025**
|Notes
**FIXED ASSETS**
Tangible assets
12
Investment property
13
**CURRENT ASSETS**
Debtors
14
Investments
15
Cash at bank
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
17
**NET ASSETS**
**FUNDS**
19
Restricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-|Restricted
funds
£
196,300
8,165,000
8,361,300
167,285
699,045
83,477
949,807
(121,499)
828,308
9,189,608
(4,488,322 )
4,701,286|2025
Total
funds
£
196,300
8,165,000
8,361,300
167,285
699,045
83,477
949,807
(121,499)
828,308
9,189,608
(4,488,322 )
4,701,286
4,701,286
4,701,286|2024
Total
funds
£
159,757
8,165,000
8,324,757
98,436
645,690
76,869
820,995
(117,397)
703,598
9,028,355
(4,471,395 )
4,556,960
4,556,960
4,556,960|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18th November 2025 and were signed on its behalf by:
A Cohen - Trustee
The notes form part of these financial statements
Page 10
## **JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 28TH FEBRUARY 2025**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Purchase of current asset investments
Interest received
Net cash used in investing activities
**Cash flows from financing activities**
New loans in year
Loan repayments in year
Net cash (used in)/provided by financing 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
£
74,544
74,544
(42,000)
(53,355)
53,355
(42,000)
-
(25,936)
(25,936)
6,608
76,869
83,477|2024
£
(256,994)
(256,994)
(53,423)
(645,689)
45,690
(653,422)
1,100,000
(121,585)
978,415
67,999
8,870
76,869|
|---|---|---|
The notes form part of these financial statements
Page 11
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income/(expenditure) for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Depreciation charges
Losses on investments
Interest received
Increase in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operations**|2025
£
144,326
5,457
-
(53,355)
(68,849)
46,965
74,544|2024
£
(352,028)
7,276
380,000
(45,690)
(11,339)
(235,213)
(256,994)|
|---|---|---|
**2. ANALYSIS OF CHANGES IN NET DEBT**
||At 29/2/24|Cash flow|At 28/2/25|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank|76,869|6,608|83,477|
||76,869|6,608|83,477|
|**Liquid resources**||||
|Deposits included in cash|-|-|-|
|Current asset investments|645,690|53,355|699,045|
||645,690|53,355|699,045|
|**Debt**||||
|Debts falling due within 1 year|(30,000)|-|(30,000)|
|Debts falling due after 1 year|(3,937,604 )|25,936|(3,911,668 )|
||(3,967,604 )|25,936|(3,941,668 )|
|**Total**|(3,245,045 )|85,899|(3,159,146 )|
The notes form part of these financial statements
Page 12
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 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, as modified by the revaluation of certain assets.
## **Key judgements and key sources of estimation uncertainty**
In the application of the charity's accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.The estimates and the underlying 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 the underlying assumptions are reviewed on a on-going basis. Revisions to accounting estimates are recognised in the period to 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 the current and future periods. The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.
## **Going concern**
The Trustees have reviewed the charities operations and have no material uncertainties about the charity's ability to continue as a going concern .
## **Income**
Recognition of Incoming Resources
Income is derived on a receivable basis from property rental receipts
These resources are included in the Statement of Financial Activities (SOFA) when all of the following criteria are met:
~ the Charity have entitlement to the funds;
~ the receipt of the income is considered probable; and
~ the monetary value can be measured with sufficient reliability.
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising Contract or investment income) the incoming resources and related expenditure are reported gross in the SOFA.
Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
## **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.The expenditure is related specifically for the acquisition and maintenance of the associated properties.
Page 13
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **1. ACCOUNTING POLICIES - continued**
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - not provided Fixtures, fittings and equipment - 25% on reducing balance
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investments properties are recognised initially at cost.
Subsequent to initial recognition:
a) Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and
b) No depreciation is provided in respect of the investment properties applying the fair value model.
## Property Valuations
The valuation of the company's property portfolio 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 difficult market or economic conditions.
## **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.
## **Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
## **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.
Page 14
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **1. ACCOUNTING POLICIES - continued**
## **Financial instruments**
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.
## 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.
## **2. DONATIONS AND LEGACIES**
|**DONATIONS AND LEGACIES**|||
|---|---|---|
|Donations received
Grants
Grants received, included in the above, are as follows:
Other grants|2025
£
18,414
-
18,414
2025
£
-|2024
£
434
9,943|
|||10,377|
|||2024
£
9,943|
Page 15
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **3. INVESTMENT INCOME**
|Rents received
Bank interest received
Curr asset inv income
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Other income
Property Management
**CHARITABLE ACTIVITIES COSTS**
Property Management
Governance
Finance costs|Direct
Costs
£
74,426
-
310,855
385,281|2025
£
468,539
1,024
53,355
522,918
2025
£
75
Support
costs (see
note 6)
£
-
11,800
-
11,800|2024
£
376,749
307
45,690|
|---|---|---|---|
||||422,746|
||||2024
£
214
Totals
£
74,426
11,800
310,855|
||||397,081|
## **4. INCOME FROM CHARITABLE ACTIVITIES**
## **5. CHARITABLE ACTIVITIES COSTS**
## **6. SUPPORT COSTS**
Governance
Governance costs £ 11,800
## **7. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||2025|2024|
|---|---|---|
||£|£|
|Auditors' remuneration|5,400|5,400|
|Other non-audit services|2,500|1,000|
|Depreciation - owned assets|5,457|7,276|
Page 16
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 28th February 2025 nor for the year ended 28th February 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 28th February 2025 nor for the year ended 28th February 2024.
## **9. STAFF COSTS**
There were no staff costs for the year ended 28th February 2025 nor for the year ended 28th February 2024.
## **10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**Charitable activities**
Property Management
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Property Management
Governance
Finance costs
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-|Restricted
funds
£
10,377
214
422,746
433,337
57,881
24,139
323,345
405,365
(380,000)
(352,028)
4,908,988
4,556,960|Total
funds
£
10,377
214
422,746
433,337
57,881
24,139
323,345
405,365
(380,000)
(352,028)
4,908,988
4,556,960|
|---|---|---|---|
Page 17
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **11. INTANGIBLE FIXED ASSETS**
|**COST**
At 29th February 2024 and
28th February 2025
**AMORTISATION**
At 29th February 2024 and
28th February 2025
**NET BOOK VALUE**
At 28th February 2025
At 28th February 2024|Goodwill
£
400,000|
|---|---|
||400,000|
||-|
||-|
## **12. TANGIBLE FIXED ASSETS**
|Improvements
to
property
£
**COST**
At 29th February 2024
137,929
Additions
42,000
At 28th February 2025
179,929
**DEPRECIATION**
At 29th February 2024
-
Charge for year
-
At 28th February 2025
-
**NET BOOK VALUE**
At 28th February 2025
179,929
At 28th February 2024
137,929|Fixtures,
fittings
and
equipment
£
89,244
-
89,244
67,416
5,457
72,873
16,371
21,828|Totals
£
227,173
42,000|
|---|---|---|
|||269,173|
|||67,416
5,457|
|||72,873|
|||196,300|
|||159,757|
Page 18
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **13. INVESTMENT PROPERTY**
|**INVESTMENT PROPERTY**||
|---|---|
|**FAIR VALUE**
At 29th February 2024
and 28th February 2025
**NET BOOK VALUE**
At 28th February 2025
At 28th February 2024|£
8,165,000|
||8,165,000|
||8,165,000|
The professional valuation of investment property has been undertaken for bank lending purposes as follows:
1.152 - 154 Golders Green - the professional valuation was prepared by Freya Morrow MRICS ( RICS no.6600209) of Allsop LLP on 20th December 2022 with a fair value of £4,170,000.
2. 115 Princes Park Avenue - the professional valuation was prepared by Daniel Lightstone BA Assoc RICS ( RICS no.6338346) of Bellevenue Mortlakes on 14th March 2023 with a fair value of £1,900,000.
3. 66 The Drive - the professional valuation was prepared by Joshua O'Rawe BA MRICS of Copping Joyce Surveyors Limited on 20th September 2022 with fair value of £2,095,000.
Fair value at 28th February 2025 is represented by:
|Fair value at 28th February 2025 is represented by:||||
|---|---|---|---|
|Valuation in 2023
Valuation in 2024
Cost
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Prepayments|2025
£
163,042
4,243
167,285|£
638,047
(380,000)
7,906,953||
|||8,165,000||
||||2024
£
95,046
3,390|
||||98,436|
Page 19
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **15. CURRENT ASSET INVESTMENTS**
|**15.**
**CURRENT ASSET INVESTMENTS**|||||
|---|---|---|---|---|
|Money held on Deposit
**16.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans (see note 18)
Tenants Deposit Account
VAT
Prepaid rent account
Accrued expenses||2025
£
699,045
2025
£
30,000
66,000
4,532
9,167
11,800
121,499||2024
£
645,690|
|||||2024
£
30,000
66,000
1,930
9,167
10,300|
|||||117,397|
|**17.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
2025
£
Bank loans (see note 18)
3,911,668
Jewish Learning Exchange Charity
576,654
4,488,322
**18.**
**LOANS**
An analysis of the maturity of loans is given below:
2025
£
Amounts falling due within one year on demand:
Bank loans
30,000
Amounts falling due between two and five years:
Bank loans - 2-5 years
3,911,668|2024
£
3,937,604
533,791|
|---|---|
||4,471,395|
||2024
£
30,000|
||3,937,604|
The loan from Principality Building Society is secured by way of first legal charge over the Freehold Property Known as 152-154 Golders Green Road, Golders Green, London , NW11 8HE.
The loan from Unity Trust Bank is secured by a Deed of Debenture incorporating a fixed and floating charge over the asset of the charity.
Page 20
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **19. MOVEMENT IN FUNDS**
|**Restricted funds**
Restricted
Fair Value Reserve
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Restricted funds**
Restricted
**TOTAL FUNDS**|At
29/2/24
£
4,298,913
258,047
4,556,960
4,556,960
Incoming
resources
£
541,407
541,407||Net
movement
in funds
£
144,326
-
144,326
144,326
Resources
expended
£
(397,081)
(397,081)|At
28/2/25
£
4,443,239
258,047|At
28/2/25
£
4,443,239
258,047|
|---|---|---|---|---|---|
|||||4,701,286||
|||||4,701,286||
|||||Movement
in funds
£
144,326
144,326||
||||||144,326|
## **Comparatives for movement in funds**
|**Restricted funds**
Restricted
Fair Value Reserve
**TOTAL FUNDS**|At 1/3/23
£
4,270,941
638,047
4,908,988
4,908,988|Net
movement
in funds
£
27,972
(380,000)
(352,028)
(352,028)|At
28/2/24
£
4,298,913
258,047|
|---|---|---|---|
||||4,556,960|
||||4,556,960|
Comparative net movement in funds, included in the above are as follows:
|**Restricted funds**
Restricted
Fair Value Reserve
**TOTAL FUNDS**|Incoming
resources
£
433,337
-
433,337
433,337|Resources
expended
£
(405,365)
-
(405,365)
(405,365)|Gains and
Movement
losses
in funds
£
£
-
27,972
(380,000)
(380,000)
(380,000)
(352,028)
(380,000)
(352,028)|Gains and
Movement
losses
in funds
£
£
-
27,972
(380,000)
(380,000)
(380,000)
(352,028)
(380,000)
(352,028)|
|---|---|---|---|---|
|||||(352,028)|
|||||(352,028)|
Page 21
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **19. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Restricted funds**
Restricted
Fair Value Reserve
**TOTAL FUNDS**|At 1/3/23
£
4,270,941
638,047
4,908,988
4,908,988|Net
movement
in funds
£
172,298
(380,000)
(207,702)
(207,702)|At
28/2/25
£
4,443,239
258,047|
|---|---|---|---|
||||4,701,286|
||||4,701,286|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Restricted funds**
Restricted
Fair Value Reserve
**TOTAL FUNDS**|Incoming
resources
£
974,744
-
974,744
974,744|Resources
expended
£
(802,446)
-
(802,446)
(802,446)|Gains and
Movement
losses
in funds
£
£
-
172,298
(380,000)
(380,000)
(380,000)
(207,702)
(380,000)
(207,702)|
|---|---|---|---|
## **20. CONTINGENT LIABILITIES**
The Charity has entered into an agreement with a third party whereby upon the sale of 115 Princes Park Avenue, London , NW11 0JS, the third party will share in the profit based upon a formula determined and agreed upon, on the purchase of the property. As at the year end the estimated liability amounts to over £700,000.
## **21. RELATED PARTY DISCLOSURES**
All the trustees are also trustees of Jewish Learning Exchange ( UK Registered Charity No.292886). Jewish Learning Exchange occupied a property which is owned by the Jewish Learning Exchange Building Ltd for its operations and paid rent during the year totalling £160,000 (2024 - £160,000).
Included in creditors due after more than one year is £576,654 (2024 :£533,791 due to an entity with Trustees in common with the directors/Trustees of the charitable company.
During the year a company in which one of the trustees served as a director received management agent fees amounting to £14,309 ( 2024: £21,279).
Page 22
**JEWISH LEARNING EXCHANGE BUILDING LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28TH FEBRUARY 2025**
## **22. ACCOUNTING ESTIMATES AND JUDGEMENTS**
## Property Valuations
The valuation of the company's property portfolio 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 difficult market or economic conditions.
## **23. RESTRICTED FUND**
This represents property purchased as a result of public funding campaigns to raise requisite funds to purchase property from which the related party charity Jewish Learning Exchange can trade, as well as apply rental income profits to Jewish Learning Exchange in furtherance of its objects.
Page 23